Wikilix
Contract reading

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

Every clause below is published by BIC 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: B.I.C. Markets Co., Ltd.

deemed acceptancesole discretionhidden feemarketing gapmissing documentunilateral amendmentwithdrawalsbonus lockclient moneyconflict disclosure

BFX Capital sells in Khmer. The contract you accept is in English and it is issued by a different company: B.I.C. Markets Co., Ltd. It lets the firm hold back your withdrawal and void winning trades while keeping the losing ones. Any statement it sends you counts as correct after three business days. The document that overrides all of it, the Product Disclosure Statement, is not published.

Back to BIC 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.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
18
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.
3

How the 18 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.

Critical7
Warning9
Notice2

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.

Critical3 working daysTime to complain. Jump to the clause this comes from.Three business days to challenge any statementCritical30 daysProfit at risk. Jump to the clause this comes from.Winning trades voided, losing trades enforced1%Fee you were not shown. Jump to the clause this comes from.A conversion fee of up to 1% on currency moves50%Bonus requirement. Jump to the clause this comes from.A 50% credit bonus with no published terms

What the documents say

18 clauses worth knowing about, worst first, each quoted from BIC Markets's own files

01

Every legal document on this site is issued by B.I.C. Markets Co., Ltd. The website, the footer, the licence page and the promotions all say BFX Capital Co., Ltd. You deposit with one company and agree terms with another.

Why this matters

If you ever have to chase your money, you need to know who is holding it. Nothing in the document set records a handover between the two companies.

Exhibit 1CriticalRarely seen

Issued by B.I.C. Markets Co., Ltd. January 2020
Clause Issued by in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026Your contract is with B.I.C. Markets, not BFX Capital (clause Issued by)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.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 identify the contracting legal entity to a retail client before the account is opened. Here the site names BFX Capital Co., Ltd. and all four legal documents name B.I.C. Markets Co., Ltd.

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

Our readingA broker trading under one name while every one of its legal documents is issued by a differently named company is unusual. No assignment, novation or renaming is recorded anywhere in the four documents.

  • Worse together with Exhibit 7The contract names bicfx.com as its own website and fee schedule, and that address does not open either.
02

BFX Capital's terms say a Product Disclosure Statement is part of your agreement and beats the terms wherever the two disagree. That document is not on the site. The complaints procedure sits inside it.

Why this matters

You cannot read the rules that outrank the contract you accepted. When you want to complain, the terms send you to a document you have never been given. The website publishes its own complaints timetable, but the contract does not point to it.

Exhibit 2CriticalRarely seen

If there are any inconsistencies between these Terms and a specific Product Disclosure Statement (“PDS”), the PDS will prevail.
Clause 22.15 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026The document that overrides your contract is not published (clause 22.15)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 give a retail client the key product information and a written complaints procedure before trading begins. This contract places both in a document it does not publish.

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

Our readingContracts routinely refer to a companion disclosure document. What is unusual here is that the companion document is given priority over the signed terms, holds the complaints route and two margin definitions, and is published nowhere.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
First answerBFX Capital says on its legal page that it will try to settle your complaint.
Final answerThe compliance department issues its final response and sets out your options.
  • Worse together with Exhibit 3You have three business days to challenge a record, under a complaints procedure you are not allowed to read.
03

You get three business days to tell BFX Capital in writing that a document it sent you is wrong. After that, clause 12.9 treats the document as correct and conclusive. Where the contract and the firm's own records disagree, clause 12.3 says its records win.

Why this matters

Miss the deadline and the record stands, even where the trade was wrong. Three business days runs from when you receive the document, not from when you notice the mistake.

Exhibit 3CriticalHarder than usual3 working days

We will take such documents to be correct and conclusive, unless you notify us in writing to the contrary within 3 Business Days of receiving the document.
Clause 12.9 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026Three business days to challenge any statement (clause 12.9)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 give retail clients a written complaints procedure and access to an independent ombudsman, with complaint windows measured in months. This contract measures the window to challenge a record in business days.

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

Our readingAn ordinary duty to check statements, written short. The window is counted in business days and the consequence is that the record becomes conclusive.

  • Worse together with Exhibit 15A business day is defined by bank holidays in Victoria, Australia, so the deadline runs on a foreign calendar.
04

BFX Capital can enforce the trades where you owe it money and void the ones where it owes you. Clause 4.18 applies where it believes you manipulated its prices or its platform. You then have 30 days to produce conclusive evidence that you did not.

Why this matters

Your profit can be cancelled while your losses stand. Clause 4.16 requires BFX Capital to act reasonably and in good faith, but it is still the firm that decides.

Exhibit 4CriticalRarely seen30 days

(a) enforce the trade(s) against you if it is a trade(s) which results in you owing money to us;
Clause 4.18(a) in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026Winning trades voided, losing trades enforced (clause 4.18(a))This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Our readingAnti-manipulation clauses are common. The asymmetry is not: the same suspicion keeps the trades that favour the firm and cancels the trades that favour you, and the burden of disproof sits on the client.

  • Worse together with Exhibit 5The same clause lets the firm withhold the suspected funds while it decides, and no clause puts a deadline on that decision.
05

You can ask BFX Capital to pay out your free balance, and it can choose to hold that payment back in whole or in part. Clause 3.6 sets no deadline for the decision and names no test you can check for yourself.

Why this matters

Your money can sit with the firm while it makes up its mind. Clause 3.7 says it will tell you as soon as reasonably practicable, which fixes no date.

Exhibit 5CriticalHarder than usual

Please note that we may at our discretion elect to withhold any payment requested by you (in whole or in part)
Clause 3.6 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must return retail client money promptly on request and may hold it back only on defined grounds. This contract lets BFX Capital withhold a payment and sets no deadline for deciding.

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

  • Worse together with Exhibit 6The money being held back is pooled with other clients' money and may have been invested by the firm.
06

BFX Capital states plainly that your money is not kept separate from other clients' money. It is also entitled to invest that money, and it keeps any interest the money earns. Pooling itself is ordinary; the rest is what to weigh.

Why this matters

If the pooled account ever falls short, no clause ring fences your share of it. No compensation scheme is named anywhere in the four documents.

Exhibit 6CriticalHarder than usual

(a) your money is not kept separate from the money of other clients in our trust account;
Clause 3.5(a) in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026Your money is pooled, invested, and earns you nothing (clause 3.5(a))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 hold retail client money apart from the firm's own money, and their clients are covered by a statutory compensation scheme. This contract names no compensation scheme, and it lets BFX Capital invest the money it holds and keep the interest.

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

Our readingHolding client money in one pooled trust account is normal practice. Permission to invest that money, combined with the firm taking all the interest and naming no compensation scheme, is where this set of clauses goes further than most.

Terms can change at any time, and losses are not capped at your deposit

Clause 22.9 lets BFX Capital vary the terms at any time, and clause 21.2 lets it close your account on 7 days' notice or immediately to protect its own interests. Clause 6.2 makes any margin shortfall immediately due and payable, and clause 6.1 says the firm may or may not warn you first. Clause 20.1 also lets it require a personal guarantor at its absolute discretion.

Control of the account3 clauses flagged

Where your margin falls short, the difference is immediately due and payable to BFX Capital. Clause 6.1 says the firm may or may not tell you that your margin has fallen short. Nothing in the contract caps your loss at the money in the account.

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

A fast move against you can leave you owing money you never paid in. There is no negative balance protection here, which means no promise to write off a debt below zero.

Exhibit 9CriticalHarder than usual

We may or may not notify you that the Actual Margin is less than the Required Margin on your Account.
Clause 6.1 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026You can end up owing more than you deposited (clause 6.1)Visit 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, and firms under ESMA rules, must give retail clients negative balance protection, so a client cannot lose more than the money in the account. This contract has no such clause, and clause 6.2 makes any shortfall immediately payable.

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

BFX Capital can vary the terms at any time by giving you notice, and clause 22.9 sets no notice period. It can also close your account on 7 days' notice, or immediately where it decides that protects its own interests.

Why this matters

The agreement you accepted can be replaced while your money sits in the account. You get no stated right to object and no right to exit on the old terms.

Exhibit 14WarningHarder than usual7 days

22.9 We may vary these Terms at any time, with notice to you.
Clause 22.9 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference

Where you open the account as a company, every director must personally guarantee it. Clause 20.1 also lets BFX Capital demand a guarantor in any other case, at its absolute discretion.

Why this matters

A guarantor pays your losses when you cannot, and the guarantee is unconditional. It also keeps running after the account is closed.

Exhibit 17WarningRarely seen

(a) where you are a company (including a trustee), by each director of the company; and (b) in any other circumstance where we determine, in our absolute discretion, that a guarantee is required.
Clause 20.1 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference

Our readingA personal guarantee is a commercial lending device. Pointed at a retail trading account it puts another person's assets behind your trading losses, and clause 20.1(b) lets the firm require one from anyone it chooses.

What BFX Capital promises in public, the contract does not give

BFX Capital's English about page lists no commission fee and fast cash withdrawal among the things it provides, while clause 7.1 makes commissions payable and clause 3.6 lets the firm withhold a payout. The FAQ promises withdrawals processed within 1 business day, which no clause supports. The Khmer legal page tells readers they have already read and agreed to four documents that exist only in English.

Language arbitrage3 clauses flagged

BFX Capital's English about page lists No commission fee as one of the things it provides. Clause 7.1 requires you to pay the commissions and charges it publishes, and clause 22.10 lets it add more or raise them on 30 days' notice.

Why this matters

You may open the account expecting to pay nothing per trade. The contract you accept says the opposite and lets the firm increase the charge later.

Exhibit 11WarningHarder than usual30 days

You must pay us the applicable commissions and charges as published by us from time to time on our website at www.bicfx.com.
Clause 7.1 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference

The English FAQ promises BFX Capital will process your withdrawal request within 1 business day. Clause 3.6 lets it hold that payment back in whole or in part, with no deadline attached.

Why this matters

The published timetable is a target, not a promise you can enforce. Nothing in the contract holds the firm to 1 business day.

Exhibit 12WarningHarder than usual1 working days

Please note that we may at our discretion elect to withhold any payment requested by you (in whole or in part)
Clause 3.6 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026The claim, on English FAQ, question 07 under Deposits and WithdrawalsThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026What the contract says, clause 3.6Visit this page on the broker's siteDownload the full size image file
  • Same clause as Exhibit 5Both rest on clause 3.6, one as the promise made in public and one as the discretion kept in the contract.

The Khmer legal page tells you that opening an account shows you have read and agreed to these documents. All four are in English only, and none is offered in Khmer.

Why this matters

You are told you agreed to terms you may not be able to read. The page offering them is in your language; the obligations are not.

Exhibit 13WarningHarder than usual

ដោយបើកគណនីជាមួយ ប៊ីអេហ្វអិកស៍ ខាភីថល អ្នកបានបង្ហាញថាអ្នកបានអានយល់ និងយល់ស្របនឹងលក្ខខណ្ឌដែលមានចែងនៅក្នុងឯកសារទាំងនេះ
Quoted in ឯកសារច្បាប់
Read from the broker's site on Open the reference

Our readingMarketing in a local language while contracting in English is common across this industry. What sharpens it here is that the Khmer page itself states the reader has already read and agreed to the English documents.

The fee schedule lives at a web address that does not open

Clause 7.1 makes you liable for the commissions and charges BFX Capital publishes at www.bicfx.com, and that address does not resolve. Clause 22.10 lets the firm add new fees or raise existing ones on 30 days' notice. The one charge the contract does state is a currency conversion fee of up to 1 per cent, which clause 9.3 lets the firm waive whenever it chooses.

Cost disclosure2 clauses flagged

You agree to pay the commissions and charges BFX Capital publishes at www.bicfx.com. That address does not open. The same contract also defines its client portal as living there.

Why this matters

You cannot find out what you will be charged before you deposit. No commission, spread or withdrawal fee is listed in any of the four documents.

Exhibit 7WarningHarder than usual

You must pay us the applicable commissions and charges as published by us from time to time on our website at www.bicfx.com.
Clause 7.1 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before they trade. This contract places the whole fee schedule at a web address that does not resolve.

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

Moving money between your own accounts in different currencies costs you up to 1 per cent. Clause 9.1 charges it on top of the spot rate, and clause 9.3 lets BFX Capital waive or defer it whenever it chooses.

Why this matters

A 1% cut applies before you place a single trade. Whether you pay it at all is the firm's choice, not a published rule.

Exhibit 8WarningHarder than usual1%

minus a conversion fee of up to 1 per cent, which we will charge you
Clause 9.1(a) in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference

What it costsA $10,000 transfer between two of your own accounts in different currencies costs $100 at the top rate of 1 per cent.

A 50% credit bonus that no published document describes

BFX Capital advertises a 50% credit bonus in Khmer for opening a trading account, alongside cashback and rebate offers. The word bonus does not appear once in the client agreement, and no bonus terms are published on the legal page. Whatever conditions attach to the offer are not in any document a client can read before depositing.

Unwritten conditions1 clause flagged

BFX Capital advertises a 50% credit bonus for opening a trading account. The word bonus does not appear anywhere in the client agreement, and no bonus terms are published on the site.

Why this matters

You cannot find out what the bonus locks up, what cancels it, or what happens to profit made with it. Whatever rules govern it are in no document you can read.

Exhibit 10WarningHarder than usual50%

Agreements means these Terms, the PDS, the Application Form, the Confirmations and the information that is located on B.I.C. Markets Platform or our website, which together govern our relationship with you.
Clause 25.1 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026The claim, on Khmer promotions post offering a 50% credit bonusVisit this page on the broker's siteDownload the full size image file
Our own capture of bfxcapital.com.kh, taken on Aug 31, 2026What the contract says, clause 25.1Visit this page on the broker's siteDownload the full size image file

Our readingBrokers commonly offer credit bonuses under a separate set of bonus terms. Offering one with no published terms at all leaves the conditions entirely unwritten.

The company on the website is not the company in the contract

All four of BFX Capital's legal documents are issued by B.I.C. Markets Co., Ltd., a name that appears nowhere on the website, the footer or the licence page. The client agreement is dated January 2020 and puts itself under the law of Phnom Penh. Its definitions then measure a business day by bank holidays in Victoria, Australia, and describe client money under the Australian Client Money Rules.

Who you contract with1 clause flagged

Clause 22.22 puts the agreement under the law of Phnom Penh, which suits clients who live there. The definitions then measure a business day by bank holidays in Victoria, Australia, and define client money by the Australian Client Money Rules.

Why this matters

The deadline you have to challenge a statement is counted on an Australian banking calendar. The rules named as protecting your money belong to a country whose regulator does not cover you.

Exhibit 15WarningRarely seen

Business Day means a day on which banks are open for general banking business in Victoria (not being a Saturday, Sunday or public holiday in that place).
Clause 25.1 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference

Our readingThe contract carries the fittings of an Australian licence it does not hold: the Corporations Act, the Privacy Act, the AML/CTF Act, payment in Australian dollars, and client money rules from that regime. The operative governing law clause points to Cambodia instead, so the defined terms and the governing law pull in different directions.

Checks and reports can be made without notice to you

Clause 1.8 lets BFX Capital pass on information collected from you and relating to your transactions, and states that it is under no obligation to tell you it has done so. The same clause reserves the right to run restricted list and blocked person checks and to take any associated action without liability to you. Reporting duties of this kind are ordinary; the absence of any notice to the client afterwards is the part to read.

Reporting and data1 clause flagged

BFX Capital can pass on information it collected from you and about your transactions. Clause 1.8 says it is under no obligation to tell you it has done so, and it can take any associated action without liability to you.

Why this matters

You will not know that a report was made or that a check was run against you. Money laundering reporting duties are normal; the part worth reading is that no notice is owed to you afterwards.

Exhibit 18NoticeStandard wording

we are under no obligation to inform you that we have done so
Clause 1.8 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference

BFX Capital deals as principal and says so in one sentence

Clause 2.3 of BFX Capital's terms states that it enters every contract as principal rather than as your agent, so it is the counterparty to your trade. Clause 23.1 acknowledges a possible conflict of interest in acting as principal on both sides of a transaction. This arrangement is standard for this kind of broker, and no conflicts of interest policy is published alongside it.

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.

Who is on the other side1 clause flagged

BFX Capital enters every contract as principal, which means it is the party on the other side of your trade. Clause 23.1 admits it may have a conflict of interest in acting as principal on both sides.

Why this matters

When you lose, the firm is on the winning side of the same trade. This is normal for this kind of broker, and the contract does disclose it, but no conflicts policy is published to say how it is managed.

Exhibit 16NoticeStandard wording

2.3 We enter into each Contract as a principal and not as agent on your behalf.
Clause 2.3 in Terms and Conditions
Downloaded from the broker's site on Archived copyOpen the reference

Where the marketing and the contract disagree

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

01

The about page offers trading with no commission while the contract makes commissions payable and lets the firm raise them.

Said in public, in English

No commission fee

English about page, listed under What We Provide

In the contract · clause 7.1

You must pay us the applicable commissions and charges as published by us from time to time on our website at www.bicfx.com.

02

The FAQ promises a one business day turnaround while the contract keeps the right to withhold the payment altogether.

Said in public, in English

We will process your application within 1 business day.

English FAQ, question 07 under Deposits and Withdrawals

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

In the contract · clause 3.6

Please note that we may at our discretion elect to withhold any payment requested by you (in whole or in part)

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

03

A 50% credit bonus is advertised in Khmer while the documents that govern the relationship never mention a bonus at all.

Said in public, in KM

បើកគណនីជួញដូរឥឡូវនេះ លោកអ្នកនឹងទទួលបាន Credit Bonus 50% បន្ថែមលើដើមទុន ដើម្បីបង្កើនឱកាសក្នុងការវិនិយោគ!

Word for word in English: Open a trading account now and you will receive a 50% Credit Bonus on top of your capital, to increase your investment opportunities!

Khmer promotions post offering a 50% credit bonus

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

In the contract · clause 25.1

Agreements means these Terms, the PDS, the Application Form, the Confirmations and the information that is located on B.I.C. Markets Platform or our website, which together govern our relationship with you.

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

The documents this reading is based on

6 files, all published by BIC 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 BIC Markets publishes.

How this reading was done

Every clause above was read out of a document BIC Markets publishes itself

This reading was published on .

Documents
5 of 6downloaded from the broker's site, and 5 read in full
Pages opened
44pages walked to find those documents, footer links included
Marketing pages
3public pages set against what the contract says
Languages
EN vs KMthe language it advertises in, against the language it contracts in

Who the contract is with

B.I.C. Markets Co., Ltd.

A client contracts with B.I.C. Markets Co., Ltd. All four legal documents carry that name on their front page, and the client agreement is dated January 2020 under it. The website, the footer, the licence page and the promotions all say BFX Capital Co., Ltd. Nothing in the document set records a transfer of the business from one company to the other. The contract also defines its own website as bicfx.com, an address that does not open, and the compliance link on the legal page points to an email at bicmarkets.com.kh.

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

The contract carries no inactivity fee and no dormancy ladder: the words never appear in any of the 48 pages. There is no bonus lock-up clause either. Clause 4.16 makes BFX Capital act reasonably and in good faith when it corrects a pricing error, and give you notice where it can. Clause 3.7 makes it tell you if it holds back a withdrawal. Governing law is Phnom Penh, where its clients are, rather than a distant offshore court. The legal page also publishes a named complaints route, with a first answer and a final answer both on a stated timetable, which is more than the contract itself offers.

The broker's main address, www.bicfx.com, does not open, so nothing could be read there. We found the four legal documents on the Khmer legal page at bfxcapital.com.kh/law-docs/ and read all four in full. No earlier copy of any of them exists in the public web archive, so we could not set them against a previous version. The Product Disclosure Statement forms part of the agreement and overrides it, and it is published nowhere on the site, so we could not read it. The commissions and charges that clause 7.1 places at www.bicfx.com could not be read for the same reason. In the English footer, the Privacy Policy, Terms and Conditions and Legal links lead nowhere.

How to check any of this yourself

Every quote above links to the BIC 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 BIC 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 BIC 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 Aug 31, 2026.

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

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