Wikilix
Contract reading

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

Every clause below is published by EC 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: EC Markets Limited

sole discretioncopy tradingdeemed acceptancehidden feemarketing mismatchprofit voidingaccount closuredisputekyc freezewithdrawals

EC Markets ticks negative balance protection for every account type on its website. The 24 page client agreement never mentions it, and clause 18.5 makes you cover any debit balance. The same site promises withdrawals credited in two hours. Clause 21.14 lets EC Markets hold your money for up to six months, and it only has to tell you the account is suspended. Clause 23.2 lets it reclaim profits you have already made, at any time.

Back to EC Markets

Contract risk

Money at risk
7.4/10

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

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
22
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
11
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
8

How the 22 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning14
Notice2

section 265 of 298is where the deepest clause sits, 89% 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 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$25Fee on an unused account. Jump to the clause this comes from.Dormant account fees run until the balance reaches zeroCritical1 daysTime to complain. Jump to the clause this comes from.Twenty four hours to object, or the trade is agreed99%Fee you were not shown. Jump to the clause this comes from.Copy trading fees can reach 99% of your gains5 working daysProfit at risk. Jump to the clause this comes from.Copy trading profits can be clawed back after withdrawal

What the documents say

22 clauses worth knowing about, worst first, each quoted from EC Markets's own files

01

EC Markets ticks negative balance protection on its account comparison page, for every account type and in both English and Arabic. That tick is the promise you cannot lose more than you put in. The client agreement never mentions it.

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 loss pushes your account into a debit balance, clause 18.5 makes you pay the shortfall to EC Markets on demand. Clause 14.12 also has you confirm you can lose more than everything you deposited.

Exhibit 1CriticalHarder than usual

You shall indemnify and hold us harmless in respect of such sums as we may from time to time require in or towards satisfaction of any debit balance on any of your accounts with us
Clause 18.5 in Client Agreement, p.15
Read from the broker's site on Archived copyOpen the reference

Buried at section 194 of 298 in the Client Agreement, 65% of the way through.

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

Firms licensed by the FCA and ASIC, and firms following ESMA rules, must give a retail CFD client negative balance protection, so the client cannot owe more than the money in the account. EC Markets Limited is licensed in Mauritius and this contract gives no such protection.

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

  • Worse together with Exhibit 7Locked out of your own positions by the new clause 24.4, you still carry the debit balance those positions create.
02

EC Markets can suspend your account while it investigates and hold back any payment or withdrawal for up to six months. Clause 21.14 says it only has to tell you that the account is suspended, not why.

Why this matters

Your money sits with EC Markets for as long as the investigation runs, and no clause gives you a reason or an appeal. The licences page offers the same withdrawal within two hours.

Exhibit 2CriticalHarder than usual

You accept that we are only obliged to inform you that your account has been suspended and as a result withhold payment or withdrawal for up to a period of 6 months.
Clause 21.14 in Client Agreement, p.17
Read from the broker's site on Archived copyOpen the reference

Buried at section 229 of 298 in the Client Agreement, 77% of the way through.

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

Firms licensed by the FCA and CySEC must return a retail client's money promptly and explain a refusal. This contract sets no outer limit on the investigation and no duty to give a reason.

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

  • Worse together with Exhibit 11A payout that must follow the route the deposit came in can also be stopped by the six month hold on that route.
03

If EC Markets decides your trading exploited its prices, clause 23.2 lets it take back profits you have already made, with no time limit. Clause 24.5 lets it keep any profit from activity it calls prohibited and close the account.

Why this matters

A profit in your account today is not final. Clause 23.2 makes EC Markets demonstrate the strategy, but EC Markets alone decides what counts as abusive. Clause 23.1 lets it void trades with no consent and no notice.

Exhibit 3CriticalHarder than usual

Where we believe that you may have carried out such an exploitative trading strategy we may, amongst other things and in our sole discretion: (i) void, or amend the terms of, any such Transaction; (ii) reclaim from your account(s) with us any historical trading profits that we can demonstrate have been gained through such exploitative trading strategy at any time; and/or (iii) terminate the Electronic Services and/or the Agreement immediately.
Clause 23.2 in Client Agreement, p.18
Read from the broker's site on Archived copyOpen the reference

Buried at section 243 of 298 in the Client Agreement, 82% of the way through.

  • Worse together with Exhibit 9Clause 24.3 supplies the test these clauses act on, and the leverage page teaches a trade that meets it.
04

Stop trading for two years and EC Markets sends one automated message, then starts deducting from your balance. The onboarding document says the account is disabled once the balance reaches zero.

In plain words

Dormancy means an account left unused.

Why this matters

No document on the site states the amount of this fee, so you cannot work out what dormancy costs you. Clause 13.5 also drops EC Markets' promise to repay released balances of $25 or less.

Exhibit 4CriticalHarder than usual$25

If there has been no activity on your Account for an extended period of time, we may impose dormant Account fees in accordance with clause 9.1 and make a deduction from your Account in accordance with clause 9.5.
Clause 13.5 in Client Agreement, p.11
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 118 of 298 in the Client Agreement, 40% of the way through.

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

Firms licensed by the FCA and CySEC must tell a retail client the amount of a charge before they trade. This contract names a dormant account fee, and no document EC Markets publishes states what it is.

EC Markets 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
12 months without activityEC Markets treats the account as inactive or dormant.Classification of Clients, 2. Inactive Clients
24 months of inactivityAn automated message tells you a deduction from the account is coming.Closed Accounts, b)
Balance reaches zeroThe account is disabled.Closed Accounts, b)
Three months after deactivationEC Markets closes the account in the trading system and the client portal.Closed Accounts, b)
  • Worse together with Exhibit 12The fee that empties a dormant balance sits under a charges clause that names no prices at all.
05

You get 24 hours to object in writing to a trade confirmation. After that, clause 4.5 treats the trade as conclusive and binding on you, whatever it shows.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

EC Markets takes 48 hours just to acknowledge a complaint, so your deadline can pass before anyone replies. Its risk disclosure also lets it delete the message that started your clock after five days.

Exhibit 5CriticalHarder than usual1 days

Confirmations shall, in the absence of manifest error, be conclusive and binding on you, unless we receive from you an objection in writing within 24 hours of the execution of the order or we notify you of an error in the statement.
Clause 4.5 in Client Agreement, p.7
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 85 of 298 in the Client Agreement, 29% of the way through.

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

Firms licensed by the FCA and CySEC must give a retail client months, not hours, to raise a complaint, and must answer within eight weeks. This contract closes a trade to challenge after 24 hours.

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

  • Worse together with Exhibit 18The records that settle a dispute are EC Markets' own, and the window to object to them closes in a day.
06

The trader you copy on EC AutoTrade sets the performance fee, and Schedule A lets them set it as high as 99% of your qualifying gains. EC Markets deducts it from your account.

Why this matters

Nothing in the contract caps the fee below 99%, and the person who sets the rate is the person who receives it. The rate is shown before you start copying, so read it before you fund the account.

Exhibit 6WarningRarely seen99%

A Signal Provider may set a Performance Fee rate between 0% and 99%.
Clause A3.2 in EC AutoTrade Terms and Conditions, p.13
Read from the broker's site on Open the reference

What it costsOn $1,000 of qualifying gains at the maximum 99% rate, $990 goes to the trader you copied and you keep $10.

Our readingA performance fee is normally a modest share of profit. A ceiling of 99% lets the fee take almost the whole gain, and the contract leaves the choice to the person being paid.

  • Worse together with Exhibit 16Paying the fee can itself close part of the position you are not allowed to close yourself.

EC Markets can rewrite the terms, lock the account and inspect your computer

Clause 21.2 lets EC Markets amend this agreement without your consent, with seven business days of notice where it finds that possible. A clause added in July 2026 lets it cut off your access with no notice and leaves you responsible for positions you cannot close. Schedule 1 lets it enter your premises and inspect the computer you trade on.

What EC Markets can change5 clauses flagged

A clause added in the July 2026 contract lets EC Markets cut off your access without notice if it suspects abusive trading. Clause 24.4 says you may then be unable to monitor, amend or close your open positions.

Why this matters

Your positions can keep losing while you cannot reach them, and clause 24.4 leaves you responsible for those losses until they are closed. EC Markets does not have to keep any position open either.

Exhibit 7CriticalHarder than usualNew

Where the Company reasonably suspects or determines that you have engaged in any prohibited, manipulative, abusive or arbitrage activity under this Clause 24 or Clause 23, the Company may, subject to Applicable Law and without prior notice, suspend, restrict or terminate your access to your Account and/or the Electronic Services. Where such access is suspended, restricted or terminated, you acknowledge that you may be unable to monitor, amend or close any open positions or pending orders.
Clause 24.4 in Client Agreement, p.19
Read from the broker's site on Archived copyOpen the reference

Buried at section 256 of 298 in the Client Agreement, 86% of the way through.

  • Worse together with Exhibit 3The same suspicion that freezes the account also opens the clauses that take the profit back.

EC Markets can amend this agreement without asking you, under clause 21.2. Material changes come with at least seven business days of notice, and only where EC Markets finds that reasonably possible.

Why this matters

The privacy policy goes further, and counts a new version posted on the website as notice to you. The copy trading terms treat your continued use as acceptance of a change.

Exhibit 13WarningHarder than usual7 working days

We have the right to amend this Agreement without obtaining your prior consent unless required by any Applicable Law. If we make any material change to this Agreement, we will give at least seven Business Days' notice to you where reasonably possible.
Clause 21.2 in Client Agreement, p.15
Read from the broker's site on Archived copyOpen the reference

Buried at section 210 of 298 in the Client Agreement, 70% of the way through.

EC Markets can enter your premises and inspect the computer you trade on. Schedule 1 says the notice can be immediate, and subcontractors can come instead.

Why this matters

If you trade from home, your home is the premises. Nothing in the clause limits the inspection to a dispute or to a client who has done something wrong.

Exhibit 15WarningRarely seen

In respect of any Market to which we allow you to submit Instructions or receive information or data using Electronic Services, we may at any time or times, on reasonable notice (which, in certain circumstances, may be immediate) enter (or instruct our or the Market's subcontractors to enter) your premises and inspect your System to ensure that it complies with the requirements notified by us to you from time to time and that you are using Electronic Services in accordance with this Agreement and any requirements of any relevant Market or Applicable Law.
Clause Schedule 1, 4 in Client Agreement, p.20
Read from the broker's site on Archived copyOpen the reference

Buried at section 265 of 298 in the Client Agreement, 89% of the way through.

Our readingInspection rights like this belong in agreements with trading firms that plug into an exchange and have to meet its technical rules. In a retail contract, the premises are the client's home.

While EC AutoTrade is copying, clause 4.4 stops you closing an individual copied position by hand. It closes when the trader you follow closes theirs.

Why this matters

You can watch a losing position you are not allowed to close. Schedule A also lets the system close part of your position when a fee is settled or the trader you copy deposits money.

Exhibit 16WarningRarely seen

While a Follower is actively copying a Signal Provider, the Follower may not manually close individual copied positions.
Clause 4.4 in EC AutoTrade Terms and Conditions, p.3
Read from the broker's site on Open the reference

Our readingCopy services usually let a follower exit a single trade. Here the exit runs through the provider, and another person's deposit can change the size of your position.

EC Markets treats a client's death as an event of default, which lets it close every open position. Charges on the account carry on until the account is closed.

Why this matters

Your family has to produce an original death certificate and a grant of representation before anyone can act. Two years after the death, EC Markets can close the account and bill the estate for the costs.

Exhibit 22NoticeHarder than usual

Upon the receipt and acceptance of the Client's death certificate, the Company will treat the Client's death as an Event of Default allowing the Company to exercise any of its rights including but not limited to closing any and all Open Positions within the Client's Account.
Clause In the Event of Death, b) in Client Onboarding Process, p.10
Read from the broker's site on Open the reference

The website ticks a protection the contract does not contain

EC Markets ticks negative balance protection for every account type on its comparison page, in English and in Arabic. The client agreement never mentions it, and clause 18.5 makes you cover any debit balance. Its leverage page also teaches a zero margin hedge that clause 24.3 treats as evidence of an unfair advantage.

Promise against contract1 clause flagged

The leverage page works through an example where a full hedge costs zero margin. Clause 24.3 treats any practice that ensures you are unlikely to take downside market risk as evidence of an unfair advantage.

Why this matters

Clause 24.3 points at the same trade the website teaches. Clause 24.5 then lets EC Markets keep the profit from it and close your account.

Exhibit 9WarningHarder than usual

Furthermore, the Company considers the use of any device, software, algorithm, strategy, or practice that ensures the Client is unlikely to incur any downside market risk to be evidence of an unfair advantage against the Company.
Clause 24.3 in Client Agreement, p.19
Read from the broker's site on Archived copyOpen the reference

Buried at section 255 of 298 in the Client Agreement, 86% of the way through.

  • Worse together with Exhibit 3This definition is the door into the clauses that reclaim profit, and it is wide enough to cover a hedge.

A pricing page with no prices on it

EC Markets' pricing page states no commission, no deposit fee, no withdrawal fee and no account fee. The agreement says charges are whatever is agreed from time to time, and clause 9.5 lets EC Markets take them out of your balance. On EC AutoTrade, the trader you copy can set a performance fee of up to 99% of your gains.

Cost disclosure1 clause flagged

EC Markets' pricing page carries no commission, deposit, withdrawal or account fee. The agreement says charges are whatever is agreed with you from time to time, and clause 9.5 lets EC Markets take them from your balance.

Why this matters

You cannot total the cost of an account before you fund it. The risk disclosure puts the duty to understand the charges on you, and every account is in dollars, so clause 4.9 converts other currencies at EC Markets' own rate.

Exhibit 12WarningHarder than usual

You shall pay our Charges as agreed with you from time to time in addition to any taxes imposed by any competent authority on any account opened or Transaction effected by or cleared for you; any fees or other charges imposed by a Market or any clearing organisation; interest on any amount due to us at the rates then charged by us (and which are available on request); and any other value added or other applicable taxes of any of the foregoing, including any withholding tax and any fees for retaining a dormant account.
Clause 9.1 in Client Agreement, p.9
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 122 of 298 in the Client Agreement, 41% of the way through.

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. This contract leaves the charges to be agreed from time to time and puts the duty to find them out on the client.

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

Two hours is the promise, six months is the clause

EC Markets advertises withdrawals credited within two hours. Clause 21.14 lets it hold any payment or withdrawal for up to six months while it investigates, and it only has to tell you the account is suspended. Its own documents also disagree about which payment methods exist, and no page on the site states a withdrawal fee or timescale.

Exit conditions1 clause flagged

The onboarding document says all clients fund by bank transfer. The risk disclosure says deposits come by credit card, wire transfer or virtual card, and that withdrawals go back the same way.

Why this matters

Whichever document is right, your money has to leave the way it arrived, so a card deposit locks you into a card payout. EC Markets publishes no deposit page, no withdrawal page and no payment terms.

Exhibit 11WarningHarder than usual

Investments are made via credit card / wire transfers / Virtual Cards. The withdrawals are made on source-to-source basis.
Clause Reimbursement of Investment in Risk Disclosure Policy, p.5
Read from the broker's site on Open the reference

Profits already made can be taken back at any time

Clause 23.2 lets EC Markets reclaim historical trading profits at any time, if it decides a strategy exploited its prices. Clause 24.5 lets it keep any profit from activity it calls prohibited and close the account. The October 2026 copy trading terms go further, and allow repayment of profits you have already withdrawn.

Profit after the fact1 clause flagged

EC Markets can require repayment of copy trading profits you have already withdrawn, if it decides the trading was prohibited. Clause 8.5 lets it net the amount across your related accounts.

Why this matters

Money that has left the account is still reachable, and the test is EC Markets' own view of a risk free advantage. You do get notice, brief reasons and five business days to answer.

Exhibit 8WarningRarely seen5 working days

reverse, withhold or adjust balances to remove any unfair gain directly attributable to Prohibited Trading and, if such profits have been withdrawn, set off or require repayment from the relevant Party's account(s) or related accounts
Clause 8.3 in EC AutoTrade Terms and Conditions, p.6
Read from the broker's site on Open the reference

Our readingClawing a profit back after it has been withdrawn, and netting it against other accounts the same person controls, goes further than voiding the trade that produced it.

  • Worse together with Exhibit 3The copy trading terms reach money that has already left the account, which the client agreement does not.

The clock on a disputed trade runs for 24 hours

Clause 4.5 gives you 24 hours to object to a trade confirmation before it binds you. EC Markets takes 48 hours to acknowledge a complaint, and its complaints policy can refuse one for not using a form it does not publish. Clause 18.3 caps what you can recover at the fees you paid in a year.

Challenging a decision2 clauses flagged

The complaints policy lets EC Markets refuse a complaint that was not made on its standard form. The form is not in the policy and not on the legal page.

Why this matters

Your complaint can be turned away on a technicality, while the client agreement tells you a letter, a phone call or an email is enough. Nothing tells you where the form is.

Exhibit 17WarningHarder than usual

The Company shall have the right to refuse a client's complaint regarding non-trading operations in the following cases: a) where the complaint did not meet the requirements of this Policy; b) where the complaint was not made to the Company according to the provided standard form;
Clause Information Required in Complaint Handling Policy, p.3
Read from the broker's site on Open the reference
  • Worse together with Exhibit 5A 24 hour window to object sits above a policy that can reject the objection for using the wrong format.

EC Markets caps its own liability at the fees you paid it in the twelve months before your claim, under clause 18.3. Clause 18.2 also rules out any claim for lost profit.

Why this matters

A client who pays little in commission can recover almost nothing, whatever the loss. Fraud, gross negligence and wilful default stay outside the cap, and so does a failure to comply with the FSC rules.

Exhibit 18WarningStandard wording

To the fullest extent permitted by Applicable Law, our aggregate liability in connection with this Agreement shall not exceed the amount of the fees payable by you to us for the provision of Services during the twelve months period immediately preceding the date of any claim.
Clause 18.3 in Client Agreement, p.14
Read from the broker's site on Archived copyOpen the reference

Buried at section 192 of 298 in the Client Agreement, 64% of the way through.

Two weeks to answer a document request

EC Markets can ask for fresh identity and address documents at any time, and gives you two weeks before closing the account. It can also freeze the account if it judges the documents inadequate, with no deadline on the freeze. Restarting a dormant account needs a proof of address less than three months old.

Document demands1 clause flagged

EC Markets can ask for fresh identity and address documents at any point in the relationship, and the onboarding document gives you two weeks to supply them. Miss that and the account is closed.

Why this matters

EC Markets can also freeze the account if it judges your documents inadequate, and no clause puts a deadline on that freeze. Restarting a dormant account needs a proof of address less than three months old.

Exhibit 14WarningHarder than usual14 days

Prior to the closure of the account, the client will be notified and given a delay of 2 weeks to provide updated CDD or any further documentation. If the documents requested are not provided within the timeframe, the account will be closed.
Clause Closed Accounts, a) Internal Policy in Client Onboarding Process, p.10
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
Document requestEC Markets notifies you and asks for updated due diligence documents.Closed Accounts, a) Internal Policy
After 2 weeksThe account is closed if the documents have not arrived.Closed Accounts, a) Internal Policy
Documents judged inadequateEC Markets may freeze the account at its discretion.Closed Accounts, a) Internal Policy

EC Markets takes the other side and sets the price

Clause 5.1 says EC Markets deals as principal, so it is the counterparty to your trade. Clause 23.4 lets it widen your spread or move you to another price stream without telling you first, with notice only after the fact. Its conflicts of interest policy is part of the agreement and 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.

Both sides of the trade1 clause flagged

EC Markets takes the other side of your trades: clause 5.1 says it acts as principal, not as your agent. Clause 23.4 lets it widen your spread, the gap between the buying and selling price, without telling you first.

Why this matters

A wider spread costs you money on every trade, and clause 23.4 only promises notice after the fact. EC Markets can also move you to another price stream, which the pricing page never mentions.

Exhibit 10WarningHarder than usual

Where we reasonably believe that you are utilising an abusive strategy, we may also without your consent and without prior notice to you, increase your spreads on any or all of your accounts with us, or move you to an alternative price stream, we will notify you of any changes we make to your transactions or accounts in reasonable time after the fact where we exercise our rights under this clause 23.1.
Clause 23.4 in Client Agreement, p.18
Read from the broker's site on Archived copyOpen the reference
Our own capture of ecmarkets.com, taken on Oct 20, 2026The claim, on English regulations and licences page, The Best Trading Environment panelVisit this page on the broker's siteDownload the full size image file

Buried at section 245 of 298 in the Client Agreement, 82% of the way through.

One Mauritius company, seven badges, no compensation scheme

You contract with EC Markets Limited in Mauritius, licensed by the FSC under GB21200130. Its risk disclosure says you deal with the company at your own risk and are not protected by any statutory compensation arrangements. The agreement also makes an order execution policy and a conflicts of interest policy part of your contract, and neither is published.

Who you contract with2 clauses flagged

Your agreement includes an order execution policy, risk warnings and a conflicts of interest policy, under clause 1.1. None of the three is on the legal page.

Why this matters

Clause 4.3 has you confirm you have read and agreed to the order execution policy. You cannot read it, and it decides how your orders are filled.

Exhibit 19WarningHarder than usual

Further, you confirm that you have read and agreed to the Order Execution Policy. The Order Execution Policy and any amendments are available on the EC Markets Website.
Clause 4.3 in Client Agreement
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 6 of 298 in the Client Agreement, near the start.

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

Firms licensed by the FCA and CySEC must give a retail client their order execution policy and their conflicts of interest policy. EC Markets Limited makes both part of the agreement and publishes neither.

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

EC Markets' risk disclosure says you deal with the company at your own risk and are not protected by any statutory compensation arrangements. Its homepage promises regulation that ensures financial protection.

Why this matters

If EC Markets Limited fails, no scheme pays you back. Clause 13.7 also puts the failure or insolvency of any bank holding your money outside EC Markets' responsibility.

Exhibit 20WarningStandard wording

Every Customer should deal with the Company at their own risks and shall not be protected by any statutory compensation arrangements in any event whatsoever.
Clause Overview in Risk Disclosure Policy, p.3
Read from the broker's site on Open the reference

Mauritius law and Mauritius courts, in whatever language you signed up

Clause 25.2 puts every dispute about your trading in the exclusive jurisdiction of the courts of Mauritius. The copy trading terms say the English text prevails over any translation. The UAE addendum covers the introducing company only, not your trading account.

Where you would sue1 clause flagged

Any dispute over your trading goes to the exclusive jurisdiction of the courts of Mauritius under clause 25.2. Mauritius law governs the whole agreement.

Why this matters

Travelling to Mauritius to sue is out of reach for most retail clients. The copy trading terms also say the English text wins over any translation you were sold in.

Exhibit 21NoticeStandard wording

Each party submits to the exclusive jurisdiction of the courts of Mauritius for the resolution of any disputes in relation to or in connection with this Agreement, including as to its formation or termination.
Clause 25.2 in Client Agreement, p.19
Read from the broker's site on Archived copyOpen the reference

Buried at section 260 of 298 in the Client Agreement, 87% of the way through.

Where the marketing and the contract disagree

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

01

The comparison table ticks negative balance protection, while clause 18.5 makes you cover any debit balance on demand.

Said in public, in English

Negative Balance Protection

Account comparison table on the English account types page, ticked in green for the STD, ECN and PRO accounts

In the contract · clause 18.5

You shall indemnify and hold us harmless in respect of such sums as we may from time to time require in or towards satisfaction of any debit balance on any of your accounts with us

02

The Arabic page ticks protection from a negative balance, and clause 14.12 has you confirm you can lose more than all your funds.

Said in public, in Arabic

حماية من الرصيد السلبي

Word for word in English: Protection from negative balance

Account comparison table on the Arabic account types page, ticked in green for all three accounts

In the contract · clause 14.12

You are willing and financially able to sustain more than the total loss of funds resulting from Transactions

03

Two hours on the Arabic licences page, up to six months in clause 21.14.

Said in public, in Arabic

طرق إيداع وسحب مريحة بدون رسوم إيداع؛ تُضاف الأموال إلى حسابك خلال ساعتين.

Word for word in English: Convenient deposit and withdrawal methods with no deposit fees; funds are added to your account within two hours.

Arabic regulations and licences page, panel on efficient deposit and withdrawal processes

In the contract · clause 21.14

You accept that we are only obliged to inform you that your account has been suspended and as a result withhold payment or withdrawal for up to a period of 6 months.

04

No deposit fees on the licences page, while every account is in dollars and clause 4.9 converts any other currency at EC Markets' own rate.

Said in public, in English

Convenient deposit and withdrawal methods with no deposit fees; withdrawals are credited within 2 hours.

English regulations and licences page, under Efficient Deposit And Withdrawal Processes

In the contract · clause 4.9

If you send us Margin in a currency other than the base currency of your account you authorise us to convert the sum received at an exchange rate determined by us on the basis of the then prevailing money market rates available to us, net of any commissions into the base currency of your trading account.

05

The homepage promises regulation that ensures financial protection; the risk disclosure says no statutory compensation arrangement protects you.

Said in public, in English

Regulated by global bodies, ensuring financial protection and integrity.

Homepage, Licence and Regulation panel

In the contract · clause Overview

Every Customer should deal with the Company at their own risks and shall not be protected by any statutory compensation arrangements in any event whatsoever.

06

The leverage page prices a full hedge at zero margin, and clause 24.3 treats a practice that removes downside risk as an unfair advantage.

Said in public, in English

If 10 lots of a short Gold position are opened, the system treats these positions as fully hedged. The required margin will be calculated as zero, as per standard practice.

Worked example on the English leverage page

In the contract · clause 24.3

Furthermore, the Company considers the use of any device, software, algorithm, strategy, or practice that ensures the Client is unlikely to incur any downside market risk to be evidence of an unfair advantage against the Company.

07

The product page calls the performance fee fair, and Schedule A lets the trader you copy set it as high as 99% of your gains.

Said in public, in English

Fair, High-Water Mark-based performance fees

EC AutoTrade product page, list of follower benefits

In the contract · clause A3.2

A Signal Provider may set a Performance Fee rate between 0% and 99%.

08

Spreads as low as zero on the licences page, while clause 23.4 lets EC Markets raise your spreads with no notice.

Said in public, in English

Trading spreads as low as 0, high leverage up to 1:1000 and commission-free accounts.

English regulations and licences page, The Best Trading Environment panel

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

In the contract · clause 23.4

Where we reasonably believe that you are utilising an abusive strategy, we may also without your consent and without prior notice to you, increase your spreads on any or all of your accounts with us, or move you to an alternative price stream

What changed quietly

There are no changes to report yet: EC Markets has not been reviewed before.

  • ADDEDClause 24.4 · 02.03.2026 to 15.07.2026

    The July 2026 contract added a clause that locks you out of your own open positions and leaves the losses with you.

    Where the Company reasonably suspects or determines that you have engaged in any prohibited, manipulative, abusive or arbitrage activity under this Clause 24 or Clause 23, the Company may, subject to Applicable Law and without prior notice, suspend, restrict or terminate your access to your Account and/or the Electronic Services. Where such access is suspended, restricted or terminated, you acknowledge that you may be unable to monitor, amend or close any open positions or pending orders.

  • REWRITTENClause 1.3 · 02.03.2026 to 15.07.2026

    The July 2026 version spells out that the Dubai company holds a category 5 licence only and cannot hold client money.

    EC Markets Securities & Financial Promotion L.L.C. is authorised and regulated by the Capital Market Authority (CMA) under Licence No. 20200000281 and holds a Category 5 licence for ranking and advice. It is not authorised to hold client assets or client money.

  • REMOVEDClause

    An insurance page sat in the company menu of the Arabic site in May 2026, and both the menu item and the page are gone.

The documents this reading is based on

11 files, all published by EC 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 EC Markets publishes.

How this reading was done

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

This reading was published on .

Documents
8 of 11downloaded from the broker's site, and 8 read in full
Pages opened
80pages walked to find those documents, footer links included
Older copies
5earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
AR vs ENthe language it advertises in, against the language it contracts in
Position measured
14clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

EC Markets Limited

You contract with EC Markets Limited, a Mauritius company licensed by the Mauritius Financial Services Commission under licence GB21200130. The seven regulator badges on the site belong to four different companies. EC Markets Group Ltd holds the FCA licence and EC Markets Financial Limited holds the ASIC, FSCA and FMA licences. EC Markets Securities & Financial Promotion L.L.C holds the UAE licence, and clause 1.3 says it cannot hold client assets or client money. The UAE addendum limits that company to introduction and promotion, and says all trading is governed by EC Markets Limited's client agreement. Clause 25.2 sends every dispute about your trading to the courts of Mauritius.

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

Five legal documents sit on one page, each dated in its file name. The onboarding document names the bank that holds client money, SBM Bank (Mauritius) Ltd, which most brokers never do. The leverage page discloses EC Markets' own right to cut leverage to 1:30 instead of leaving it in a PDF. Clause 21.7 points you to the Office of the Ombudsperson for Financial Services in Mauritius. The new copy trading terms give you notice, brief reasons and five business days to answer before money is taken back, which the client agreement does not.

Three of the five documents on the legal page have no text of their own. The pages for the privacy policy, the risk disclosure and the complaints policy each hold an embedded PDF, and every quotation credited to those three comes from the PDF itself. The EC AutoTrade terms sit on the product page, not on the legal page. For the version comparison we had the March 2026 client agreement only, so we cannot say when the privacy, risk, complaints or onboarding documents last changed. One link repeated on EC Markets' own legal pages points to an address that does not exist.

How to check any of this yourself

Every quote above links to the EC 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 EC 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 EC 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 20, 2026.

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

What traders say about EC Markets

The latest from the 1 comment on the EC Markets profile

Daniel CarterPositiveAug 27, 2025, 18:50 UTC

A Reliable Broker with Competitive Features

EC Markets stands out with its tight spreads starting from 0.0 pips, high leverage up to 1:1000, and support for both MT4 and MT5 platforms.

Reply on the broker page

Comments and replies are posted there and reviewed by Wikilix first.

Add your comment
Back to the EC Markets profile