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Contract reading

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

Every clause below is published by CWG Markets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: CWG MARKETS LTD

marketing claimsole discretionprofit voidingwithdrawalscountry restrictiondeemed acceptanceentire agreementhidden feelanguage arbitrageaccount closure

CWG Markets can cancel every trade on your account, profits included, if it decides you broke any of its rules. Trades closed within 120 seconds are one named trigger. Its website promises you can never lose more than you deposit, but its contract warns of unlimited losses. It markets in Persian, Malay and Indonesian while excluding Iran, Malaysia and Indonesia.

Back to CWG Markets

Contract risk

Money at risk
7.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
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.
31
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

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
Warning12
Notice2

section 128 of 128is where the deepest clause sits: the very end of the document it is in

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

3 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.

Critical20%Profit at risk. Jump to the clause this comes from.Profit on trades closed within 120 seconds can be voidedCritical1 daysTime to complain. Jump to the clause this comes from.24 hours to report a trading error, counted from the errorCritical70%Bonus requirement. Jump to the clause this comes from.Bonus terms treat focused trading as fraud and reclaim profits5 working daysWithdrawal limit. Jump to the clause this comes from.Website says one hour, contract says five business days

What the documents say

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

01

If CWG decides you broke any part of its terms, it can cancel every trade on your account, open or closed, including the winners. It does not have to warn you first, and it alone decides that a breach happened.

Why this matters

Your profit is never final at CWG. Any breach of a rule you may not have read, such as its limit on short trades, is enough to wipe it out.

Exhibit 1CriticalHarder than usual

In the event that the client’s use of the Company’s Services is in violation of the contractual framework (as defined above) the Company may in its absolute discretion (and with or without giving notice to the Client, to proceed to the following actions:
Clause 16.3 in Client Agreement, p.17
Read from the broker's site on Open the reference
02

CWG's website promises negative balance protection, which caps your loss at the money in your account. Its order execution policy and risk disclosure say the opposite: losses can be unlimited and exceed your deposit. Its client agreement also says it overrides anything CWG states elsewhere.

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

If a price gap pushes your account into debt, nothing you signed stops CWG from asking you to pay it. The protection exists only on a marketing page.

Exhibit 2Critical

pose very significant financial risk and might cause unlimited losses or exceed the investments in certain cases
Clause 2.1 in Order Execution Policy
Read from the broker's site on Open the reference

Where it sits: section 8 of 128 in the Order Execution Policy, near the start.

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

Firms licensed by the FCA, by CySEC under ESMA rules, or by ASIC must give retail CFD clients negative balance protection. A retail client there can never owe more than the account holds. CWG's published contract documents contain no such promise and warn of unlimited losses.

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

  • Worse together with Exhibit 8The Malay and Indonesian homepages call the same protection a guarantee, and the agreement says no translated text binds CWG.
03

CWG runs full homepages in Persian, Malay and Indonesian, and its sign-up form lets you pick Iran, Malaysia or Indonesia. Yet its footer says it does not serve those countries, and its anti-money laundering manual blacklists each of them. The pages do state the exclusion, in small print at the bottom.

Why this matters

If you live in Iran, Malaysia or Indonesia, you can open an account that CWG's own rules say it should refuse. Your money is then open to a later freeze or closure, and the agreement makes you promise the account is legal where you live.

Exhibit 3Critical

Iran, Islamic Republic of
Quoted in AML & CTF Procedure Manual
Read from the broker's site on Open the reference
  • Worse together with Exhibit 5Opening an account from an excluded country makes your promise untrue, which the agreement counts as a default that lets CWG close the account and hold back money.
04

CWG restricts short trades and can cancel the profit they made. The rule applies once trades opened and closed within 120 seconds pass 75 lots in a day, or 20% of your total volume. Arbitrage and exploiting platform weaknesses also cost you the profit, and the policy defines neither.

Why this matters

Scalping, the style of trading for many small, quick profits, can trigger this on its own. If more than a fifth of your volume comes from positions held under two minutes, CWG may cancel what they earned.

Exhibit 4CriticalHarder than usual20%

Frequent orders within 120 seconds of opening and closing positions over 75 lots in a single day will be restricted, and the profit, loss, and/or commission fees made through these transactions may be deemed invalid.
Clause 17.1 in Order Execution Policy
Read from the broker's site on Open the reference

Buried at section 91 of 128 in the Order Execution Policy, 71% of the way through.

  • Worse together with Exhibit 1The short-trade rule supplies the breach, and the client agreement then lets CWG void every trade on the account, not only the short ones.
05

CWG can declare you in default whenever keeping you is not in its best interest, then close your accounts without notice. When it pays out, it first holds back whatever it alone considers right for future liabilities. The agreement sets no cap and no deadline.

Why this matters

You can lose your account without breaking any rule. Part of your balance can then stay with CWG for as long as it chooses.

Exhibit 5CriticalRarely seen

Any other situation where it would not be in the best interest of the Company that the client continues to be a participant.
Clause 21.1(h) in Client Agreement, p.20
Read from the broker's site on Open the reference
06

CWG gives you 24 hours to report a trading error, and the clock starts when the error happens, not when you notice it. Miss it and CWG says it cannot investigate. Its order execution policy also makes statements binding unless you object at once.

Why this matters

An error made on a Friday night can be beyond challenge before you log in on Monday. Statements and confirmations count as received within an hour of sending, so the window starts almost at once.

Exhibit 6CriticalHarder than usual1 days

Additionally, the clients must inform the Company about any trading error within 24 hours from the error time, otherwise the Company will not be able to investigate the error.
Clause 4 in Complaints Procedure, p.3
Read from the broker's site on Open the reference

The Prime Bonus counts ordinary trading as fraud

CWG Markets' Prime Bonus asks for 35 lots of trading within 30 days for every $100 of bonus. If over 70% of your volume sits on specific products or in one direction, CWG can call it fraud and take back your profits.

Bonus conditions1 clause flagged

The Prime Bonus terms call it fraud if over 70% of your bonus account volume is on specific products or in one direction. CWG can then take back your profits and end the relationship. Only forex, gold and silver count towards the lots you must trade.

Why this matters

To turn a $100 bonus into cash you must trade 35 lots in 30 days, and trades under three minutes do not count. Trade mostly gold, or mostly buy, and CWG can take back what you earned.

Exhibit 7CriticalRarely seen70%

During the promotion period, if participants engage in any fraudulent activities, such as trading with accounts from the same IP address at the same time, using multiple accounts (including but not limited to CWG internal accounts and accounts from different brokers) for linked trading, arbitrage, malicious hedging, high-frequency trading arbitrage, delayed quote arbitrage, or if over 70% of the trading volume in the bonus account is concentrated on specific products or maintains a fixed trading direction, CWG reserves the right to refuse their participation, cancel their qualification, reclai
Clause 13 in CWG Markets Prime Bonus
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, or by CySEC under ESMA rules, may not offer trading bonuses to retail CFD clients at all. CWG offers bonuses of up to $5,000 and keeps the right to take back profits made with them.

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

  • Worse together with Exhibit 4The bonus ignores trades under three minutes, and the order execution policy can void profit on trades under 120 seconds, so fast trading counts against you twice.

CWG's website promises what its contract takes back

CWG Markets sells in more than a dozen languages, including Persian, Malay and Indonesian, though its own documents exclude Iran, Malaysia and Indonesia. Its website promises you will never lose more than you deposit, while its contract documents warn of unlimited losses. Its client agreement says only the English text binds CWG, and that it overrides any other statement.

Language arbitrage1 clause flagged

CWG markets itself in more than a dozen languages, including Chinese, Vietnamese, Arabic, Persian and Turkish. Its client agreement says anything you read outside English is for information only and has no legal effect. It also says the agreement overrides every other statement CWG makes.

In plain words

Supersedes means beats: where two documents disagree, that one wins.

Why this matters

If you read CWG's site in your own language, none of it is a promise you can rely on. Only the English contract counts, and it is not on CWG's legal documents page.

Exhibit 8WarningHarder than usual

Translation or information provided in languages other than English is for informational purposes only and do not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein.
Clause 42.1 in Client Agreement, p.31
Read from the broker's site on Open the reference

Free withdrawals, except the ones that cost $25

CWG Markets says it charges no withdrawal fees, then takes $25 from international bank withdrawals under $500. Its client agreement puts every payment and transfer charge on you and lets CWG choose the exchange rate when it converts your money.

Cost disclosure1 clause flagged

CWG's deposit page says it charges no withdrawal fees, then charges $25 on international bank withdrawals under $500. The client agreement puts every payment and transfer charge on you. CWG also converts currencies at rates it selects.

Why this matters

Small withdrawals lose the most: a quarter of a $100 transfer goes on the fee. Paying in through anyone else's account can also draw an administrative fee whose amount CWG never states.

Exhibit 10WarningStandard wording$25

Withdrawal < USD 500: CWG Markets collects USD 25 bank fee.
Quoted in Deposit & Withdrawal
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 tell retail clients about all costs and charges, clearly, before they trade. CWG's deposit page says withdrawals are free and lists a $25 fee further down the same page.

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

Getting money out takes longer, and may not be complete

CWG Markets advertises one-hour withdrawals, but its client agreement allows five business days and covers only bank transfers. If CWG ends your account, it can first hold back whatever it considers right for future liabilities, with no cap or deadline.

Exit conditions1 clause flagged

CWG's deposit page tells you it processes a withdrawal within one hour, for every payment method. Its client agreement gives CWG five business days, and that promise covers bank transfers only. Its 2025 terms say two to three business days, counted from CWG's own approval.

Why this matters

No document sets a deadline for that internal approval, so the clock you are quoted may not start for some time. CWG can also refuse the method you ask for and offer another.

Exhibit 9Warning5 working days

Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, the Company shall pay the said amount within five Business Days, if the following requirements are met:
Clause 17.3 in Client Agreement, p.17
Read from the broker's site on Open the reference

CWG can change the terms of a trade you already hold

CWG Markets can raise margin on open positions with two business days' notice, or none in a declared force majeure event. In an emergency it alone defines, it can suspend the client agreement itself. It can also close any account under $100, though it advertises accounts from $10.

Unilateral control2 clauses flagged

CWG can raise margin, the deposit that keeps a trade open, on positions you already hold. It needs two business days' notice, or none if it declares a force majeure event, meaning one outside its control. In an emergency it alone defines, it can suspend the client agreement and replace it with temporary rules.

Why this matters

Higher margin on an open trade can force it closed at a loss you did not plan for. Changes made for legal reasons apply at once, and if you keep trading, you have accepted them.

Exhibit 16WarningRarely seen2 working days

In emergency situations the Company may suspend these rules in full or in part, including the Client Agreement, and replace them temporarily with new provisions instead.
Clause 13.6 in Order Execution Policy
Read from the broker's site on Open the reference

Where it sits: section 72 of 128 in the Order Execution Policy, 56% of the way through.

CWG invites you to open an account from $10. Its client agreement lets it close any account holding less than $100 and deduct bank and custody fees. The same agreement says an account starts only after a $500 first deposit, unless CWG sets another amount.

Why this matters

Opening with $10 or $50 leaves you below the closure line from the first day. If CWG uses that right, fees can eat most of what is left.

Exhibit 17WarningHarder than usual$100

If the Client Account has funds of less than 100 Euro, or 100 Swiss Franc or 100 British Pounds or 100 US Dollars (depending in the Currency of the Client Account), the Company reserves the right to close the Client Account and notify the Client accordingly.
Clause 11.11 in Client Agreement, p.11
Read from the broker's site on Open the reference

A 24-hour window, in-house judges and no outside referee

CWG Markets gives you 24 hours from a trading error to report it, and its own management decides every complaint. It names no independent complaints body, and losses from CWG's own system failures stay with you.

Complaint barriers3 clauses flagged

You complain to CWG by email, and its own management approves the final answer. CWG gives itself two months to reply and can extend that with no limit. It names no ombudsman, meaning an independent complaints service, so an unresolved dispute goes to court in Vanuatu.

Why this matters

If CWG rejects your complaint, your next step is a lawsuit in Vanuatu. Under the agreement, CWG's recordings of your calls are conclusive proof of what was said. On CWG's legal page, the tab marked Dispute Resolution opens the privacy policy.

Exhibit 12Warning

The Company shall provide a response to the complainant within two months from the date the complaint was received. If the Company is unable to respond within two months, it informs the complainant of the reasons for the delay and indicates when the Company’s investigation is likely to be completed.
Clause 4 in Complaints Procedure, p.3
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), ASIC (Australia)

Firms licensed by the FCA must send a final response within eight weeks and tell the client about the Financial Ombudsman Service, which is free and independent. ASIC licensees must belong to the Australian Financial Complaints Authority. CWG's procedure names no independent body.

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

CWG's internal platform mail deletes messages within three calendar days, and you carry the risk of any you miss. You also bear losses from notices that arrive late or never arrive. CWG owes you no margin call, the warning that your positions are near forced closure.

Why this matters

A warning about your margin or a change to the terms can vanish before you read it, and the loss is still yours. Messages count as received the moment CWG sends them.

Exhibit 13WarningHarder than usual3 days

The Client is fully responsible for the risks in respect of undelivered Company Online Trading System internal mail messages sent to the Client by the Company as they are automatically deleted within 3 (three) calendar days.
Clause 7.5 in Risk Disclosures and Acknowledgements, p.3
Read from the broker's site on Open the reference
  • Worse together with Exhibit 6Platform mail counts as received on sending and deletes itself within three days, while a trading error must be reported within 24 hours, so a notice you never saw can open and close your window.

CWG's risk disclosure puts losses from its own hardware or software failures on you, not on CWG. Its client agreement adds that CWG is not liable for errors in its trading platform. You must also cover CWG's costs, including what it spends protecting its own interests.

Why this matters

If CWG's server freezes and your stop loss, the order meant to cap a loss, never fires, the contract leaves the loss with you. You may also have to pay CWG's legal costs when it acts to protect itself.

Exhibit 14WarningHarder than usual

While trading the Client and not the Company shall be responsible for the financial losses caused by(but not limited to):
Clause 4.2 in Risk Disclosures and Acknowledgements, p.2
Read from the broker's site on Open the reference

The countries CWG courts are the ones it treats as high risk

CWG Markets' anti-money laundering manual names 33 high-risk countries and territories, including China, Vietnam, Nigeria and South Africa, whose currencies it accepts. Every applicant from those places needs senior management approval and faces checks as often as every three months.

Identity checks1 clause flagged

If you apply from China, Hong Kong, Vietnam, Nigeria, South Africa, Turkey or the UAE, CWG's anti-money laundering manual treats you as high risk. Every such applicant needs senior management approval, then enhanced checks for as long as the account is open. CWG's deposit page takes payments in yuan, dong, naira and rand.

Why this matters

Expect extra document requests, source-of-funds questions and reviews as often as every three months. CWG can ask for more papers before releasing a withdrawal, and it reports any incomplete bank transfer as suspicious and holds it.

Exhibit 18WarningStandard wording

The following countries are considered high risk countries:
Quoted in AML & CTF Procedure Manual
Read from the broker's site on Open the reference

The contract cannot say who takes the other side of your trade

CWG Markets' order execution policy says it is always the counterparty to your trades, while its client agreement says it never is. The conflicts of interest policy that the agreement makes part of your contract is not published.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty risk1 clause flagged

CWG's order execution policy says it is always the counterparty to your trades, the side that gains when you lose. Its client agreement says it acts as principal, then says it will never be the counterparty. The conflicts of interest policy, which the agreement calls part of your contract, is not published.

Why this matters

You cannot tell from the contract whether CWG profits from your losses. That matters most when CWG alone decides to void trades, or sets prices itself while markets are closed.

Exhibit 15Warning

The Company is always the counterparty for all transactions effected on the Company’s trading venue between the Client and the Company.
Clause 4.1 in Order Execution Policy
Read from the broker's site on Open the reference

Where it sits: section 32 of 128 in the Order Execution Policy, near the start.

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

Firms licensed by the FCA or CySEC must keep a written conflicts of interest policy and give retail clients a summary of it. CWG's agreement names such a policy as part of your contract but does not publish it.

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

  • Worse together with Exhibit 1If CWG is the counterparty, the party that can void your trades is also the party that pays your profits.

An idle account costs $20 a month from the fourth month

CWG Markets may charge $20 a month once your account has seen no trading or funding for three months. The fee stops at an empty balance, and after two years CWG may close the account and deduct bank fees.

In plain words

Dormancy means an account left unused.

Dormancy charges1 clause flagged

After three months without a trade or a deposit, CWG may charge you $20 a month. The fee stops when your balance runs out. After two years of inactivity CWG may close the account and take bank fees from what is left.

Why this matters

A small balance left alone drains away: $100 lasts five months once the fee starts. The deposit page, which stresses that deposits and withdrawals are free, says nothing about it.

Exhibit 11WarningHarder than usual$20

The Client acknowledges and accepts that the Company reserves the right, at its sole discretion, to impose a monthly inactivity fixed fee of 20.00 EUR/USD/GBP/CHF (depending on the base currency of the client account) after a period of three consecutive months of no trading activity (trading or funding), subject to the client having sufficient funds available.
Clause 18.7 in Client Agreement, p.18
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After 3 idle monthsCWG may charge $20 a month, or less if your balance is smaller.18.7
Balance runs lowCWG may charge a lower amount and treat the account as dormant.18.7
After 2 idle yearsCWG may close the account and deduct bank and custody fees from your money.18.7

Your contract is with the Vanuatu company, not the UK one

CWG Markets trades under one brand through companies in Vanuatu, St Vincent and the Grenadines, South Africa and the UK. The client agreement names the Vanuatu company, regulated by the Vanuatu Financial Services Commission, yet CWG's site points readers to the UK register. The agreement names no compensation scheme for client money.

Who you contract with2 clauses flagged

Your contract is with CWG MARKETS LTD of Vanuatu, regulated by the Vanuatu Financial Services Commission. CWG's website still tells you to check the UK Financial Conduct Authority's register, which lists a different company with the same name.

Why this matters

Finding the UK firm on that register can make you think UK rules protect your account. Your contract is not with the UK firm, and a privacy policy CWG still links is the UK firm's unfinished draft.

Exhibit 20Warning

This Client Agreement is entered by and between CWG MARKETS LTD (hereinafter called the “Company”) on the one part and the Client
Clause 1.1 in Client Agreement, p.1
Read from the broker's site on Open the reference
Our own capture of cwgplatform.com, taken on Oct 28, 2026The claim, on Warning notice in the footer of the legal documents pageVisit this page on the broker's siteDownload the full size image file

CWG promises to keep your money apart from its own, but it may hold it in accounts of its parent or other group companies. Third parties holding it may have a lien, a right to keep it against debts, and CWG keeps any interest. The agreement names no compensation scheme.

Why this matters

If a bank or broker holding client money fails, CWG says you may have only an unsecured claim, and it accepts no liability for the loss. No compensation fund is named to cover you.

Exhibit 21NoticeStandard wording

The Company will promptly place any Client money and/or Financial Instruments in to one or more segregated account(s) of the Company or any other segregated account of the parent company and/or other affiliate company within the group.
Clause 11.1 in Client Agreement, p.10
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must hold retail client money in segregated trust accounts and belong to the Financial Services Compensation Scheme. CWG's agreement names no compensation scheme and lets third parties holding client money claim a lien over it.

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

CWG settles disputes in Vanuatu, under Vanuatu law

CWG Markets' client agreement and order execution policy both send unresolved disputes to the courts of Vanuatu. The agreement also lets CWG transfer your contract to its parent or another group company without your consent.

Forum and law1 clause flagged

Vanuatu law governs your agreement, and any dispute that survives CWG's complaints process goes to court in Vanuatu. CWG can also hand your contract to its parent, an affiliate or a buyer without asking you.

Why this matters

Suing in Vanuatu means hiring a lawyer in the South Pacific. A transfer could move your account to another group company, and CWG's group includes one registered in St Vincent and the Grenadines.

Exhibit 19NoticeStandard wording

This Agreement shall exclusively be governed by and construed in accordance with the substantive laws of Vanuatu as amended from time to time.
Clause 31.1 in Order Execution Policy
Read from the broker's site on Open the reference

Buried at section 128 of 128 in the Order Execution Policy, 100% of the way through.

Where the marketing and the contract disagree

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

01

CWG sells to Persian readers on a full Persian homepage, while its AML manual lists Iran, where most of them live, among blacklisted countries.

Said in public, in Persian

CWG Markets اجرای آنی و حفاظت از تعادل منفی را برای آرامش خاطر شما تضمین می‌کند

Word for word in English: CWG Markets guarantees instant execution and negative balance protection for your peace of mind

Persian-language homepage, main banner

In the contract

Iran, Islamic Republic of

02

The website says your losses stop at your deposit, while the risk disclosure you sign says they can go beyond it.

Said in public, in English

This measure ensures that any losses exceeding your account balance are reset to zero, so you will never lose more than you have deposited.

Negative Balance Protection page, opening paragraph

In the contract · clause 1.7

are financially able to assume losses significantly in excess of margin or deposits because investors may lose the total value of the contract not just the margin or the deposit.

03

The Malay homepage guarantees negative balance protection, and the client agreement says no translated text binds CWG.

Said in public, in Malay

CWG Markets Menjamin Pelaksanaan Segera dan Perlindungan Baki Negatif untuk Ketenteraman Anda

Word for word in English: CWG Markets guarantees instant execution and negative balance protection for your peace of mind

Malay-language homepage, main banner

In the contract · clause 42.1

Translation or information provided in languages other than English is for informational purposes only and do not bind the Company or have any legal effect whatsoever

04

The website quotes one hour to process a withdrawal, while the contract allows five business days, and only for bank transfers.

Said in public, in English

Within 1 hour

Deposit & Withdrawal page, Withdrawal tab, processing time shown for every payment method

In the contract · clause 17.3

Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, the Company shall pay the said amount within five Business Days, if the following requirements are met:

05

The website says CWG charges no withdrawal fees, while the contract makes you pay every payment and transfer charge.

Said in public, in English

CWG Markets does not charge any withdrawal fees.

Deposit & Withdrawal page, Withdrawal tab, Commission note

In the contract · clause 17.6

All payment and transfer charges will be borne by the Client and the Company shall debit the Client Account for these charges.

06

The bonus page says the lots make the bonus yours, while the terms let CWG reclaim profits for trading habits it calls fraud.

Said in public, in English

Trade the required lots, and the bonus is yours

Prime Bonus landing page, Why Join the Prime Bonus section

In the contract · clause 13

During the promotion period, if participants engage in any fraudulent activities, such as trading with accounts from the same IP address at the same time, using multiple accounts (including but not limited to CWG internal accounts and accounts from different brokers) for linked trading, arbitrage, malicious hedging, high-frequency trading arbitrage, delayed quote arbitrage, or if over 70% of the trading volume in the bonus account is concentrated on specific products or maintains a fixed trading direction, CWG reserves the right to refuse their participation, cancel their qualification, reclaim any improper profits, and terminate the business relationship with the client.

07

The website sends you to the UK regulator's register, while your contract is with a company regulated in Vanuatu.

Said in public, in English

Consumers are advised to check the Financial Conduct Authority (‘FCA’) register to verify our firm’s details.

Warning notice in the footer of the legal documents page

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

In the contract · clause 1.2

The Company is authorised and regulated by the Vanuatu Financial Services Commission with registration number 41694

What changed quietly

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

  • ADDEDClause · 2020-08 to 2025

    The 2025 terms add a withdrawal timeline, but its clock starts only after CWG's own approval.

    Withdrawal requests are normally processed within 2-3 Business Days following internal approval and completion of compliance checks.

  • ADDEDClause · 2020-08 to 2025

    The 2025 terms let CWG ask for more identity papers before it releases a withdrawal.

    CWG Markets Ltd reserves the right to request additional KYC/AML documentation prior to releasing funds.

  • REMOVEDClause · 2020-08 to 2025

    The 2025 website terms drop the Vanuatu law and courts clause, but the client agreement and order execution policy still name Vanuatu.

The documents this reading is based on

31 files, all published by CWG Markets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording CWG Markets publishes.

How this reading was done

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

This reading was published on .

Documents
31 of 31downloaded from the broker's site, and 31 read in full
Pages opened
83pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
EN vs FA vs MSthe language it advertises in, against the language it contracts in
Position measured
5clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

CWG MARKETS LTD

You contract with CWG MARKETS LTD, company number 41694, of Govant Building, Port Vila, regulated by the Vanuatu Financial Services Commission. It is not CWG Markets Ltd of London, company 08888720, the firm on the UK register that CWG's own site tells you to check. CWG's older client area names a third company, CWG Markets Ltd (SVG) of St Vincent and the Grenadines. That area stopped taking new clients on 14 September 2026, so earlier clients should check which company holds their account. The group also includes CWG MARKETS SA (PTY) LTD, authorised in South Africa.

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

CWG publishes its order execution policy, risk disclosure, complaints procedure and a vulnerable client policy with a declaration form for clients who need extra support. Its client agreement promises segregated client money with daily reconciliation. It gives two business days' notice before raising margin and five before changing the agreement. The inactivity fee never applies to unfunded accounts and stops when the money runs out. The deposit page states the $25 fee on small bank withdrawals in plain figures.

CWG's legal documents page does not carry the client agreement, which appears only on the registration page of its client area. On that page, the Terms and Conditions link returns an error message instead of a document. The Conflicts of Interest Policy, which the agreement calls part of the contract, is not published. The site footer still links 2019 and 2020 editions of the privacy policy, terms and risk disclosure, and the 2019 privacy policy is an unfinished draft for the UK company. Much of the AML manual describes a cash counter business rather than an online broker.

How to check any of this yourself

Every quote above links to the CWG Markets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document CWG Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge CWG Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 28, 2026.

If you represent CWG Markets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on CWG Markets. Whether its licence is real and current is a separate check on the broker profile.

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