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Contract reading

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

Every clause below is published by CedarFX 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: LHFX International Ltd.

withdrawalssole discretiondormancyentity mismatchforum waiverhidden feemarketing gapdeemed acceptanceforfeitureinternal contradiction

CedarFX is now LHFX, and cedarfx.com hands every visitor to lhfx.com. The front page badge says FSCA regulated. Your account is opened with an Anjouan company that the FSCA does not supervise. The leverage page promises stop-out at 50%; the risk disclosure says 5%. One clause lets LHFX confiscate any balance it alone decides was involved in abusive trading.

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Contract risk

Money at risk
8.2/10

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.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
12
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
11

How the 21 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning11
Notice3

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.

Critical3In the contract. Jump to the clause this comes from.FSCA badge belongs to a company you never contract withCritical30 daysTime to complain. Jump to the clause this comes from.Thirty days to complain, then LHFX decides, finallyCritical14 working daysWithdrawal limit. Jump to the clause this comes from.Leftover balance given to a charity LHFX picksCritical$1000Document deadline. Jump to the clause this comes from.No-documents withdrawal promise the contract contradicts

What the documents say

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

01

LHFX puts "Regulated by the FSCA (FSP 52816)" across the top of its home page. Your account is opened with an Anjouan company instead. LHFX runs three companies, and clause 2.1 names the one that takes your money.

Why this matters

The South African regulator supervises a sister company, not the company holding your balance. If your money goes missing, you are a creditor of an Anjouan business, and the FSCA register entry you checked covers somebody else.

Exhibit 1CriticalHarder than usual3

LHFX International Ltd. (the "Company") is an International Business Company incorporated in the Autonomous Island of Anjouan, Union of the Comoros, under company number 16408, with registered office at Boulevard de Coalancanthe, Mutsamudu, Anjouan, Union of the Comoros.
Clause 2.1 in Client Agreement
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Our own capture of lhfx.com, taken on Oct 8, 2026The claim, on Banner across the top of the LHFX home pageVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Oct 8, 2026What the contract says, clause 2.1Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FSCA (South Africa)

Firms licensed by the FSCA appear on its public register under the licensed company's own name, and the protections attach to that company's business. LHFX shows the FSCA number on the front page while its contract places your account with a company licensed in Anjouan.

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

  • Worse together with Exhibit 19Former CedarFX clients started with a Mauritius-licensed counterparty and were moved to the Anjouan company without signing anything new.
  • Worse together with Exhibit 15The entity that holds your money is also the one whose courts you must sue in.
02

Section III.6 lets LHFX close your account and keep the balance it decides was involved in trading it calls abusive. The list of what counts is open ended, and LHFX decides. Profits get reversed and you can be billed for its losses too.

Why this matters

Nothing caps this at the profit from the trade in question, so your deposit sits inside the same balance. LHFX judges whether your strategy took "unfair advantage" of its pricing, and the contract gives you no test to argue against and no appeal.

Exhibit 2CriticalRarely seen

The Company reserves the right to close Client accounts and confiscate any balance involved in abusive trading practices.
Clause III.6 in Terms and Conditions
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Our own capture of lhfx.com, taken on Oct 8, 2026LHFX can confiscate any balance it calls abusive trading (clause III.6)Visit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Oct 8, 2026The claim, on "Scalping, Hedging & EAs Allowed" tile on the ECN execution pageVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Oct 8, 2026What the contract says, clause III.6Visit 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 and CySEC must keep retail client money separate and may take from it only what the client actually owes, and they must tell the client the basis of any charge. This contract lets LHFX keep a whole balance on a judgement it makes alone.

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

Our readingMost agreements that punish arbitrage recover only the profit made from it and leave the deposit alone. This one takes "any balance involved", a phrase with no ceiling, and adds a right to charge you for the firm's own losses on top.

  • Worse together with Exhibit 12The public page promises no restrictions on strategy while this clause punishes the strategies it names.
  • Worse together with Exhibit 16A price LHFX calls materially wrong can be voided under clause 16, and trading on it can cost you the balance under this one.
03

The leverage page tells you LHFX closes your positions at a 50% margin level. The risk disclosure says it may start closing at about 30% and closes everything below 5%. Both pages are live today.

Why this matters

If you size a trade believing it closes at 50%, LHFX can carry you down to 5% before liquidating, so the loss you planned for is roughly ten times smaller than the one the contract allows. The same document says LHFX will not warn you first.

Exhibit 3CriticalHarder than usual5%

With regards to transactions in CFDs, the Company possesses the right to start closing positions starting from the one with the biggest loss when margin decreases to approximately 30%, and automatically close all positions at market prices if margin level drops below 5%.
Clause Risks Involved in Trading CFDs in Risk Disclosure
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Our own capture of lhfx.com, taken on Oct 8, 2026The claim, on LHFX leverage page, margin management sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Oct 8, 2026What the contract says, clause Risks Involved in Trading CFDsVisit this page on the broker's siteDownload the full size image file

What it costsOn a $1,000 balance, a 50% stop-out would act with about $500 of equity left. At 5% it acts with about $50 left.

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

Firms under ESMA-derived rules must close out a retail client's CFD positions once margin falls to 50% of the margin needed to keep them open. This contract sets the full close-out below 5% and allows partial closing from about 30%.

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

04

Clause 11.4 lets LHFX refuse your withdrawal in whole or in part at its sole discretion. The grounds it lists are prefaced by "including but not limited to", so they do not limit anything. Clause 15.5 lets it suspend your ability to withdraw whenever it thinks that protects LHFX from liability.

Why this matters

No clause anywhere gives LHFX a deadline to pay you or to finish a review. The public page advertises payouts in minutes, and nothing in the contract obliges that, so a held withdrawal has no end date you can point to.

Exhibit 4CriticalHarder than usual

We reserve the right, in our sole discretion, to refuse to process a withdrawal request in whole or in part, including but not limited to, where the Company suspects that the funds may be connected to illegal activity or activity that violates this Agreement, or where you do not have available funds.
Clause 11.4 in Client Agreement
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Our own capture of lhfx.com, taken on Oct 8, 2026The claim, on LHFX fast withdrawals landing page, opening paragraphVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Oct 8, 2026What the contract says, clause 11.4Visit 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 and CySEC must pay a retail client's money out promptly on request and must give reasons when they refuse. This contract lets LHFX refuse with no stated grounds and sets no time limit on a hold.

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

  • Worse together with Exhibit 7A withdrawal can trigger the verification that clause 9.3 says must finish before any withdrawal is processed.
  • Worse together with Exhibit 6A hold runs with no deadline while the 14 business day clock on a closed account keeps running.
05

You get 30 days from the day a problem happens to complain, not from the day you notice it. After that LHFX will not consider it. Its own decision is then final and binding, and anything under $10 is refused outright.

Why this matters

Miss the 30 days and the complaint is closed before anyone looks at it. No ombudsman or independent scheme is named anywhere in LHFX's documents, so the firm judging your complaint is the firm you are complaining about.

Exhibit 5CriticalHarder than usual30 days

Complaints submitted more than 30 days after the event in question will not be considered.
Clause III.4 in Terms and Conditions
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Our own capture of lhfx.com, taken on Oct 8, 2026Thirty days to complain, then LHFX decides, finally (clause III.4)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), FSCA (South Africa)

Firms licensed by the FCA, CySEC and the FSCA must give retail clients months rather than days to complain, and must point them to an independent ombudsman once the firm has answered. This contract gives 30 days, makes the firm's own decision final, and names no outside body.

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

  • Worse together with Exhibit 15With the firm's decision final and the only court in Anjouan, a refused complaint has nowhere left to go.
  • Worse together with Exhibit 17Even a complaint that succeeds runs into a cap on what LHFX can be made to pay.
06

Once your account is closed you have 14 business days to take your money out. Miss that and clause 13.3 lets LHFX hand what is left to a charitable organisation it chooses. The same clause says withdrawals carry fees.

Why this matters

LHFX can close your account immediately and without notice under clause 15.4, which starts this clock for you. If you are travelling, ill, or waiting on the verification that blocks withdrawals, your balance can be given away to somebody else.

Exhibit 6CriticalRarely seen14 working days

Any remaining assets in your Account after it is terminated must be withdrawn within 14 (fourteen) Business Days, failing which the Company may arrange, at its discretion, to have such assets transferred to a charitable organisation of its choice.
Clause 13.3 in Client Agreement
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Our own capture of lhfx.com, taken on Oct 8, 2026Leftover balance given to a charity LHFX picks (clause 13.3)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 and CySEC may release unclaimed retail client money to charity only after about six years, after real attempts to trace the client, and they normally undertake to pay a returning client in full. This contract sets 14 business days.

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

Our readingUnclaimed client money normally stays owed to the client, and a firm that releases it to charity does so after years of tracing attempts and usually promises to repay anyone who comes back. Here the window is 14 business days and no such promise is given.

  • Only applies after Exhibit 4A withdrawal held under clause 11.4 can run the 14 business days down while you wait.

LHFX advertises document-free withdrawals its own contract forbids

LHFX tells the public that withdrawals under $1,000 go out without full verification, under an "STP/ECN exemption". Clause 9.3 of its Client Agreement says no withdrawal is processed until identity and address are verified, and its KYC policy sets no threshold while also asking for proof of source of funds. The same clause lets LHFX demand more documents later and block the account while it waits.

Verification gate1 clause flagged

LHFX advertises that you can withdraw up to $1,000 a day with no documents, citing an "STP/ECN exemption". Clause 9.3 says no withdrawal is processed at all until your identity and address are verified. The KYC policy sets no threshold and also asks for proof of source of funds.

Why this matters

You can fund an account believing the first $1,000 comes out document free, then find the contract blocks every withdrawal until verification is done. Clause 9.3 also lets LHFX demand more documents later and block the account while it waits, with no deadline on itself.

Exhibit 7CriticalHarder than usual$1000

No trading, deposit or withdrawal requests will be processed until the verification of identity and address has been completed. We reserve the right to request further documentation after Account opening, and block your Account pending receipt of such documentation.
Clause 9.3 in Client Agreement
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Our own capture of lhfx.com, taken on Oct 8, 2026The claim, on Published FAQ answer on the LHFX withdrawals pageThis 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 lhfx.com, taken on Oct 8, 2026What the contract says, clause 9.3Visit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Oct 8, 2026The claim, on Standard tier in the withdrawal limits tableVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Oct 8, 2026What the contract says, clause III, Crypto Withdrawal PolicyVisit 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 and CySEC must verify a retail client's identity before the account is used, and no execution model removes that duty. The exemption named on LHFX's public page appears nowhere in its own KYC or AML policy.

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

  • Worse together with Exhibit 4Verification becomes the reason a withdrawal is held, and no clause caps how long the hold runs.

Withdrawals priced at zero, with fees reserved in the contract

LHFX prices deposits and withdrawals at $0 on every page and says the amount you withdraw is the amount that lands. Clause 13.3 makes your balance withdrawable subject to any reasonable fees, transfer charges and tax withholding, and clause 5.2 lets LHFX change any charge at any time. Its swap-free schedule is summarised as up to 18% a year on crypto while the same page prints 36% on Bitcoin.

Cost disclosure2 clauses flagged

Every LHFX page says withdrawals cost $0 and that the amount you withdraw is the amount that lands. Clause 13.3 says your balance comes out subject to any reasonable fees, transfer charges and tax withholding charges. The Terms add that charges may appear after you get your money.

Why this matters

LHFX can add a charge later and does not have to tell you the amount first, because clause 5.2 lets it change any charge at any time. On the way out, section II.4 only promises to disclose charges "when possible".

Exhibit 10WarningHarder than usual

Any free balance in your Account may be withdrawn by you at any time, subject to any reasonable fees, transfer charges and/or tax withholding charges.
Clause 13.3 in Client Agreement
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Our own capture of lhfx.com, taken on Oct 8, 2026The claim, on Published FAQ answer to "Are there hidden withdrawal fees?"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 own capture of lhfx.com, taken on Oct 8, 2026What the contract says, clause 13.3Visit 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 and CySEC must show a retail client the costs and charges of a service before they commit to it. This contract keeps a right to apply withdrawal and transfer charges that the fees page prices at zero.

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

LHFX tells swap-free clients the holding fee runs up to 18% a year on crypto CFDs. Its own schedule on the same page prints 36% a year on Bitcoin and more than 50% on Cardano. The fee is charged every calendar day, weekends included.

Why this matters

If you chose a swap-free account for religious reasons, you are paying a daily charge roughly twice the headline you were given. The fee is taken from your trading balance once a day and keeps running while the position is open.

Exhibit 11WarningHarder than usual36%

Rates run from 1% of position value a year on silver and 3% on major forex pairs up to 18% on crypto CFDs, and higher on high-interest-rate exotic pairs.
Clause Swap-Free Holding Fees in LHFX Spreads, Commissions & Trading Fees
Downloaded from the broker's site on Open the reference

Every withdrawal is refusable, and a closed account empties in 14 business days

Clause 11.4 of the LHFX Client Agreement lets the firm refuse a withdrawal in whole or in part at its sole discretion, and clause 15.5 lets it suspend withdrawals to protect itself from liability. No clause sets any deadline for LHFX to pay. Clause 13.3 gives you 14 business days to empty a closed account before LHFX may hand the remainder to a charity of its choice.

Exit conditions1 clause flagged

LHFX takes local deposits in seven countries through Pix, GCash, SPEI and similar rails. Withdrawals are paid in crypto everywhere except Vietnam. Clause 11.5 says withdrawals go back to the source the deposit came from, which those two statements cannot both satisfy.

Why this matters

If you pay in from a Brazilian or Filipino bank, you have to open a crypto wallet to get your money back out, and you carry the cost and risk of converting it yourself. Sending to a wrong wallet address is your loss alone under the Terms.

Exhibit 14WarningHarder than usual7

All approved withdrawals shall be paid to the original deposit source from which the deposit was received from the Client.
Clause 11.5 in Client Agreement
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LHFX can keep any balance it decides was involved in abusive trading

Section III.6 of the LHFX Terms lets the firm close your account and confiscate any balance involved in trading it calls abusive, with the list of what counts left open ended. Clause 16.3 separately deems any price materially different from the actual price a manifest error, which LHFX may void. On the affiliate side, clause 5.8 lets LHFX forfeit commission you earned if you go twelve months without asking for it.

In plain words

A manifest error means an obvious mistake by the broker.

Balance at risk2 clauses flagged

Clause 16.3 treats any price materially different from the actual price as a manifest error, and clause 16.2 lets LHFX void the trade or rewrite its terms. Nothing defines how big a gap counts as material. LHFX's own platform record is the conclusive evidence of what happened.

Why this matters

A profitable fill can be cancelled afterwards on LHFX's reading of its own price feed, and the record you would dispute it with belongs to LHFX. Clause 17.3 separately says LHFX is not liable for errors in any price it published.

Exhibit 16WarningHarder than usual

You acknowledge that any Price that is materially different from the actual Price is deemed to be a Manifest Error.
Clause 16.3 in Client Agreement
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  • Worse together with Exhibit 2Trading on a price LHFX later calls an error can cost the trade under clause 16 and the balance under section III.6.

If you earn commission as an LHFX affiliate and do not request a withdrawal for twelve months, LHFX can treat the balance as dormant and remove, void or forfeit it. A mere belief that you breached the agreement is enough to stop payment. Referrals from anyone sharing your address, surname or connection can be voided.

In plain words

Dormancy means an account left unused.

Why this matters

Commission you have already earned can be cancelled without you doing anything wrong, simply by not asking for it. LHFX can also claw back commission it already paid by setting it off against future earnings, all on its own judgement.

Exhibit 18WarningRarely seen

Where a commission balance remains in an Affiliate's account and no withdrawal has been requested for a continuous period of twelve (12) months, the Company may, at its sole discretion, treat such balance as dormant. In these circumstances the Company reserves the right to apply an administrative dormancy charge to, or otherwise remove, void, or forfeit, the unclaimed balance in whole or in part.
Clause 5.8 in Affiliate Programme Terms & Conditions
Downloaded from the broker's site on Open the reference

Our readingForfeiting an earned balance for inactivity turns a debt the firm owes into the firm's own money. Voiding referrals for a shared surname or household address catches ordinary family referrals alongside the abuse it targets.

A $1,000 LHFX bonus takes 1,000 standard lots to turn into cash

LHFX matches a first deposit up to $1,000, releasing it at $1 per standard lot closed, so the full match needs 1,000 lots of volume. At the firm's own $6 round turn commission that is $6,000 of commission to free $1,000. The promotions page says the full conditions sit in the Terms and Conditions, where the word bonus never appears.

Unlock arithmetic1 clause flagged

LHFX matches your first deposit up to $1,000 in credit, and you unlock it at $1 per standard lot you close. Unlocking all of it takes 1,000 standard lots. The page says the full conditions are in the Terms, and the word bonus does not appear there.

Why this matters

At $6 round turn commission, trading 1,000 lots costs you far more than the bonus is worth, so chasing the unlock is the expensive way to use it. No published rule says what happens to the credit if LHFX closes your account first.

Exhibit 8WarningHarder than usual1000

The Terms of Business, Inactivity Fees and Islamic Account Holding Fees sections form part of the Client Agreement between you and LHFX International Ltd.
Clause III.1 in Terms and Conditions
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What it costsUnlocking a $1,000 bonus takes 1,000 standard lots. At the published $6 round turn commission that is $6,000 in commission to release $1,000.

LHFX's two live documents disagree on whether you get told about changes

The LHFX Terms let the firm change them at any time in its sole discretion and state that the client will not be notified when it happens. The Client Agreement promises notice and a 10 day delay before changes bite. Against that, clause 15.7.2 expressly protects honest reviews, complaints and regulatory reports, which is better drafted than most of this market.

Changing the deal2 clauses flagged

The Terms say LHFX can change them whenever it likes and that you will not be told when it happens. The Client Agreement says LHFX will notify you and that changes take effect 10 days after posting. Both documents were last updated in the same month.

Why this matters

Under the Terms your continued use counts as accepting a version you were never shown. When two live documents disagree about whether you get notice, you cannot tell which rule governs the fee or deadline that affects you.

Exhibit 13WarningHarder than usual10 days

The Company reserves the right to change, add or remove portions of these Terms & Conditions, at any time, in an exercise of its sole discretion. The Client will not be notified of any changes when they occur.
Clause I. General Terms & Conditions in Terms and Conditions
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client advance notice of a change that disadvantages them. One of these documents promises notice and the other says none will be given.

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

Publishing a statement of fact about LHFX that you know to be false is an Event of Default, which lets LHFX suspend withdrawals and set off your balance. Clause 15.7.2 then protects honest criticism outright, including reviews on any public platform and reports to regulators. LHFX says it never asks for an honest review to be removed.

Why this matters

The protection is unusually clear, so leaving a bad review is safe. The risk is narrower: a dispute about whether something you published was false puts you on the same footing as missing a margin payment.

Exhibit 21NoticeRarely seen

publish, or cause to be published, any statement of fact about the Company, its staff, its services or its financial standing which you know to be false or which you have no reasonable grounds to believe is true, including on review platforms, social media, forums or to the press;
Clause 15.7.1 in Client Agreement
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Our readingClauses restraining client commentary are common and usually one sided. Pairing one with an express carve-out for honest opinion, complaints and regulatory reports, plus a promise not to seek review removal, is rare in this market.

  • Limited by Exhibit 4Clause 15.7.2 removes honest criticism from the conduct that can trigger a withdrawal suspension.

Thirty days to complain, and LHFX is the final judge

LHFX refuses any complaint submitted more than 30 days after the event, counted from when the problem happened rather than when you found it. Its own decision is final and binding, nothing under $10 is considered, and no ombudsman is named in any LHFX document. Liability stops at your balance or 125% of the disputed trades.

No recourse1 clause flagged

Whatever LHFX does, its liability stops at your account balance or 125% of the trades you are complaining about, whichever applies. You separately promise to cover LHFX's own costs and claims arising from your use of the platform. LHFX also excludes liability for failures to execute and for errors in its published prices.

Why this matters

If a platform fault costs you more than your balance, the cap means you cannot recover the difference. The exclusion for price errors sits beside clause 16, which lets LHFX void your trade over exactly the same kind of error.

Exhibit 17WarningHarder than usual125%

The Company's liability in respect of claims based on events arising from or in connection to any Client's activity on the Company's website, (in contract, tort, or otherwise) will not exceed the amount held in the Client's LHFX account (less commissions) or 125% of the amount of the Transactions that are the subject of the claim (less commissions).
Clause II.7 in Terms and Conditions
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Disputes go to Anjouan, and you waive the objection in advance

LHFX puts governing law and exclusive jurisdiction in the courts of Anjouan, Union of the Comoros, for a service with a $10 minimum deposit. You also agree not to argue that those courts are an inconvenient forum. LHFX may assign your contract to any third party, while you need its written consent to do the same.

Where you would sue1 clause flagged

Any dispute with LHFX goes to the exclusive jurisdiction of the courts of Anjouan, Union of the Comoros. You also agree in advance not to argue that this is an inconvenient place to sue. LHFX may hand your contract to any third party, while you need its written consent to do the same.

Why this matters

Suing an Anjouan company in Anjouan costs far more than most retail balances are worth, and you have signed away the argument that the venue is unreasonable. The assignment clause also means the company you deal with can change without you agreeing.

Exhibit 15WarningHarder than usual

Agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Client.
Clause II.1 in Terms and Conditions
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LHFX says it never trades against you and contracts as principal

The LHFX execution page states the firm does not trade against you and that your gains and losses have no effect on its position. Clause 12.3 of the Client Agreement says LHFX acts as principal, and clause 8.1 reserves a material interest in your transaction. The conflicts policy that clause 8.1 points to covers staff gifts and outside employment, and never mentions client trades.

Who takes the other side1 clause flagged

LHFX tells you it does not trade against you and that your gains and losses have no effect on its position. Clause 12.3 of the contract says LHFX acts as principal, and clause 8.1 says it may have a material interest in your trade. The published conflict policy is about staff gifts and outside jobs.

Why this matters

Acting as principal means LHFX can be the party on the other side of your trade, which is the opposite of what the execution page promises. Clause 8.1 sends you to a conflicts policy for how this is managed, and that document never mentions trading against clients.

Exhibit 12WarningHarder than usual

We will act as principal, and shall not be liable for, nor owe you any duty in connection with any action or omission of any third party, except to the extent such liability is required under the Applicable Laws and Regulations.
Clause 12.3 in Client Agreement
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Our own capture of lhfx.com, taken on Oct 8, 2026The claim, on "No Conflict of Interest" benefit tile on the ECN execution pageVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Oct 8, 2026What the contract says, clause 8.1Visit 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 and CySEC must tell a retail client when they deal as principal and must publish a conflicts policy covering the conflicts that actually arise in their business. LHFX publishes a conflicts policy scoped to its own employees.

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

Ten dollars a month, against a ten dollar minimum deposit

LHFX charges $10 on the first of each month once an account counts as inactive, and 30 days without a trade is one of the three conditions. The fee comes from your vault balance first, then your trading accounts, and partial deductions are taken when the balance cannot cover it. LHFX advertises a $10 minimum deposit, so one charge can clear a minimum-sized account.

Dormancy cost1 clause flagged

A $10 fee comes out on the first of each month once LHFX treats your account as inactive. Thirty days without a trade is one of the three conditions. If your balance cannot cover the $10, LHFX takes part of it instead.

Why this matters

LHFX advertises a $10 minimum deposit, so one month of this fee can empty a minimum-sized account. The partial deduction rule means the fee keeps biting until the balance reaches zero rather than stopping when the money runs short.

Exhibit 9WarningHarder than usual$10

At LHFX, we reserve the right to apply inactivity fees to clients who meet the specified conditions outlined below. These fees, amounting to $10 USD, will be deducted at the first of each month.
Clause IV in Terms and Conditions
Read from the broker's site on Archived copyOpen the reference

What it costsAn account funded with the advertised $10 minimum and left alone is taken to zero by a single monthly fee.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Vault firstLHFX takes the $10 from your vault balance.IV
Trading accounts nextIf the vault is empty, LHFX takes it from your trading accounts.IV
Part of what is leftIf the balance cannot cover $10, LHFX takes part of it.IV
  • Worse together with Exhibit 6A dormant account drained by the fee and then closed leaves a remainder the charity clause can take.

CedarFX clients moved from a Mauritius licence to an Anjouan company

CedarFX clients contracted with Cedar Ltd under Mauritius licence GB23202205, and LHFX states on its own security page that it acquired the brand and migrated those accounts. The LHFX anti-money-laundering policy cites Mauritius law and the FSC Mauritius while the same document places your account with the Anjouan entity. No compensation scheme is named and no clause gives you negative balance protection.

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.

Who stands behind it2 clauses flagged

CedarFX clients contracted with Cedar Ltd under Mauritius licence GB23202205. LHFX says on its own security page that it acquired the brand and that those accounts migrated. Your counterparty is now an Anjouan company, and the warning that you are not covered by any investor compensation fund has gone from the risk disclosure.

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.

Why this matters

The regulator standing behind your account changed without you signing anything new. The old document told you plainly that no compensation fund covered you, and the current one says nothing about compensation at all.

Exhibit 19NoticeNew

Cedar Ltd authorized and regulated by the Financial Services Commission Mauritius under the Investment Dealer license number GB23202205, Code SEC-2.1B Office Address: Suite 102, 1st Floor, Sterling Tower, 14 Poudriere Street, Port-Louis, Mauritius.
Quoted in Risk Disclosure
Read from the broker's site on Open the reference

LHFX's AML policy says it follows Mauritius law and the guidance of the Financial Services Commission Mauritius. The same document says your trading account is opened with the Anjouan company, whose governing law is Anjouan's. No compensation scheme is named anywhere, and no clause gives you negative balance protection.

Why this matters

The rulebook LHFX cites for handling your money belongs to a regulator that does not supervise the company holding it. You can also end up owing LHFX more than you deposited, because the risk disclosure says you are liable for any resulting deficit.

Exhibit 20NoticeHarder than usual

This Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT) policy outlines the framework and procedures that LHFX adheres to, in compliance with Mauritius governing laws, specifically the Financial Intelligence and Anti-Money Laundering Act 2002, as amended, and other relevant regulations and guidelines issued by the Financial Services Commission (FSC) Mauritius.
Clause Introduction in Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT) Policy
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA, CySEC and under ESMA-derived rules must give retail CFD clients negative balance protection, so a loss cannot take the account below zero, and their clients are covered by a statutory compensation scheme. This contract offers neither.

CedarFX 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 front page shows a South African licence while the contract puts your account with an Anjouan company.

Said in public, in English

Regulated by the FSCA (FSP 52816)

Banner across the top of the LHFX home page

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

In the contract · clause 2.1

LHFX International Ltd. (the "Company") is an International Business Company incorporated in the Autonomous Island of Anjouan, Union of the Comoros, under company number 16408, with registered office at Boulevard de Coalancanthe, Mutsamudu, Anjouan, Union of the Comoros.

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

02

The leverage page promises liquidation at 50% margin while the risk disclosure sets it below 5%.

Said in public, in English

LHFX triggers a margin call at 100% margin level and stop-out at 50%.

LHFX leverage page, margin management section

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

In the contract · clause Risks Involved in Trading CFDs

With regards to transactions in CFDs, the Company possesses the right to start closing positions starting from the one with the biggest loss when margin decreases to approximately 30%, and automatically close all positions at market prices if margin level drops below 5%.

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

03

The withdrawals page rules out a review queue while the contract keeps an unlimited right to refuse.

Said in public, in English

No review queue, no "funds pending" excuses, no fees.

LHFX fast withdrawals landing page, opening paragraph

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

In the contract · clause 11.4

We reserve the right, in our sole discretion, to refuse to process a withdrawal request in whole or in part, including but not limited to, where the Company suspects that the funds may be connected to illegal activity or activity that violates this Agreement, or where you do not have available funds.

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

04

The FAQ claims an exemption for small withdrawals that the contract and the KYC policy do not contain.

Said in public, in English

Withdrawals under $1,000 are processed without full KYC verification. We use our STP/ECN exemption to ship small amounts immediately.

Published FAQ answer on the LHFX withdrawals page

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

In the contract · clause 9.3

No trading, deposit or withdrawal requests will be processed until the verification of identity and address has been completed.

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

05

The deposit page offers document-free withdrawals while the Terms make every crypto withdrawal subject to verification.

Said in public, in English

Available immediately, no documents required. Crypto withdrawals typically processed within 20 minutes.

Standard tier in the withdrawal limits table

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

In the contract · clause III, Crypto Withdrawal Policy

All cryptocurrency withdrawals are subject to verification and may require additional documentation.

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

06

The FAQ promises the full amount lands while the contract reserves fees, transfer charges and withholding.

Said in public, in English

No. Zero fees. The amount you withdraw is the amount that lands. Network fees on the blockchain (e.g. a $1 BTC network fee) are paid by us, not deducted from your balance.

Published FAQ answer to "Are there hidden withdrawal fees?"

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

In the contract · clause 13.3

Any free balance in your Account may be withdrawn by you at any time, subject to any reasonable fees, transfer charges and/or tax withholding charges.

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

07

The execution page denies any conflict while the contract reserves a material interest in your trade.

Said in public, in English

LHFX does not trade against you. Your gains and losses have no effect on the broker's position.

"No Conflict of Interest" benefit tile on the ECN execution page

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

In the contract · clause 8.1

We may have a material interest in a Transaction to be executed for your Account, or a relationship that gives rise to a conflict of interest with other clients.

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

08

The execution page promises no limits on strategy while the Terms reserve the right to widen spreads and limit execution.

Said in public, in English

No restrictions on strategy. There is no dealing desk to limit how you trade.

"Scalping, Hedging & EAs Allowed" tile on the ECN execution page

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

In the contract · clause III.6

The Company reserves the right to adjust spreads, limit order execution, or impose other restrictions on Clients suspected of engaging in abusive trading.

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

09

One live document promises notice of changes and the other says none will be given.

Said in public, in English

We will notify you of any changes to the Agreement (as more fully explained in clause 2.3). You must ensure that you keep yourself informed of these changes.

Client Agreement, introduction

In the contract · clause I. General Terms & Conditions

The Company reserves the right to change, add or remove portions of these Terms & Conditions, at any time, in an exercise of its sole discretion. The Client will not be notified of any changes when they occur.

10

The site pays out only in crypto while the contract requires withdrawals to return to the deposit source.

Said in public, in English

These are deposit methods. Withdrawals are paid in crypto, except in Vietnam, where you can also withdraw to your own bank account.

Note under the local deposit methods table covering seven countries

In the contract · clause 11.5

All approved withdrawals shall be paid to the original deposit source from which the deposit was received from the Client.

11

The promotions page sends you to the Terms for bonus conditions that the Terms never mention.

Said in public, in English

Full conditions live in the Terms and Conditions and the deposit and withdrawal guide.

"The honest terms" section of the LHFX promotions page

In the contract · clause III.1

The Terms of Business, Inactivity Fees and Islamic Account Holding Fees sections form part of the Client Agreement between you and LHFX International Ltd.

What changed quietly

First reading of this broker, so there is nothing to compare it against yet. The documents now sit under the LHFX brand after the CedarFX site was retired.

  • REMOVEDClause · 2025-04-04 (archived) to September 2026

    A plain warning that no compensation fund covers you has been dropped, and nothing replaced it.

  • REMOVEDClause · 2025-04-04 (archived) to September 2026

    The published share of retail clients who lose money is gone from the current risk disclosure.

  • REWRITTENClause · 2025-04-04 (archived) to September 2026

    The single Mauritius-licensed counterparty became three companies, with your account at the Anjouan one.

    LHFX International Ltd. Licensed by the Anjouan Offshore Finance Authority under International Brokerage and Clearing House Licence number L16408/LIL. Company number 16408.

  • REWRITTENClause · 2025-04-04 (archived) to September 2026

    Indonesia and Russia came off the barred list, and Indonesia is now one of seven countries offered local deposit methods.

    LHFX does not provide services to citizens and residents of the United States or any country where such distribution or use would be contrary to local law or regulation.

The documents this reading is based on

12 files, all published by CedarFX. 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 CedarFX publishes.

How this reading was done

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

This reading was published on .

Documents
8 of 12downloaded from the broker's site, and 8 read in full
Pages opened
29pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded
Marketing pages
11public pages set against what the contract says

Who the contract is with

LHFX International Ltd.

LHFX runs three companies, and its own documents say which one takes your money: "Client trading accounts are opened with LHFX International Ltd." That company is registered in Anjouan, Union of the Comoros, under licence L16408/LIL. Longhorn Ltd holds the Mauritius FSC licence and owns the website. LHFX SA (PTY) Ltd holds the South African FSCA licence shown on the front page and operates the trading platform. Neither of those two is your counterparty. Former CedarFX clients contracted with Cedar Ltd under Mauritius licence GB23202205, and LHFX's own security page confirms those accounts migrated to LHFX.

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

LHFX publishes a per-instrument swap-free holding fee schedule with grace days, an annual-equivalent percentage and a calculator, which almost no competitor does. The $10 monthly inactivity fee is listed on the fees page, not hidden in the terms alone. Clause 15.7.2 expressly protects your right to leave a critical review, complain, or report a concern to a regulator, and says LHFX never asks for an honest review to be removed. Schedule 1 states plainly that if LHFX becomes insolvent you may lose some or all of your funds. The security page names its own clone sites and warns about the "deposit more to unlock your withdrawal" scam. The promotions page says in its own words that the bonus is credit rather than cash.

Every legal page on cedarfx.com has been taken down. The domain now sends visitors to lhfx.com, where we read the eight documents in LHFX's legal footer. Seven we read in full, and the privacy policy only in part. We also read the fee schedule and the affiliate programme terms in part, and we did not read the trading glossary. CedarFX's April 2025 risk disclosure is the only earlier version that still exists, so the version comparison covers one document out of eight.

How to check any of this yourself

Every quote above links to the CedarFX 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 CedarFX 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 CedarFX on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 8, 2026.

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

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