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Contract reading

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

Every clause below is published by BtcDana 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: Dana Global Limited

hidden feedeemed acceptancedispute barriersole discretioncomplaintsconflict of interestcost disclosuredormancyforum waiverkyc freeze

BtcDana's contract sends you to a fee schedule that does not exist. The link on its legal page labelled Costs and Charges opens an internal risk policy instead. Clause 4.8.8 lets Dana Global Limited charge up to 4.5% on a withdrawal when it decides you have not traded enough. Its Spanish site promises trading without commissions.

Back to BtcDana

Contract risk

Money at risk
7.8/10

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.
17
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
9
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 17 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
Warning9
Notice2

section 28 of 32is where the deepest clause sits, 88% 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.

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.

Critical4.5%Withdrawal limit. Jump to the clause this comes from.Up to 4.5% taken from a withdrawal for trading too littleCritical9Fee you were not shown. Jump to the clause this comes from.The fee schedule the contract relies on does not existCritical4.5%In the contract. Jump to the clause this comes from.Commission-free in Spanish, up to 4.5% in the contractCritical7 working daysTime to complain. Jump to the clause this comes from.Complaints escalate to an address in the wrong country

What the documents say

17 clauses worth knowing about, worst first, each quoted from BtcDana's own files

01

If BtcDana decides there was not enough trading between your last deposit and your withdrawal request, clause 4.8.8 lets it charge a commission of up to 4.5% on the money you take out. The contract never says how much trading is enough, and never says who decides.

In plain words

Dormancy means an account left unused.

Why this matters

You can deposit, change your mind, and pay 4.5% to get your own money back. The published FAQ tells you a withdrawal costs $1, so nothing you read before depositing warns you about this.

Exhibit 2CriticalRarely seen4.5%

DANA GLOBAL LIMITED reserves a right to raise commission on withdrawal up to 4.5% in case there is no sufficient trading activity between last deposit and withdraw request.
Clause 4.8.8 in Client Service Agreement, p.10
Read from the broker's site on Open the reference

Where it sits: section 21 of 103 in the Client Service Agreement, near the start.

What it costsA $1,000 withdrawal at 4.5% costs you $45. At the $1,500 per order maximum the FAQ sets, the same charge is $67.50.

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, and cannot leave the size of a charge to be settled later. This clause sets a ceiling of 4.5% and no method for arriving at the figure.

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

Our readingA charge for not trading enough, applied at the moment you withdraw, is a dormancy fee pointed at the exit. It penalises the client who deposits and then decides against trading, which is the client with the least to gain from staying.

02

Your contract sends you to a document called the Commissions, Charges & Margin Schedule nine times for what BtcDana charges you. That schedule is not published anywhere. The legal page offers a link named Costs and Charges, and it opens an internal risk management policy from March 2022 with no fee in it.

Why this matters

You agree to pay charges you cannot read before you deposit. Clause 10.1 makes those charges binding on you, and the only place BtcDana states a number is a marketing page it can edit at any time.

Exhibit 1CriticalRarely seen9

The Client shall be obliged to pay to DANA GLOBAL LIMITED the commissions and charges set out in the Commissions, Charges & Margin Schedule which is available at our website.
Clause 10.1 in Client Service Agreement, p.25
Read from the broker's site on Open the reference
Our own capture of btcdana.com, taken on Sep 9, 2026The claim, on English legal statement page, seventh link in the Dana Global Limited document listVisit this page on the broker's siteDownload the full size image file

Where it sits: section 52 of 103 in the Client Service Agreement, 50% of the way through.

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 product before that client trades, in a durable form. This contract makes the charges binding by reference to a schedule that is not on the website.

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

Our readingBrokers routinely bury a fee schedule. Publishing a contract that binds you to one and then not publishing the schedule at all leaves no document anywhere that states what you pay.

  • Worse together with Exhibit 2With no published schedule, the 4.5% withdrawal charge in clause 4.8.8 is the only exit price stated anywhere, and it is a ceiling rather than a rate.
03

BtcDana's Spanish account page tells you to maximise your profits and enjoy trading without commissions. The English contract behind it lets BtcDana take a commission of up to 4.5% when you withdraw, keeps the spread hidden from you, and reserves the right to bring in new fees.

Why this matters

The word BtcDana uses to sell the account is the same word its contract uses for the charge on your withdrawal. If you read only the page that brought you in, you will not know that.

Exhibit 4CriticalHarder than usual4.5%

DANA GLOBAL LIMITED reserves a right to raise commission on withdrawal up to 4.5% in case there is no sufficient trading activity between last deposit and withdraw request.
Clause 4.8.8 in Client Service Agreement, p.10
Read from the broker's site on Open the reference

Where it sits: section 21 of 103 in the Client Service Agreement, near the start.

  • Only applies after Exhibit 2The claim only misleads because clause 4.8.8 prices the exit, which is where a client who was promised no commissions meets one.
04

Clause 24.3 gives BtcDana 7 business days to answer a complaint, then tells you to escalate to the Mauritius Financial Services Commission. The postal address it prints is 80 Shedden Road, Elizabethan Square, an office complex in George Town, Grand Cayman, with a Cayman Islands postcode.

Why this matters

The one route out of BtcDana's own complaints department leads to a building 12,000 kilometres from the regulator named above it. A letter sent to that address does not reach anyone who can help you.

Exhibit 6CriticalRarely seen7 working days

DANA GLOBAL LIMITED has 7 business days to respond to any formal complaints or disputes lodged. If you are unhappy with the final verdict of the compliance department, the case can be escalated to the Mauritius Financial Services Commission
Clause 24.3 in Client Service Agreement, p.41
Read from the broker's site on Open the reference

Buried at section 84 of 103 in the Client Service Agreement, 82% of the way through.

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

Firms licensed by the FCA or CySEC must give a retail client the name and contact details of the independent scheme that will hear a complaint the firm rejects. Mauritius routes these complaints through the Office of Ombudsperson for Financial Services, which this contract does not mention.

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

Our readingA wrong regulator address is not a drafting style, it is a dead end. The word Cayman has been replaced with Mauritius while the street, the square and the KY1 postcode were left in place.

  • Worse together with Exhibit 7Two documents give you three different deadlines, and the escalation address at the end of the longest one does not work.
05

The Conflicts of Interest policy states that BtcDana's payment can depend on the amount you lose, where a liquidity provider trades against your positions and pays BtcDana a share of what it makes from your trades. The Risk Disclosure adds that BtcDana is the counterparty to every trade you place.

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.

Remuneration means payments it receives.

Liquidity providers are outside banks and brokers.

Why this matters

The firm setting your price can earn more when your trade goes badly. None of this appears on the pages that sell you the account.

Exhibit 10CriticalHarder than usual

or on the amount of your losses (when a Liquidity Provider trading on its own account against your positions remunerates DANA GLOBAL LIMITED based on the profits generated by the Liquidity Provider from your trades and therefore from the amounts that you lose when trading through DANA GLOBAL LIMITED )
Clause Examples of potential situations of conflict in Conflicts of Interest Policy, p.12
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 manage a conflict of this kind and disclose it clearly to a retail client where managing it is not enough. BtcDana does disclose it, in a policy on the legal page, and says the arrangement is calculated across all clients rather than client by client.

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

06

Clause 5.13 lets BtcDana take back trading profits you have already made, reaching over your whole time as a client, if it decides you exploited a pricing error. Clause 5.10 separately lets it cancel, unwind or reverse trades at its absolute discretion.

Why this matters

Money that has been sitting in your account for months is not settled. BtcDana can also close your relationship on the spot under the same clause, which means you learn about the decision after it has been made.

Exhibit 8CriticalHarder than usual

retrieve from the Client's account any historic trading profits that DANA GLOBAL LIMITED can document have been gained through such abuse of liquidity at any time during the client relationship
Clause 5.13 iii in Client Service Agreement, p.15
Read from the broker's site on Open the reference

Where it sits: section 31 of 103 in the Client Service Agreement, 30% of the way through.

Our readingClause 5.13 is narrower than most clauses of its kind. BtcDana has to document that a pricing error existed and make it probable that you exploited it deliberately or systematically. Clause 5.10 carries no such test.

Sold as commission-free in Spanish, priced at up to 4.5% in English

BtcDana's Spanish pages promise trading without commissions and list seven legal documents with Spanish titles. Every one of those links opens an English PDF, and clause 25.13 makes English the only binding version. The English contract reserves a commission of up to 4.5% on withdrawals.

Language arbitrage1 clause flagged

The Spanish legal page tells you it is crucial to read, understand and accept the agreements before opening an account, and lists all seven with Spanish titles. Every link opens the English PDF. Clause 25.13 then says the English version is the only one that binds you.

Why this matters

You are asked in Spanish to accept a 50 page contract you can only read in English. If a translation reaches you from anywhere, clause 25.13 says the English text wins.

Exhibit 5WarningStandard wording

The original English versions shall be the only legally binding versions for the Client and DANA GLOBAL LIMITED . In case of discrepancies between the English version and other translations in the Client's possession, the original English version provided by DANA GLOBAL LIMITED on the website shall prevail.
Clause 25.13 in Client Service Agreement, p.43
Read from the broker's site on Open the reference

Buried at section 89 of 103 in the Client Service Agreement, 86% of the way through.

BtcDana binds you to a price list it does not publish

The BtcDana client agreement points to a Commissions, Charges & Margin Schedule nine times, and that schedule is nowhere on the website. The one link BtcDana offers for costs opens a March 2022 internal risk policy instead. Clause 14.4 then says the spread, the largest cost of trading, will never be shown to you.

Cost disclosure1 clause flagged

Clause 14.4 says the spread built into your price is payment to BtcDana, and that it will never appear on your trade confirmation or be revealed to you in any other way. The same clause says the spread cannot always be worked out at all.

Why this matters

The largest cost of trading here is one you are told, in writing, that you will not be shown. You cannot check it, compare it, or add it up at the end of the year.

Exhibit 3WarningHarder than usual

Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to DANA GLOBAL LIMITED and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client.
Clause 14.4 in Client Service Agreement, p.31
Read from the broker's site on Open the reference

Buried at section 64 of 103 in the Client Service Agreement, 62% of the way through.

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

Firms licensed by the FCA or CySEC must show a retail client the total cost of a position, including any mark-up built into the price, and must give a yearly statement of what was charged. This clause states the opposite duty.

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

  • Worse together with Exhibit 10A cost you cannot see, set by a firm that can be paid out of what you lose, leaves you no way to tell a wide spread from a bad fill.

Silence is agreement, and leverage runs to 1:500

Clause 22.1 treats your silence as acceptance of any change to the BtcDana agreement, and clause 10.6 lets the firm introduce new fees. BtcDana's FAQ offers leverage of 1:500 while its Risk Disclosure says losses may be unlimited and that nothing you paid will cap them. Clause 18.3 then lets BtcDana sell your property without notice to clear what you owe.

Changing the deal2 clauses flagged

Clause 22.1 says you have accepted a change to the agreement if you do not object before it starts. Clause 10.2 lets BtcDana change its commissions and charges with no notice at all in some cases, and clause 10.6 lets it bring in new fees.

Why this matters

Not reading an email is treated as saying yes. The fees that can change this way are the ones set out in a schedule that BtcDana does not publish.

Exhibit 14WarningStandard wording

The Client is deemed to have accepted such changes if he does not, before the proposed date of their entry into force, notify DANA GLOBAL LIMITED that he does not accept them.
Clause 22.1 in Client Service Agreement, p.40
Read from the broker's site on Open the reference

Buried at section 82 of 103 in the Client Service Agreement, 80% of the way through.

  • Worse together with Exhibit 1A fee schedule nobody can read can be changed without notice, and your silence is recorded as consent to the change.

The FAQ offers maximum leverage of 1:500, which means $200 can control $100,000. The Risk Disclosure says your losses may be unlimited and that no amount you have paid will limit them. You can end up owing BtcDana more than you deposited.

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

There is no negative balance protection here, so a gap in the market can leave you with a debt rather than an empty account. Clause 18.3 then lets BtcDana sell your property to clear it, without notice.

Exhibit 15WarningHarder than usual

In particular, your losses may be unlimited, and no deposit or other amount you have paid will limit your losses.
Clause 1.0 Leverage in Risk Disclosure, p.1
Read from the broker's site on Open the reference

What it costsAt 1:500, a $200 deposit supports a $100,000 position. A 1% move against you is $1,000, which is five times what you put in.

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

Firms licensed under ESMA rules or by the FCA must give retail clients negative balance protection and cap leverage at 1:30 on major currency pairs. This contract offers 1:500 and states that losses are not limited by what you paid.

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

The complaint escalation address is in the Cayman Islands

Clause 24.3 of the BtcDana client agreement gives the firm 7 business days to answer a complaint, then sends you to the Mauritius Financial Services Commission at 80 Shedden Road, Elizabethan Square, which is in George Town, Grand Cayman. Two BtcDana documents give three different deadlines for the same complaint. Its Best Execution Policy assumes you are a wholesale trader owed no best execution unless you say otherwise.

Route of appeal2 clauses flagged

The client agreement gives BtcDana 7 business days to answer a complaint. The Complaints Policy says the aim is five business days and the maximum is 30 days. Four pages later the same policy says complaints are resolved within thirty business days, which is about six weeks.

Why this matters

You cannot tell when BtcDana is late, so you cannot tell when to escalate. Every version of the deadline is written by BtcDana, and the longest one is four times the shortest.

Exhibit 7WarningHarder than usual

The Company follows the outlined procedures to ensure that your Complaint is resolved within a period of thirty (30) business days.
Clause 1.7 in Complaint Handling and Dispute Resolution Policy, p.7
Read from the broker's site on Open the reference

Buried at section 28 of 32 in the Complaint Handling and Dispute Resolution Policy, 88% of the way through.

The Best Execution Policy says BtcDana will assume you are a sophisticated participant in the wholesale markets who is owed no best execution, unless you tell it otherwise. The same policy says the prices on the platform are an indication only and are not firm.

Why this matters

The protection you would normally rely on to argue a bad fill is switched off by default, and you have to know to switch it back on. You then have no firm price to argue against.

Exhibit 12WarningRarely seen

In these circumstances there is no expectation between the parties that the broker/dealer chosen will owe best execution. As a sophisticated participant in the wholesale markets, unless you advise us to the contrary, we will assume that this is your normal trading behavior.
Clause 2.1 in Best Execution Policy, p.4
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 12 of 21 in the Best Execution Policy, 57% of the way through.

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

Firms licensed by the FCA or CySEC owe best execution to a retail client and cannot assume that client away. Classification as professional requires the client to meet set tests and to ask.

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

Our readingBest execution is normally waived only for a client who has actually been classified as professional. Assuming wholesale behaviour from a retail client who has not said anything reverses that, and the account pages sell to beginners.

The client agreement picks no law and no court

BtcDana's 50 page client agreement contains no governing law clause and no jurisdiction clause. The Affiliate Agreement on the same website picks the law and the courts of St. Kitts and Nevis, while Dana Global Limited is a Mauritius company. Clients get the harder question and affiliates get the answer.

Where you would sue1 clause flagged

The 50 page client agreement has no governing law clause and no jurisdiction clause. Nothing in it says which country's law applies or which court hears a dispute. The Affiliate Agreement on the same website does say: the law and courts of St. Kitts and Nevis.

Why this matters

If BtcDana takes money from your account and you want to sue, the contract does not tell you where to start. Working that out is your cost, before you argue anything.

Exhibit 13WarningRarely seen

If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall be in any way affected.
Clause 25.1 in Client Service Agreement, p.42
Read from the broker's site on Open the reference

Buried at section 89 of 103 in the Client Service Agreement, 86% of the way through.

Our readingA missing governing law clause in a retail contract is unusual, because it normally protects the firm. Here the affiliate contract picks a forum and the client contract does not, which leaves the client with the harder question.

BtcDana can earn more when your trade goes badly

BtcDana's Conflicts of Interest policy states that its payment can depend on the amount you lose, where a liquidity provider trades against your positions and shares its winnings with BtcDana. The Risk Disclosure confirms BtcDana is the counterparty to every trade you place. The same policy still names Prudential in three places and describes an investment manager's business, not a CFD broker's.

Who profits1 clause flagged

The Conflicts of Interest policy you agree to under clause 16.1 still names Prudential in three places, and describes an investment manager buying shares for client portfolios rather than a CFD broker. It also promises a Personal Account Dealing Policy that BtcDana does not publish.

Why this matters

The document meant to tell you how BtcDana handles conflicts was written for another firm's business. Where it describes trade allocation and client portfolios, it is not describing anything that happens to your account.

Exhibit 11WarningHarder than usual

The conflict can be direct (eg a potential competitor) or indirect (eg impacting work performance or Prudential's reputation). Depending on the nature of the second job, it can also attract legal liability to Prudential.
Clause 3.5 Second Jobs in Conflicts of Interest Policy, p.7
Read from the broker's site on Open the reference

Ninety quiet days can archive a small account silently

Clause 6.12 lets BtcDana archive or disable an account after 90 calendar days without a trade, deposit or withdrawal, where the balance is 10 euros or less. BtcDana does not have to warn you first or tell you afterwards. Your money is not taken, but you have to open a new account and move it across yourself.

Dormancy1 clause flagged

Clause 6.12 lets BtcDana archive or disable your account after 90 calendar days with no trade, deposit or withdrawal, if your balance is 10 euros or less. The same clause says BtcDana does not have to tell you before or after it happens.

Why this matters

You can be locked out of a live account without an email. You keep the money, but you have to open a new account and move it yourself, and nothing tells you the old one is gone.

Exhibit 9WarningStandard wording90 days

DANA GLOBAL LIMITED reserves the right to archive or disable the Client Account that is inactive (no trading and/or deposit/withdrawal activity) for at least 90 calendar days and has a balance of equal or less than 10 euros or equivalent in other currencies.
Clause 6.12 in Client Service Agreement, p.19
Read from the broker's site on Open the reference

Where it sits: section 39 of 103 in the Client Service Agreement, 38% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 90BtcDana can archive or disable the account once there has been no trading, deposit or withdrawal.6.12
Balance 10 euros or lessThe rule only applies where the balance is 10 euros or less, or the same amount in another currency.6.12
After archivingYou can bring the account back only to produce a statement. It returns to the archive once the statement is made.6.12

Identity checks with no published rulebook behind them

BtcDana publishes no anti-money-laundering policy, so nothing tells you which documents it can demand, how long it keeps them, or what happens if you refuse. Its Privacy Policy lets selected third parties market to you by email and allows a fee for showing you your own data. The Cookie Policy it points you to is not published either.

Your documents1 clause flagged

The Privacy Policy lets BtcDana pass your data to selected third parties so they can market to you by email. Asking for a copy of what BtcDana holds on you can be charged for. BtcDana publishes no anti-money-laundering policy, so nothing tells you what identity documents it can demand or what happens if you refuse.

Why this matters

You hand over identity documents to open the account and there is no published rule on how long they are kept or who sees them. The Cookie Policy the Privacy Policy points you to is not on the legal page either.

Exhibit 16NoticeHarder than usual

We may also use your data, or permit selected third parties to use your data, to provide you with information about goods and services which may be of interest to you and we or they may contact you about these by email.
Clause 4.0 How we use the information in Privacy Policy, p.2
Read from the broker's site on Open the reference

No compensation scheme covers a Dana Global Limited client

BtcDana's Risk Disclosure states that trading with Dana Global Limited is not covered by any client compensation scheme under the laws of Mauritius. Client money sits in segregated trust accounts, which the same document warns may not give complete protection. The client agreement and the website give two different suite numbers for the company address.

If the firm fails1 clause flagged

The Risk Disclosure says plainly that trading with Dana Global Limited is not covered by any client compensation scheme under the laws of Mauritius. Client money is held in segregated trust accounts, which the same document says may not give complete protection.

Why this matters

If Dana Global Limited fails, no fund pays you back. The client agreement also gives Suite 602 as the company address while the website gives Suite 803, so the two do not match.

Exhibit 17NoticeStandard wording

As an FSC regulated firm, your trading with DANA GLOBAL LIMITED is not covered under any client compensation scheme under the laws of Mauritius.
Clause 9.0 in Risk Disclosure, p.4
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 belong to a compensation scheme that pays retail clients if the firm fails. Mauritius has no equivalent scheme, and this contract says so.

BtcDana 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 FAQ prices a withdrawal at $1 while the contract allows up to 4.5%, which is $67.50 on the largest withdrawal the FAQ permits.

Said in public, in English

Withdrawal Fee: $1 per transaction; minimum withdrawal $10, maximum $1500 per order.

English FAQ, answer to "What are the Fees Associated with the BtcDana Platform?"

In the contract · clause 4.8.8

DANA GLOBAL LIMITED reserves a right to raise commission on withdrawal up to 4.5% in case there is no sufficient trading activity between last deposit and withdraw request.

02

Trading is sold as commission-free in Spanish while the English contract reserves a commission of up to 4.5% on withdrawals.

Said in public, in Spanish

Maximiza tus ganancias y disfruta de trading sin comisiones. Encuentra la cuenta perfecta para ti.

Word for word in English: Maximize your profits and enjoy commission-free trading. Find the perfect account for you.

Spanish account page, headline above the account comparison table

In the contract · clause 4.8.8

DANA GLOBAL LIMITED reserves a right to raise commission on withdrawal up to 4.5% in case there is no sufficient trading activity between last deposit and withdraw request.

03

The About page promises clear fees while clause 14.4 says the spread will never be shown to you and cannot always be calculated.

Said in public, in English

Tight spreads. Clear fees.

About Us page, Competitive Costs entry in the 5 Core Values list

In the contract · clause 14.4

Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to DANA GLOBAL LIMITED and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client.

04

Spanish speakers are told in Spanish to understand the agreements, then given seven documents that exist only in English.

Said in public, in Spanish

Es crucial revisar cuidadosamente, entender y aceptar nuestros acuerdos legales y términos antes de abrir una cuenta.

Word for word in English: It is crucial to carefully review, understand and accept our legal agreements and terms before opening an account.

Spanish legal statement page, above seven Spanish-titled links that all open English PDFs

In the contract · clause 25.13

The original English versions shall be the only legally binding versions for the Client and DANA GLOBAL LIMITED . In case of discrepancies between the English version and other translations in the Client's possession, the original English version provided by DANA GLOBAL LIMITED on the website shall prevail.

05

The only link BtcDana offers for costs and charges opens an internal risk management policy from March 2022 that states no fee.

Said in public, in English

Costs and Charges (website)

English legal statement page, seventh link in the Dana Global Limited document list

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

In the contract · clause 1.1

Risk Management is the process of identification, analysis and evaluation of uncertainty in investment decision-making.

What changed quietly

This is our first reading of BtcDana, so there is nothing to compare it against.

  • REWRITTENClause Site footer, licence disclosure · 2026-04-20 to 2026-09-09

    The footer now says BtcDana is licensed by the regulator rather than holding a licence under its regulation, which reads as a stronger claim.

    Dana Global Limited is licensed as an Investment Dealer (Full-Service Dealer, excluding Underwriting) by the Mauritius Financial Services Commission (FSC) under License No. GB22200578.

  • REMOVEDClause Site footer, company address · 2026-04-20 to 2026-09-09

    The English footer dropped the separate business address line and now gives a registered address only, while the Spanish footer still shows both.

The documents this reading is based on

9 files, all published by BtcDana. 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 BtcDana publishes.

How this reading was done

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

This reading was published on .

Documents
9 of 9downloaded from the broker's site, and 9 read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
7public pages set against what the contract says
Languages
EN vs ESthe language it advertises in, against the language it contracts in
Position measured
12clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Dana Global Limited

You contract with Dana Global Limited, a Mauritius company with registration number 190203. BtcDana is a brand name, not a company. The client agreement gives the address as Suite 602, 6th Floor, Hennessy Tower, while the website footer gives Suite 803 of the same building. The Affiliate Agreement that introducing brokers sign names the company only as [BtcDana] in square brackets, and sends disputes to the courts of St. Kitts and Nevis.

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

Dana Global Limited publishes seven legal documents openly, with no registration and no login. Clause 23.2 lets you end the relationship immediately in writing, while the company must give you two months' notice. Its Risk Disclosure says plainly that no compensation scheme covers you, and its Conflicts of Interest policy admits the firm can be paid out of client losses. Most brokers leave both of those facts out.

We read all seven of the legal documents BtcDana publishes, end to end, plus its margin calculator page. We read most of the Affiliate Agreement on BtcDana's own page, but not its clauses 8 and 9. No earlier copies of the seven documents exist, so this is a first reading of them with nothing to compare against. Only the margin calculator page had an April 2026 copy. When we opened the Indonesian version of the legal page it listed no documents at all, so we compared the Spanish and English versions instead. We did not open an account, so we did not see the deposit screen, the withdrawal screen or the verification steps a client meets.

How to check any of this yourself

Every quote above links to the BtcDana 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 BtcDana 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 BtcDana 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 Sep 9, 2026.

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

Back to the BtcDana profile