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Contract reading

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

Every clause below is published by DecodeFX 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 . We have read it 2 times.

Contracting entity: Decode Global Limited

sole discretionhidden feeconclusive evidenceconflict of interestdebit balancedeemed acceptanceforum waivermarginpayment methodsprofit voiding

DecodeFX promises negative balance protection on one page and refuses it on another. The contract lets it void every trade you made on nineteen grounds, including using a VPN. Five grounds let it hold your withdrawal, with no deadline to pay. Withdrawal fees reach 2%, published inside one collapsed question.

Back to DecodeFX

Contract risk

Money at risk
8.1/10

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.
19
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
5
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 19 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
Notice1

section 380 of 388is 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.

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.

Critical$5000In the contract. Jump to the clause this comes from.Negative balance protection promised, then refusedCritical7 daysProfit at risk. Jump to the clause this comes from.A VPN or a shared connection can void every tradeCritical5Withdrawal limit. Jump to the clause this comes from.Five grounds to hold your money, no deadline to release itCritical3 working daysTime to complain. Jump to the clause this comes from.Twenty four hours to challenge a trade, then silence is agreement

What the documents say

19 clauses worth knowing about, worst first, each quoted from DecodeFX's own files

01

DecodeFX says yes to negative balance protection on its account page. The contract says the opposite. Its own worked example ends with you owing DecodeFX $5,000 after a weekend price gap.

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

Your loss is not capped at the money you deposited. A price gap can leave you owing DecodeFX more, and it charges 10% a year on what you owe, compounded daily.

Exhibit 1CriticalHarder than usual$5000

You may lose substantially more than the initial investment. You may incur losses to the extent of your total exposure to us and any additional fees and charges that apply.
Clause 2.18 in Product Disclosure Statement: Margin Foreign Exchange Contracts and Contracts for Difference
Read from the broker's site on Open the reference

Where it sits: section 26 of 126 in the Product Disclosure Statement: Margin Foreign Exchange Contracts and Contracts for Difference, near the start.

What it costsThe Product Disclosure Statement runs the numbers itself. A $10,000 account takes a $15,000 loss on a weekend gap, and you owe DecodeFX the $5,000 difference.

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

Firms licensed by the FCA, CySEC, ASIC and under the ESMA measures must give retail clients negative balance protection, so a retail account cannot fall below zero. DecodeFX advertises an ASIC licence on its homepage. The contract you sign is with its Vanuatu company and caps nothing.

DecodeFX 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
Margin level 100%A margin call may be triggered, but DecodeFX has no duty to make one or to tell you.5.7
Margin level 50%DecodeFX can close some or all of your positions without notice.5.8
Balance below zeroYou owe the shortfall to DecodeFX as a debt.3.3
Payment missedInterest of 10% a year runs on the debt, worked out daily and compounded.8.4
  • Worse together with Exhibit 11Leverage of 1:2000 builds the position that creates the debt, and DecodeFX can raise the margin on it at any moment.
  • Worse together with Exhibit 10The debt left after a gap is the same debit balance that carries 10% a year, compounded daily.
02

DecodeFX can treat every trade you made as void from the start, on any of nineteen grounds in clause 9.7. Using a VPN counts. So does trading two accounts from one home connection. You get seven days to produce conclusive evidence that you did nothing wrong.

Why this matters

Voided trades mean your profit disappears, and DecodeFX can hold the money while it decides. Proving a negative in seven days falls on you. Clause 2.9 says nobody can review its decision on the merits.

Exhibit 2CriticalRarely seen7 days

You are trading via a virtual private network;
Clause 9.7(k) in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 103 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, 27% of the way through.

Our readingMost agreements let a firm void trades it can show were abusive. This one reverses the burden: your trades are void unless you disprove one of nineteen listed suspicions, to a conclusive standard, in seven days. Ordinary privacy tools and a shared household connection are on the list.

  • Worse together with Exhibit 7Clause 3.7 makes you the owner of trades someone else placed, while clause 9.7 makes that same fact a reason to void them all.
  • Worse together with Exhibit 17Clause 22.6 charges you the cost of DecodeFX acting under clause 9.7, so contesting a void can be billed back to you.
03

DecodeFX owes you no duty of good faith under clause 2.9. It is not obliged to act in your best interests, or to limit a loss in your account. Where the contract needs it to form a suspicion, that finding is final and cannot be reviewed on the merits in any forum.

Why this matters

Every discretion in this contract rests on a decision you cannot challenge on its merits: voiding a trade, holding a withdrawal, closing your account. The Product Disclosure Statement calls that discretion unfettered, with no condition or qualification.

Exhibit 3CriticalRarely seen

We will try to act efficiently, honestly and fairly in exercising our discretion and accordingly, we have no express or implied duty of good faith, nor are we obliged to act in your best interests or to avoid or minimise a loss in your Account.
Clause 2.9 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 24 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, near the start.

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

Firms licensed by the FCA and CySEC must act honestly, fairly and professionally in their clients' best interests, and must give a client a route of appeal outside the firm. This contract removes the duty and closes the route.

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

Our readingClient agreements usually promise that discretion will be used reasonably. This one removes the duty of good faith in words, then declares the firm's own findings immune from review on the merits in any forum at all.

  • Worse together with Exhibit 4The grounds for holding your withdrawal are facts DecodeFX decides for itself, and clause 2.9 makes that decision unreviewable.
04

Asking for your credit balance starts a decision, not a payment. Clause 17.4 gives DecodeFX five grounds to hold back any part of it. One is margin it thinks future market conditions might need. Another is any dispute it decides is unresolved. No clause anywhere sets a deadline to pay you.

Why this matters

Your money can sit with DecodeFX while it works out whether to release it, and nothing in the contract makes that end. The help pages promise 3 to 7 working days for a wire, but that clock starts only after DecodeFX approves the request.

Exhibit 4CriticalHarder than usual5

But, we may at our discretion withhold from the amount of the credit balance if:
Clause 17.4 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 188 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, 48% of the way through.

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

Firms licensed by the FCA and CySEC must return client money promptly on a valid request, and may hold it only for reasons they can state. This contract lists five grounds and no deadline.

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

  • Worse together with Exhibit 3Whether a dispute is unresolved or more margin is needed is DecodeFX's own finding, and clause 2.9 puts it beyond review.
05

Closing a position within 180 seconds can cost you the profit. Clause 8.7 says positions have no minimum duration. It then lets DecodeFX cancel profits you have already realised, where it suspects scalping in its sole and absolute discretion.

Why this matters

Profit already credited to your account can be taken back later. DecodeFX decides what counts as scalping, and the clause points only to what industry participants understand by the word.

Exhibit 5CriticalHarder than usual180

Positions do not have a minimum duration however if we suspect in our sole and absolute discretion that the trade constitutes the practice of scalping (as understood by industry participants) we reserve the right to cancel, amend or reject any order or re-price or close out existing positions or cancel previously realised profits or losses.
Clause 8.7 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 85 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, near the start.

  • Worse together with Exhibit 2Clause 9.7 lists scalping again as a reason to void every trade, so one short trade can reach the whole account.
06

You get 24 hours to query a trade confirmation and 3 business days to query a statement. Miss it and clause 6.7 treats the DecodeFX record as accepted by you. If your records differ from its computer, clause 8.2 makes its computer conclusive.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A pricing error you spot a week later is already agreed, as far as this contract goes. You had 24 hours. DecodeFX sends no daily statements, so finding the error is your job too.

Exhibit 6CriticalHarder than usual3 working days

If the Confirmation does not appear on the Trading Platform within two (2) minutes you must contact us immediately. If you do not do so within twenty-four (24) hours, what we have recorded in relation to the Contract will be deemed to have been accepted by you.
Clause 6.7(a) in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 71 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, near the start.

Every decision belongs to DecodeFX, and none can be appealed

You get 24 hours to query a trade confirmation, and clause 6.7 then counts your silence as agreement. The DecodeFX computer records are conclusive evidence against your own. Clause 2.9 removes any duty of good faith and makes its findings final, with no merits review in any forum.

Exit from disputes2 clauses flagged

DecodeFX treats every order under your account number as yours, even where it knows that is wrong. Clause 3.7 says the presumption holds even where DecodeFX has knowledge that would refute it. Clause 9.7 then makes a third party trading your account a reason to void all your trades.

Why this matters

If somebody else trades your account, you owe the losses and DecodeFX can still cancel the profits. DecodeFX sells copy trading and multi account management, and publishes no terms for either.

Exhibit 7CriticalRarely seen

You will be deemed to have authorised all trading under your Account number irrespective of who in fact issued the orders using the Account number. This presumption shall hold even where we possess knowledge (whether actual or constructive) that would refute the presumption.
Clause 3.7 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 44 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, near the start.

Our readingAgreements normally let a firm rely on login credentials in good faith. This one keeps the presumption in place even where DecodeFX knows who really placed the order, and clause 3.7 extends your liability to trades that were outside the authority you gave, fraudulent, or otherwise invalid.

  • Worse together with Exhibit 2You carry the loss of a trade you did not place, and the same fact lets DecodeFX void the trades that made money.

The contract has you cover DecodeFX's losses, damages and legal fees in full. One item on that list in clause 22.6 is DecodeFX taking action under clause 9.7 or clause 15. Those are the clauses it uses to void your trades and close your account.

In plain words

Indemnities are money it says you owe it.

Why this matters

If DecodeFX voids your trades and you fight it, the cost of that fight can be charged back to you. DecodeFX also excludes liability for lost profit and for the platform being unavailable.

Exhibit 17WarningRarely seen

You agree to continuously indemnify us against all losses (including consequential losses), taxes, expenses, damages, charges, receipts, demands and expenses of any nature and on any account and liabilities present, future, contingent or otherwise and including legal fees on a full indemnity basis which may be suffered or incurred or brought against us or in connection with or caused by:
Clause 22.6 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 209 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, 54% of the way through.

Our readingA promise to cover a firm's costs normally protects it against claims brought by outsiders. This one also covers the cost of DecodeFX using its own powers against you, naming the void and default clauses directly.

  • Worse together with Exhibit 2The clause that voids your trades is the same clause whose costs you agree to pay.

The costs are real, and the schedule holding them is missing

Withdrawals cost up to 2% at DecodeFX. That schedule sits inside one collapsed question and never appears on the Deposit and Withdrawal page. The Product Schedule setting margin rates, commissions and swap rates is named in the contract and missing from the site. Money you owe carries 10% a year, compounded daily.

Cost disclosure3 clauses flagged

Taking your money out costs up to 2%, depending on the method. DecodeFX publishes that schedule inside one collapsed question on its help pages. The Deposit and Withdrawal page, where a client goes to move money, names no fee at all.

Why this matters

A $1,000 withdrawal through Dragonpay returns $980. Union Pay, WeChat Pay, Paytrust and Paypaid each take 1.5%. A wire paid in another currency takes 1% on top.

Exhibit 8WarningHarder than usual2%

Withdrawal fees may apply depending on the payment method used. Please refer to the schedule below for the details:
Quoted in DecodeFX Help Centre: Funds
Downloaded from the broker's site on Open the reference
Our own capture of decodefx.com, taken on Oct 18, 2026The claim, on Deposit and Withdrawal page, opening line, on a page that names no feeVisit this page on the broker's siteDownload the full size image file
Our own capture of decodefx.com, taken on Oct 18, 2026What the contract saysThis 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

What it costsWithdraw $1,000 through Dragonpay and $980 arrives. The same $1,000 through Paytrust arrives as $985.

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

Firms licensed by the FCA and CySEC must give a retail client the costs of a service before they commit to it. DecodeFX leaves its withdrawal charges out of both contract documents and off the funding page.

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

Both documents send you to a Product Schedule for the numbers that decide what you pay. It sets margin rates, commissions, swap rates and trade size limits. The Product Disclosure Statement prints its address, and nothing is published there.

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

You cannot check a cost before you deposit, because the document holding the costs is missing from the site. The same is true of the Hedging Counterparty Policy the contract says is on the website.

Exhibit 9WarningHarder than usual

Means the product schedule for DECODE available at https://www.decodefx.com/product-schedule
Clause 10.2 in Product Disclosure Statement: Margin Foreign Exchange Contracts and Contracts for Difference
Read from the broker's site on Open the reference

Buried at section 118 of 126 in the Product Disclosure Statement: Margin Foreign Exchange Contracts and Contracts for Difference, 94% of the way through.

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

Firms licensed by the FCA and CySEC must provide the costs and charges of each product to a retail client before they trade it. Here the schedule carrying those costs is named in the contract and absent from the site.

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

Owe DecodeFX money and it charges 10% a year, worked out daily and compounded. Your credit balance earns you nothing, and DecodeFX keeps the interest on it.

Why this matters

A debit balance grows every day, including the debt left when a position closes below zero. Nothing in the contract caps how long that interest runs.

Exhibit 10WarningHarder than usual10%

Furthermore, if you fail to make any payment required under the T&Cs when it falls due, interest will be charged (and you will pay interest) on the outstanding sum at the rate of 10% per annum, being a genuine pre-estimate of loss incurred by us on your non-payment.
Clause 8.4 in Product Disclosure Statement: Margin Foreign Exchange Contracts and Contracts for Difference
Read from the broker's site on Open the reference

Buried at section 97 of 126 in the Product Disclosure Statement: Margin Foreign Exchange Contracts and Contracts for Difference, 77% of the way through.

What it costsA $5,000 shortfall, the figure in the DecodeFX example, runs up $500 of interest in a year at 10%. Daily compounding makes it slightly more.

DecodeFX can change your leverage and your terms while you hold positions

Leverage of 1:2000 is advertised, and clause 10.4 lets DecodeFX change the margin percentage at any time. Clause 11.4 applies that change to positions you already hold, immediately. The terms themselves can change on notice, with 14 days to object and silence counted as acceptance.

Changing the deal2 clauses flagged

DecodeFX advertises leverage up to 1:2000, which lets $100 control $200,000. Clause 10.4 lets it change the margin percentage at any time. Clause 11.4 applies that change to positions you already hold, immediately.

Why this matters

A cut in leverage raises the margin on your open trades on the spot, and that money is due at once. DecodeFX has no duty to call you first, and can close positions at a 50% margin level without notice.

Exhibit 11WarningHarder than usual2000

We may vary the Margin Percentage, Margin Call Level and Stop Out Level at any time at our discretion.
Clause 10.4 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 116 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, 30% of the way through.

  • Worse together with Exhibit 1High leverage with no floor at zero is what turns a gap in the market into a debt you owe.

DecodeFX can change the agreement whenever it likes. You then have 14 days to object, and clause 18.3 counts no answer as acceptance. Objecting does not keep your old terms, because DecodeFX can require you to close the account instead.

Why this matters

A notice posted on the website counts as received the moment it goes up, under clause 36.5. Your 14 days can run out before you ever see the change.

Exhibit 12WarningHarder than usual14 days

You agree that we may amend, change, revise, add or modify the Agreements at any time.
Clause 1.1 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 194 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, 50% of the way through.

Vanuatu is your only forum, and DecodeFX may use any other

Vanuatu law governs the contract, and you accept Vanuatu's exclusive jurisdiction for the benefit of DecodeFX only. DecodeFX keeps the right to bring proceedings against you anywhere. Arbitration needs its agreement, and no independent complaints scheme is named in any document.

Where you would sue1 clause flagged

Vanuatu law governs, and you accept Vanuatu's exclusive jurisdiction for the benefit of DecodeFX only. DecodeFX keeps the right to sue you anywhere. Arbitration is available only if DecodeFX agrees, in its absolute discretion.

Why this matters

Suing a Vanuatu company in Vanuatu costs more than most claims are worth. No independent complaints body is named in any document, so the internal process, 45 days to answer, is the end of the line.

Exhibit 13WarningHarder than usual45 days

You and we submit, for the benefit of us only, to the exclusive jurisdiction of the law of Vanuatu. For the avoidance of doubt, this clause 35 will not prevent us from commencing proceedings in any other relevant jurisdiction.
Clause 35.1 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Buried at section 274 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, 71% of the way through.

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

Firms licensed by the FCA and CySEC must give retail clients access to a free, independent complaints scheme once the firm's own process ends. DecodeFX names none, and its contract sends disputes to Vanuatu.

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

Ten days to answer any request, or the account is in default

DecodeFX can request information at any time, and clause 15.1 makes ten days of silence an Event of Default. That unlocks the full list in clause 15.2, from closing your positions to setting off balances across your accounts. A suspension pending investigation carries only a reasonable endeavours promise to finish in five business days.

Document demands1 clause flagged

DecodeFX can ask you for any information at any time. Miss the 10 day deadline in clause 15.1 and you are in default, which opens every power in clause 15.2: closing your positions, suspending the account, setting off balances.

Why this matters

Your account can be frozen while DecodeFX investigates, and it promises only reasonable endeavours to finish within five business days. During a suspension you can close positions but cannot open any.

Exhibit 16WarningHarder than usual10 days

where we have not received, within ten days of a written request, all information which we have requested in connection with this Agreement;
Clause 15.1(q) in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 158 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, 41% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Written requestDecodeFX asks for information or documents, and the clock starts at the date of the request.15.1(q)
Day 10Anything still missing makes this an Event of Default.15.1(q)
SuspensionDecodeFX can suspend the account while it investigates. You may close positions but not open new ones.15.5
5 business daysDecodeFX will use reasonable endeavours to finish the investigation, with no hard limit.15.6

DecodeFX is your counterparty, your price setter and your banker

DecodeFX is the other side of every trade, sets the price, and may quote different prices to different clients in its absolute discretion. It also takes your deposit into pooled accounts it may invest, keeping all the interest. Its own documents say it does not act as your agent to find the best price.

Who is on the other side2 clauses flagged

DecodeFX is the other side of every trade you make, and it sets the price. Clause 9.1 lets it quote different prices to different clients in its absolute discretion. Its own documents say it does not act as your agent to find the best price.

Why this matters

Your cost is whatever DecodeFX decides it is, and no outside price exists that you can hold it to. When you lose on a trade, the money goes to DecodeFX.

Exhibit 14WarningHarder than usual

Different prices: we, in our absolute discretion, may quote different prices to different Clients and trade at different prices with different Clients;
Clause 9.1(c) in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 90 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, near the start.

Money you deposit can be invested by DecodeFX in whatever it chooses, with no list and no limit. Clause 23.2 has you give that permission irrevocably. Clause 23.3 then gives DecodeFX every penny of interest or earnings from it.

Why this matters

Your balance sits in pooled accounts with other clients' money, and DecodeFX accepts no liability if the bank holding it fails. On a shortfall in those accounts you join the queue as an unsecured creditor, which means you rank behind secured lenders.

Exhibit 15WarningRarely seen

We may invest any of your money held in any segregated client account in the kinds of investments and you irrevocably and unconditionally authorise us to undertake any such investment.
Clause 23.2 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 214 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, 55% of the way through.

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

Firms licensed by the FCA and CySEC must hold client money in segregated accounts and may place it only in a narrow set of approved instruments, with interest treated under agreed rules. This contract names no list and keeps all earnings for DecodeFX.

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

Our readingClient money rules normally limit a firm to a short list of safe places for client funds. This clause names no list at all, and the permission you give cannot be taken back.

Five regulators are advertised, one Vanuatu company signs the contract

DecodeFX advertises five licences, including an ASIC licence its own footer attributes to a different company. The agreement you accept is with Decode Global Limited, registered in Vanuatu under number 700415, under Vanuatu law. That same number appears on the website as the Vanuatu licence number.

Who you contract with1 clause flagged

DecodeFX lists five regulators on its site, including ASIC in Australia. The contract you sign names one company: Decode Global Limited, registered in Vanuatu, under Vanuatu law. The Vanuatu licence number it advertises, 700415, is the number the contract gives as the company registration number.

Why this matters

The Australian licence belongs to a different company, Decode Capital Pty Ltd, and DecodeFX will not open accounts for residents of Australia. Your claim is against the Vanuatu company and nothing else.

Exhibit 18WarningStandard wording5

WE/ US/ OUR/DECODE means Decode Global Limited (CN:700415);
Clause Schedule 1 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference
Our own capture of decodefx.com, taken on Oct 18, 2026The claim, on Help pages, answer to: Are you a regulated platform?Visit this page on the broker's siteDownload the full size image file

Buried at section 380 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, 98% of the way through.

DecodeFX promises a negative balance floor its contract refuses

The DecodeFX worked example ends with you owing $5,000. The Product Disclosure Statement says you may lose substantially more than you deposit. The account page answers yes to negative balance protection, and the help pages answer that it is not automatic.

Promise against contract1 clause flagged

DecodeFX takes payment through Union Pay and WeChat Pay, and prints client reviews in Chinese, Japanese, Korean, Vietnamese, Malay and Arabic. The contract you accept exists in English only. Clause 1.1 says any other language is for information, and English prevails.

Why this matters

If you read the terms in translation, the version that binds you is one you may not be able to read. Nothing said to you in your own language changes the English text.

Exhibit 19NoticeStandard wording

Where a foreign language version contradicts the English version of the T&Cs the English version will prevail.
Clause 1.1 in Terms and Conditions: Margin FX Contracts and CFDs
Read from the broker's site on Open the reference

Where it sits: section 5 of 388 in the Terms and Conditions: Margin FX Contracts and CFDs, near the start.

Where the marketing and the contract disagree

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

01

DecodeFX promises a floor at zero on its account page, while its contract says your loss can run past everything you deposited.

Said in public, in English

Yes. Negative balance protection ensures your account cannot go below zero due to adverse market movements.

Trading accounts page, FAQ: Does DecodeFX offer negative balance protection?

In the contract · clause 2.18

You may lose substantially more than the initial investment. You may incur losses to the extent of your total exposure to us and any additional fees and charges that apply.

02

Two DecodeFX help pages answer the same question in opposite ways, one guaranteeing the floor and one calling it case by case.

Said in public, in English

Yes. Negative balance protection ensures your account cannot go below zero due to adverse market movements.

Trading accounts page FAQ, against the Funds section of the help pages

In the contract

Negative Balance Protection is not automatically provided on MT4 accounts and is considered on a case-by-case basis.

03

The page a client uses to move money calls the process transparent and names no fee, while the fee list of up to 2% sits inside a collapsed question elsewhere.

Said in public, in English

Manage your deposits and withdrawals through secure, transparent, and structured payment processes.

Deposit and Withdrawal page, opening line, on a page that names no fee

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

In the contract

Withdrawal fees may apply depending on the payment method used. Please refer to the schedule below for the details:

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

04

The advertised leverage is not a term of the contract, because DecodeFX can change the margin on positions you already hold, immediately.

Said in public, in English

We offer up to 1:2000 leverage on the major Forex currency pairs.

Trading accounts page, Maximum Leverage panel

In the contract · clause 11.4

You agree and acknowledge that any variation of the Margin Percentage under clause 10.4 of these T&Cs may take immediate effect on you (including on your existing open Contracts) upon the change being notified to you under clause 10.5 of these T&Cs.

05

The safety claim rests on the banks, and the contract says DecodeFX carries no liability if one of those banks fails.

Said in public, in English

We hold multiple regulatory licences, keep client funds at top-tier banks, and enforce strict KYC/AML standards to ensure safety and compliance.

About Us page, Global Compliance and Security panel

In the contract · clause 23.1

You agree and acknowledge that individual Accounts of our clients are not separated from each other within the segregated client accounts operated by us and that your moneys may be co-mingled with our other clients’ moneys, and that we will not be liable for the insolvency or any act or omission of any deposit institution holding the segregated client accounts.

06

The number DecodeFX advertises as its Vanuatu licence number is the number its own contract gives as the company registration number.

Said in public, in English

Vanuatu Financial Services Commission (VFSC) - License No:700415;

Help pages, answer to: Are you a regulated platform?

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

In the contract · clause Schedule 1

WE/ US/ OUR/DECODE means Decode Global Limited (CN:700415);

The documents this reading is based on

5 files, all published by DecodeFX. 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 DecodeFX publishes.

How this reading was done

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

This reading was published on . It is the newest of 2 readings we keep of these documents. See every reading.

Documents
4 of 5downloaded from the broker's site, and 4 read in full
Pages opened
80pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
5public pages set against what the contract says
Position measured
18clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Decode Global Limited

Decode Global Limited is the counterparty to every trade you place, an international company registered in Vanuatu under number 700415, at Govant Building, BP 1276, Port Vila. The terms define DECODE as that company and nothing else, and Vanuatu law governs. The Australian licence the website advertises belongs to Decode Capital Pty Ltd, which the footer names as a separate entity, and DecodeFX does not open accounts for residents of Australia. The contact telephone number given in both documents is a Singapore number.

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.

Every time we have read this contract

We keep 2 readings of DecodeFX’s documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Sep 11, 2026

The counts below are about our own list of clauses. A clause can join it because the broker added it, or because this reading found something the last one missed.

New on our list
6 clauses
Off our list
1 clause
We rate critical
7 now, 7 then
Our risk score
7.8 to 8.1 out of 10

All four documents are identical to the September 2026 versions, and every clause flagged then still binds a client today. This review adds five clauses not reported before. Clauses 10.4 and 11.4 let DecodeFX change your margin while you hold positions. Clause 23.2 has you authorise it to invest your money, and clause 22.6(f) makes you cover its costs when it acts against you. Clause 15.1(q) turns ten days of silence into a default. The score moves from 7.8 to 8.1 on those findings, not on any change DecodeFX made.

The counts above are the totals each reading published. They show that a total moved. They do not yet say which single clause was added or dropped.

  1. CurrentRisk 8.1/1019 clauses7 critical
  2. Risk 7.8/1014 clauses7 criticalReplaced

We keep every past reading so you can check what we said before, and when we said it. Those pages are archived snapshots of an older contract, so search engines are asked not to index them.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

DecodeFX publishes a full contract set, free to download and linked from a single page: terms, product disclosure statement, AML policy and privacy policy. There is no dormancy fee, no inactivity fee and no bonus scheme, so nothing locks your balance for failing to trade. The Product Disclosure Statement promises at least 30 days of notice before any fee increase, and its risk section works through examples where the client loses money. Clause 23.3 makes DecodeFX pay the difference back into the client account if an investment it chose falls below the capital invested. Clause 17.4 also requires it to tell you when it withholds your balance, except on regulatory grounds. The website footer names the legal entity and says that the brand covers different companies.

No earlier edition of the four PDFs is available, so we cannot say which clauses are new to the contract. Both main documents are dated 21 June 2021 and are unchanged since the previous review. The Product Schedule and the Hedging Counterparty Policy are not covered, because DecodeFX does not publish them. The deposit screen sits behind a client login, so what a client sees while paying is not covered. DecodeFX keeps its withdrawal fees inside a collapsed question on its help pages, which shows them when opened. The earlier copy of that help page holds only its menu and footer, so the fee list has no earlier version. The review covers the About and Funds sections of the help pages, not the other four.

How to check any of this yourself

Every quote above links to the DecodeFX 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 DecodeFX 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 DecodeFX 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 18, 2026.

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

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