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Contract reading

What CloverGate Capital legally published, but does not want you to read

Every clause below is published by CloverGate Capital 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: Clovergate Capital Limited

kyc freezemissing contractsole discretionwithdrawalsregulator claimcountry restrictionconflict disclosureforum waiverhidden feeleverage

Clovergate Capital publishes two legal documents. Neither one is the contract you sign. The client agreement sits behind the login, so you cannot read your own terms before you deposit. Its About Us page claims regulation by a United States body and leaves the registration number blank.

Back to CloverGate Capital

Contract risk

Money at risk
8.0/10

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.
5
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
15
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
4
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
3

How the 15 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.

Critical5
Warning7
Notice3

section 19 of 20is where the deepest clause sits, 95% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

2 of these 3 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical2In the contract. Jump to the clause this comes from.No client agreement you can read before depositingCritical1000Account limit. Jump to the clause this comes from.Leverage of 1:1000 with no protection published$5000Document deadline. Jump to the clause this comes from.Transactions from $5,000 monitored, threshold left open

What the documents say

15 clauses worth knowing about, worst first, each quoted from CloverGate Capital's own files

01

Clovergate Capital's public legal shelf holds two files: an anti money laundering policy addressed to its own staff, and a disclaimer for social trading. The client agreement you sign sits on its login subdomain, and no page on the site links to it.

Why this matters

You send money under terms you cannot see. Nothing Clovergate Capital publishes states a fee, a withdrawal deadline, or a way to complain.

Exhibit 1CriticalRarely seen2

This policy applies to all Clovergate Capital Limited officers, employees, appointed producers and products and services offered by Clovergate Capital.
Clause Scope of policy in AML Policy, p.1
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the terms of business before the client is bound, with a costs disclosure and a complaints procedure. Clovergate Capital publishes an AML policy written for its own officers and employees, and a disclaimer covering one product.

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

Our readingA broker that publishes no client agreement at all is unusual. The file exists on the portal subdomain, and a prospective client is never shown it, so the terms that decide fees, withdrawal timing and disputes are agreed before they can be read.

  • Worse together with Exhibit 3With no client agreement published, the freezing clause in an AML policy is the only rule about your money that you can actually read.
02

Clovergate Capital can hold your money until it is satisfied with your identity documents. Its anti money laundering policy makes handing them over an obligatory condition of taking funds out.

Why this matters

You can be asked for paperwork at the moment you want your money, not when you deposit it. No published document gives Clovergate Capital a deadline to pay you.

Exhibit 2CriticalHarder than usual

Clovergate Capital does not limit the time for the Client to submit their verification documents, however submitting them is an obligatory requirement for the Client to withdraw their funds.
Clause Verification in AML Policy, p.6
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must identify a retail client before the relationship starts, so verification finishes before any money is at stake. This policy leaves the document deadline open ended and attaches the requirement to the withdrawal instead. It promises a review of submitted documents within 24 hours and promises nothing about releasing the payment.

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

  • Worse together with Exhibit 3A withdrawal already waits on Clovergate accepting your documents, and a freeze on suspicion stops it with nobody named to appeal to.
03

Clovergate Capital freezes an account when it believes the holder may be involved in fraud, which every broker has to be able to do. What it does not publish is the other half: any way to challenge a freeze, or anyone who hears you.

Why this matters

Your balance can be locked with no published deadline and no appeal. Clovergate Capital names no complaints procedure, no ombudsman and no compensation scheme in either document it publishes.

Exhibit 3CriticalHarder than usual

Where it is believed that the account holder may be involved in the fraudulent activity that is being reported, then the account may need to be frozen.
Clause Freezing of accounts in AML Policy, p.9
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must run a complaints procedure, tell a retail client how to escalate to an independent ombudsman, hold client money in segregated accounts and sit behind a compensation scheme. The freezing power itself is ordinary and required by law. Neither Clovergate Capital document names a complaints route, a segregation arrangement or a compensation scheme.

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

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Red flag detectedClovergate Capital runs extra checks before your transaction goes through.Suspicious activity
No reasonable explanation foundThe activity is reported to Clovergate Capital's AML Compliance Committee.Suspicious activity
Committee notifiedAn investigation starts, and no member of staff may discuss it with you.Investigation
Belief of involvementYour account may be frozen.Freezing of accounts
04

Clovergate Capital's About Us footer says it is regulated by the National Futures Association, then stops at "NFA no." with nothing after it. The National Futures Association is a United States body, and the same footer says Clovergate does not serve residents of the United States.

Why this matters

A regulator's name is what makes you trust a firm with your money. The only licence Clovergate Capital documents anywhere comes from the Mwali International Services Authority in the Comoros.

Exhibit 4CriticalRarely seen

Clovergate Capital Limited is regulated by the National Futures Association (NFA), NFA no.
Clause Footer in About Us
Read from the broker's site on Open the reference
Set against a regulated standard: CFTC / NFA (US)

Firms registered with the NFA carry an NFA ID anyone can search in its public register, and United States retail forex dealers must meet its capital and disclosure rules. This footer names the NFA and leaves the number blank.

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

Our readingAn unfinished regulator credential is unusual. The sentence names a supervisor and then leaves the registration number empty, so there is no number a reader can look up.

05

Clovergate Capital's home page promises "$0 Fees" and fee free deposits and withdrawals. The page behind that promise does not exist, and no published document names a single fee, spread, swap or conversion rate.

Why this matters

Nothing holds Clovergate Capital to zero once your money is in. A charge taken from your deposit or your payout has no document you can point at.

Exhibit 6WarningHarder than usual

Fee-free Deposit & Withdrawals
Clause Features We offer in Home page footer: risk warning, licence statement and country restrictions
Read from the broker's site on Open the reference
Our own capture of clovergatecapital.com, taken on Sep 8, 2026Fee free deposits advertised with no fee schedule (clause Features We offer)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 must disclose costs and charges to a retail client before they trade, in a form the client can keep. Clovergate Capital publishes a headline figure of zero and no schedule underneath it.

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

  • Only applies after Exhibit 1The zero fee promise has nothing behind it because the contract that would carry a fee schedule is not published.

1:1000 leverage, a continent excluded, and a platform that can stop without notice

Clovergate Capital advertises leverage of 1:1000 and publishes nothing on negative balance protection or stop out levels. A footer sentence excludes residents of the United States, "European Countries", Iran and Israel. It names no individual European country. The social trading platform can be changed or shut down at any time without notice.

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.

Trading conditions3 clauses flagged

Clovergate Capital advertises dynamic leverage of 1:1000, so $1 of your money can control $1,000 of currency. No published document caps that leverage or sets the level where your positions are closed.

Why this matters

At 1:1000 a move of a tenth of a percent against you wipes out your margin. Nothing Clovergate Capital publishes promises negative balance protection, so a loss below zero could leave you owing it money.

Exhibit 7CriticalHarder than usual1000

Dynamic Leverage
Clause Features We offer in Home page footer: risk warning, licence statement and country restrictions
Read from the broker's site on Open the reference
Our own capture of clovergatecapital.com, taken on Sep 8, 2026Leverage of 1:1000 with no protection published (clause Footer, RISK WARNING)Visit this page on the broker's siteDownload the full size image file

What it costsAt 1:1000, $1,000 of margin controls $1,000,000 of currency. A move of 0.1% against that position is $1,000, which is all of your margin.

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

Firms under ESMA and FCA rules cap retail CFD leverage at 30:1 on major currency pairs and must give retail clients negative balance protection, so a client can never owe more than they deposited. Clovergate Capital advertises 1:1000. Its CFD page explains that positions close automatically when margin runs out, and no published document sets that level or commits to writing off a negative balance.

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

Clovergate Capital does not serve residents of the United States, "European Countries", Iran or Israel. That sentence sits in the page footer, it names no individual European country, and no document repeats it.

Why this matters

If you live in Europe you are outside Clovergate Capital's stated service area, and a footer is the only place that says so. An undefined list leaves room to apply it to your account after you have deposited.

Exhibit 10WarningRarely seen

Clovergate Capital Limited does not provide services for the residents of certain countries : the United States of America, European Countries, the Islamic Republic of Iran and Israel.
Clause Footer, HIGH RISK WARNING in Home page footer: risk warning, licence statement and country restrictions
Read from the broker's site on Open the reference

Our readingBrokers normally publish a named list of restricted countries inside the client agreement. Naming a continent instead leaves the boundary for the firm to draw later, after the money is in.

Clovergate Capital can change or shut down its social trading platform at any time, without telling you first. The clause sits at paragraph 18 of 20.

Why this matters

A strategy you follow, or followers you have built up, can end without warning. The disclaimer says nothing about your open positions when the platform stops.

Exhibit 14NoticeStandard wording

- Clovergate Capital reserves the right to modify or discontinue the social trading platform at any time without prior notice.
Clause 7. Platform Usage Terms in Social Trading Platform Disclaimer
Read from the broker's site on Open the reference

Buried at section 18 of 20 in the Social Trading Platform Disclaimer, 90% of the way through.

The site names a United States regulator and leaves the number blank

Clovergate Capital's About Us footer says it is regulated by the National Futures Association, then ends at "NFA no." with nothing after it. The same footer says Clovergate does not serve residents of the United States. The About Us page claims licences in multiple jurisdictions. Its own AML policy names one, in the Comoros.

Regulator claims1 clause flagged

Clovergate Capital says it holds globally recognised financial services licences in multiple jurisdictions. Its own AML policy names one licence, from the Comoros.

Why this matters

You cannot check a licence that is not named. A single Comoros registration is what stands behind your deposit.

Exhibit 5WarningHarder than usual

We hold highly regarded, globally-recognized financial services licenses in multiple jurisdictions.
Clause Esteemed in About Us
Read from the broker's site on Open the reference

Clovergate can freeze your account and names nobody who hears your complaint

Clovergate Capital freezes an account when it believes the holder may be involved in fraud. Its policy forbids staff from discussing that with you. Neither published document names a complaints procedure, an ombudsman or a compensation scheme. The social trading disclaimer excludes liability for any loss, with no exception.

No route out1 clause flagged

Clovergate Capital accepts no liability for any loss, damage or claim arising from its social trading platform. The wording carries no exception, so a platform failure or a copying error sits with you.

Why this matters

If the platform copies a trade wrongly or goes down while you are exposed, you carry the loss. The disclaimer names no complaints route and no governing law.

Exhibit 9WarningHarder than usual

- Clovergate Capital is not liable for any financial losses, damages, or claims arising from the use of the social trading platform.
Clause 6. Limited Liability in Social Trading Platform Disclaimer
Read from the broker's site on Open the reference
Our own capture of clovergatecapital.com, taken on Sep 8, 2026The claim, on About Us page, section headed EsteemedVisit this page on the broker's siteDownload the full size image file

Buried at section 15 of 20 in the Social Trading Platform Disclaimer, 75% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA cannot contract out of the duty to act with due skill, care and diligence towards a retail client. This disclaimer excludes liability for any loss without exception.

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

Ordinary trading sits on Clovergate's red flag list

Clovergate Capital's red flag list treats a deposit, a closed position and a withdrawal request as a possible laundering signal. A red flag means extra checks before your transaction proceeds, with no time limit. Transactions of $5,000 or more are monitored by default. No privacy policy says what happens to the documents you hand over.

Document demands3 clauses flagged

Clovergate Capital's red flag list treats depositing, closing a position and asking for the money out as a possible sign of money laundering. A red flag means extra checks before your transaction goes through.

Why this matters

Doing what a trading account is for can put your withdrawal into a review. The policy sets no limit on how long those checks take.

Exhibit 11WarningHarder than usual

The customer makes a funds deposit for the purpose of purchasing a long-term investment followed shortly thereafter by a request to liquidate the position and transfer of the proceeds out of the account.
Clause Examples of red flags in AML Policy, p.8
Read from the broker's site on Archived copyOpen the reference
  • Worse together with Exhibit 2Asking for your money out is itself on the red flag list, so the withdrawal condition and the red flag review can trigger one another.

Clovergate Capital collects your passport, address, income, occupation and source of wealth. It publishes no privacy policy saying how that is stored, how long it is kept, or who else sees it.

Why this matters

You hand over identity documents with no published rule on what happens to them. The only sharing the policy describes is with law enforcement and regulators.

Exhibit 12WarningHarder than usual

Information regarding a client’s income, occupation, source of wealth, trading habits and the economic purpose of any transaction is typically gathered as part of the provision of advice.
Clause Know your customer in AML Policy, p.6
Read from the broker's site on Archived copyOpen the reference

Clovergate Capital monitors transactions of $5,000 or more, and says the list is not limited to those. Anything it has reason to suspect is monitored as well.

Why this matters

A deposit or withdrawal at or above $5,000 draws attention by default. The wording lets Clovergate Capital look at smaller ones too.

Exhibit 13NoticeStandard wording$5000

Monitoring of specific transactions will include but is not limited to transactions aggregating $5,000 or more and those with respect to which Clovergate Capital has a reason to suspect suspicious activity.
Clause Monitoring and reporting in AML Policy, p.6
Read from the broker's site on Archived copyOpen the reference

One sentence on conflicts, at paragraph 19 of 20

Clovergate Capital's only statement on conflicts of interest is one line: it does not take positions against users. It sits at paragraph 19 of 20 in a disclaimer about social trading. No document says whether Clovergate Capital is the counterparty to your ordinary trades.

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.

Whose side1 clause flagged

The only thing Clovergate Capital says about conflicts of interest is one line: it does not take positions against users. It sits at paragraph 19 of 20 in a disclaimer about social trading.

Why this matters

You cannot tell whether Clovergate Capital profits when you lose. That sentence covers the social trading platform, not the ordinary account you would open.

Exhibit 8WarningHarder than usual

- Clovergate Capital does not take positions against users or benefit directly from their trading activities.
Clause 8. Conflicts of Interest in Social Trading Platform Disclaimer
Read from the broker's site on Open the reference

Buried at section 19 of 20 in the Social Trading Platform Disclaimer, 95% of the way through.

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

Firms licensed by the FCA and CySEC must publish a conflicts of interest policy and tell a retail client whether the firm deals as principal against them. Clovergate Capital publishes one sentence, inside a disclaimer for a different product.

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

Two published documents, and neither one is the contract

Clovergate Capital publishes exactly two legal documents: an anti money laundering policy and a social trading disclaimer. The client agreement exists on its portal subdomain and no public page links to it. Clovergate Capital Limited holds one licence, from the Mwali International Services Authority in the Comoros. Its AML policy borrows its risk banding from a United Kingdom industry body.

Document set1 clause flagged

Clovergate Capital's policy leans on the Joint Money Laundering Steering Group, a United Kingdom industry body, to band its products by risk. Clovergate holds a Comoros licence and no UK authorisation.

Why this matters

The standard the policy borrows is not one any regulator holds Clovergate Capital to. Nothing published names a supervisor who checks the policy is followed.

Exhibit 15NoticeStandard wording

The Joint Money Laundering Steering Group has categorized the products with which Firms typically deal into three risk bands – reduced, intermediate and increased.
Clause Product Risk in AML Policy, p.4
Read from the broker's site on Archived copyOpen the reference

Where the marketing and the contract disagree

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

01

The footer names a United States regulator with no registration number, while the only licence in Clovergate Capital's own documents is from the Comoros.

Said in public, in English

Clovergate Capital Limited is regulated by the National Futures Association (NFA), NFA no.

About Us page footer, immediately after the CFD risk warning

In the contract · clause Scope of policy

Clovergate Capital Limited is incorporated under registered number HY01023434 and licensed by the Mwali International Services Authority, Island of Mohéli as an International Brokerage and Clearing House under License number T2023381.

02

Clovergate Capital advertises licences in multiple jurisdictions and documents exactly one, in the Comoros.

Said in public, in English

We hold highly regarded, globally-recognized financial services licenses in multiple jurisdictions.

About Us page, section headed Esteemed

In the contract · clause Scope of policy

Clovergate Capital Limited is incorporated under registered number HY01023434 and licensed by the Mwali International Services Authority, Island of Mohéli as an International Brokerage and Clearing House under License number T2023381.

03

Clovergate Capital promises the security of your funds on its About Us page and accepts no liability for any loss in the one product agreement it publishes.

Said in public, in English

Our consistent adherence to regulatory obligations ensures the protection of your interests and the security of your funds.

About Us page, section headed Esteemed

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

In the contract · clause 6. Limited Liability

- Clovergate Capital is not liable for any financial losses, damages, or claims arising from the use of the social trading platform.

The documents this reading is based on

4 files, all published by CloverGate Capital. 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 CloverGate Capital publishes.

How this reading was done

Every clause above was read out of a document CloverGate Capital publishes itself

This reading was published on .

Documents
4 of 4downloaded from the broker's site, and 4 read in full
Pages opened
22pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded, 2 identical to the copy we hold by fingerprint
Marketing pages
4public pages set against what the contract says
Position measured
3clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Clovergate Capital Limited

Clovergate Capital Limited is the only entity named in either document. It is registered in the Comoros Union at Bonovo Road, Fomboni, Island of Mohéli, under company number HY01023434, and holds licence T2023381 from the Mwali International Services Authority. Its own AML policy states that licence and no other, so a retail client contracts with a Comoros company. The About Us page claims licences in multiple jurisdictions and its footer claims National Futures Association regulation, and no document Clovergate Capital publishes supports either. The site spells the brand both "Clovergate Capital" and "CloverGate Capital".

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

Clovergate Capital prints the number most offshore brokers leave out, on every page: 75% of retail investor accounts lose money trading CFDs. Its AML policy is unusually detailed for a Comoros licensed firm, and it names the company number, the licence number and the registered address inside the document rather than only in a website footer. The social trading disclaimer is short, numbered and readable, and it asks you to accept or decline before you use the platform.

We read both documents Clovergate Capital publishes on its website: the AML policy PDF and the social trading disclaimer. A client agreement exists at crm.clovergatecapital.com, and we could not open it, because Clovergate Capital's client portal did not load at any point. No page on the public site links to that file, so we have not read the contract itself and no finding here rests on it. The marketing claims quoted here come from Clovergate Capital's home page and About Us page, which we opened ourselves, and those two are web pages rather than legal documents. There is no payment terms document, no privacy policy, no complaints procedure and no risk disclosure beyond the footer paragraph, so on fees, withdrawal timing and dispute handling there was nothing to read.

How to check any of this yourself

Every quote above links to the CloverGate Capital 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 CloverGate Capital 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 CloverGate Capital 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 8, 2026.

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

Back to the CloverGate Capital profile