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Contract reading

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

Every clause below is published by EPFX 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: TX3 Markets Global LTD

withdrawalssole discretionmarketing contradictionhidden feekyc freezeunilateral amendmentdeemed acceptancedisputesforum waiverinconsistency

TX3 Markets tells you on its own deposit page that it keeps client funds in a segregated account. Clause 2.2 of its contract says accounts are only separated in its own books and records, and that your funds are not insured. Every account type advertises negative balance protection, but clause 2.5.1 makes you pay off any negative balance before you can withdraw anything. The 2.5% withdrawal fee and the 2% monthly inactivity fee appear in help articles, not in any legal document.

Back to EPFX

Contract risk

Money at risk
8.5/10

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.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
24
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
20
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
13

How the 24 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.

Critical8
Warning15
Notice1

section 18 of 29is where the deepest clause sits, 62% 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.

Critical30 daysBonus requirement. Jump to the clause this comes from.Bonus credit holds your own profit behind a volume targetCritical2 daysTime to complain. Jump to the clause this comes from.48 hours to object to a statement, then it is final2.5%Fee you were not shown. Jump to the clause this comes from.A 2.5% withdrawal fee that no legal document mentions2%Fee on an unused account. Jump to the clause this comes from.2% of your balance a month after 90 quiet days

What the documents say

24 clauses worth knowing about, worst first, each quoted from EPFX's own files

01

TX3 Markets says on its deposit page that your money sits in a segregated account. Clause 2.2 says the accounts are only separated in its own books and records. The same clause says your funds are not insured.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

If TX3 Markets fails, its Risk Disclosure puts you in the queue as an ordinary unsecured creditor. Clause 7.10 also lets the firm pledge, invest or lend the money you deposited.

Exhibit 1CriticalRarely seen

The Customer acknowledges and agrees that accounts are only separated in the books and records of TX3 Markets Global LTD. The Customer also acknowledges that their funds are not insured and are deposited with a liquidity provider chosen at the sole discretion of TX3 Markets Global LTD.
Clause 2.2 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 2026The claim, on English homepage, Trade 300+ Instruments section, repeated on the funding page and the about pageVisit this page on the broker's siteDownload the full size image file
Our own capture of tx3markets.com, taken on Oct 2, 2026What the contract says, clause 2.2Visit this page on the broker's siteDownload the full size image file
Our own capture of tx3markets.com, taken on Oct 2, 2026The claim, on Spanish funding page, the three steps blockVisit this page on the broker's siteDownload the full size image file
Our own capture of tx3markets.com, taken on Oct 2, 2026What the contract says, clause 2.2Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ASIC (Australia)

Firms licensed by the FCA, CySEC or ASIC must hold retail client money in client bank accounts kept apart from the firm's own money, and must not use it in their business. This contract says the accounts are separated only in the firm's books and records, and that the funds are not insured.

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

  • Worse together with Exhibit 23The money sits with a Saint Lucia company under a Comoros licence that the Risk Disclosure says carries no investor compensation scheme.
02

Every account page carries the line Negative Balance Protection: Yes. Clause 2.5.1 says the opposite: if your balance goes below zero you must put the money back. Until you do, TX3 Markets will process no withdrawal at all.

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

A gap in the market can leave you owing TX3 Markets money rather than simply losing what you put in. Your profits, your credits and your margin releases are all frozen while that debt stands.

Exhibit 2CriticalHarder than usual

If at any time the Client's trading account balance becomes negative, the Client shall be required to fully offset the negative balance by depositing additional funds or through realized profits on the account before any request for withdrawal of funds can be processed or honored by the Company.
Clause 2.5.1 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 2026The claim, on Account types page, the specification table, shown for all five account types including the default ECN StandardVisit this page on the broker's siteDownload the full size image file
Our own capture of tx3markets.com, taken on Oct 2, 2026What the contract says, clause 2.5.1Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU), ASIC (Australia)

Firms licensed by the FCA, CySEC or ASIC must give a retail client negative balance protection, so a loss cannot exceed the money in the account. This contract requires you to deposit more funds to clear the shortfall before any withdrawal is honoured.

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

  • Worse together with Exhibit 7A shortfall blocks every withdrawal, and withdrawals are already restricted at the firm's sole and absolute discretion.
03

TX3 Markets matches your deposit with trading credit, up to $10,000. To take the profit out you must trade one lot for every $10 of bonus. Take any money out early and the bonus is removed.

Why this matters

A $1,000 bonus means 100 lots traded before the profit is yours, and you have 30 days to do it. The terms are not in any legal document on the site, only in help articles the firm can edit.

Exhibit 3CriticalHarder than usual30 days

The bonus itself is not withdrawable until the required trading volume has been completed.
Clause When does the bonus become withdrawable? in Bonus Rules, Withdrawals & Trading Requirements
Read from the broker's site on Open the reference
Our own capture of faq.tx3markets.com, taken on Oct 2, 2026Bonus credit holds your own profit behind a volume target (clause When does the bonus become withdrawable?)Visit this page on the broker's siteDownload the full size image file

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Qualifying depositTrading credit equal to your deposit is added, up to $10,000.
Any early withdrawalThe bonus credit is removed from the account.
70% of the deposit lostThe bonus credit is removed.
Day 30Any unused bonus credit expires and is taken back.
  • Worse together with Exhibit 9The credit you need to hit the volume target is taken away before every news event and every weekend.
04

The Refund Policy states that regulators, including the Mwali authority that licences TX3 Markets, do not step into refund disputes with clients. The FAIS Disclosure then shuts the South African Ombud out of anything to do with trading, deposits, withdrawals or execution.

Why this matters

If TX3 Markets keeps your money, the only reviewer named anywhere in these documents is TX3 Markets. The Risk Disclosure confirms there is no compensation scheme behind the licence either.

Exhibit 5CriticalRarely seen

Refunds and disputes are governed solely by the Company's internal policies and contractual arrangements. Regulatory authorities, including the Mwali International Services Authority of the Union of the Comoros, do not adjudicate or intervene in commercial refund disputes between the Company and its clients.
Clause 4 in Refund Policy
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 2026No outside body will decide a money dispute (clause 4)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 17 of 36 in the Refund Policy, 47% of the way through.

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

Firms licensed by the FCA, CySEC or the FSCA must give a retail client access to an independent complaints body, and in the UK and Cyprus to a compensation fund as well. These documents name no independent body for a dispute about money.

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

  • Worse together with Exhibit 6A 48 hour objection window inside the firm, and no outside body to take it to afterwards.
05

You get 48 hours to report an error in a statement, counted from the moment it appears in the portal rather than from the moment you read it. Clause 5.3.3 then treats your silence as acceptance that the statement is accurate and final.

Why this matters

Go away for a long weekend and a wrong price, a wrong fee or a missing trade becomes permanent. Clause 5.3.2 says reaching the portal counts as delivery, so the clock runs whether you logged in or not.

Exhibit 6CriticalHarder than usual2 days

The Customer is responsible for reviewing all statements promptly and shall notify the Company in writing of any alleged discrepancy, error, or omission within forty-eight (48) hours of the statement being made available. Failure to notify the Company within this timeframe shall constitute acceptance of the statement as accurate and final.
Clause 5.3.3 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 202648 hours to object to a statement, then it is final (clause 5.3.3)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must take a retail complaint when it arrives and answer it within set deadlines, with no short cut off on the client's side. This contract closes the question after 48 hours.

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

06

Every bank withdrawal through Flutterwave costs 2.5%, taken out before the money is sent. The Refund Policy on the legal shelf says TX3 Markets charges no fees for deposits or withdrawals. The 2.5% appears in one help article and nowhere on the funding page.

Why this matters

If you are in South Africa or Nigeria, the bank route is your only fiat exit, so 2.5% comes off every payout. Taking out $4,000 in four goes costs you $100.

Exhibit 4WarningHarder than usual2.5%

Yes. A 2.5% withdrawal fee applies to all withdrawals processed via Flutterwave.
Clause Are there any withdrawal fees? in Withdrawals
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 2026The claim, on Refund Policy, clause 1, on the legal documents shelfVisit this page on the broker's siteDownload the full size image file
Our own capture of faq.tx3markets.com, taken on Oct 2, 2026What the contract says, clause Are there any withdrawal fees?Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose all costs and charges to a retail client before they trade. This fee is stated in a help centre answer, while the Refund Policy tells you the company charges nothing for a withdrawal.

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

Every payout can be restricted at the firm's sole and absolute discretion

Clause 2.1 lets TX3 Markets restrict disbursements at any time at its sole and absolute discretion, with no stated grounds. Clause 4.3.4 allows two to five business days to process a withdrawal, where the Refund Policy promises the next business day. An abuse investigation can keep withholding the money with no end date in the contract.

Exit conditions2 clauses flagged

Clause 2.1 lets TX3 Markets restrict disbursements at any time, at its sole and absolute discretion, with no test it has to meet. Clause 2.8.5 lets it keep withholding a withdrawal while it investigates, and no clause puts an end date on that investigation.

Why this matters

Your withdrawal can be stopped without a reason being given to you, and the contract sets no deadline for giving the money back. Asking for a payout can itself trigger a fresh demand for source of funds paperwork.

Exhibit 7CriticalHarder than usual

At any time, at its sole and absolute discretion, TX3 Markets Global LTD may restrict trading, disbursements, and/or transfers administered by the Customer.
Clause 2.1 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 2026Payouts restricted at the firm's sole and absolute discretion (clause 2.1)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold retail client money so it can be returned on request and must act promptly on a withdrawal. This contract allows disbursements to be restricted at the firm's sole and absolute discretion.

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

The contract gives TX3 Markets five business days to process a withdrawal, then two or three more for the money to arrive. The Refund Policy says processing happens within the next business day. The help centre says funds are typically there the next business day.

Why this matters

Plan around the quickest promise and you can be waiting eight business days without the firm being late. The slowest of the three numbers is the one in the agreement you accepted.

Exhibit 12WarningStandard wording5 working days

The Customer must be aware that TX3 Markets Global LTD requires two (2) to five (5) business days to process withdrawal requests. It may take up to two (2) or three (3) business days for corresponding withdrawals to reach your credit card, bank account or wallet address.
Clause 4.3.4 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of faq.tx3markets.com, taken on Oct 2, 2026The claim, on Withdrawals help article, under How long do withdrawals take?Visit this page on the broker's siteDownload the full size image file
Our own capture of tx3markets.com, taken on Oct 2, 2026What the contract says, clause 4.3.4Visit this page on the broker's siteDownload the full size image file

TX3 Markets decides what counts as abusive, then adjusts your balance

Clause 2.8.5 lets TX3 Markets withhold any profit connected with what it calls an Abusive Trading Practice and adjust your balance to the position that would have existed without it. Clause 2.8.2 leaves the judgement to the firm's own opinion of how its trading conditions were meant to work. Clause 2.8.1 does state that profit alone is not proof.

Profit at risk1 clause flagged

Clause 2.8.5 lets TX3 Markets withhold any profit connected with what it calls an Abusive Trading Practice, and adjust your balance to the position that would have existed without it. Clause 2.8.2 leaves that judgement to the firm's own opinion of how its trading conditions were meant to work.

Why this matters

Profit you have already made can be taken back, and losses the firm says it suffered can be deducted from your account or wallet. Holding a large position before a scheduled news release is listed as an example of the conduct that triggers it.

Exhibit 8CriticalHarder than usual

The Customer shall not engage in any activity which, in the Company's reasonable and good-faith opinion, seeks to exploit the Company's trading conditions, execution environment, pricing mechanisms, technological infrastructure, risk-management systems, leverage offering, margin policies, promotions, or any other feature of the Services in a manner inconsistent with the intended operation of the Trading Platform or Services.
Clause 2.8.2 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 2026TX3 Markets names the abuse, then rewrites your balance (clause 2.8.2)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 7The same investigation that can rewrite the balance can hold the withdrawal while it runs.

Credit pulled before news and weekends, terms changed without notice

From 1 October 2026 TX3 Markets removes trading credit 15 minutes before scheduled news and an hour before the Friday close, which clause 2.3.1 says can close positions with no adverse price move. Clause 2.1 lets it amend the agreement at any time and close an account for any reason. Its two published lists of restricted countries do not match.

Firm discretion3 clauses flagged

Before every scheduled high impact news release and every weekend close, TX3 Markets takes back the credit line or deposit bonus it gave you. Clause 2.3.1 says this can push the account into a margin shortfall and close your open positions, even without an adverse movement in market prices.

Why this matters

Positions you opened on the strength of that credit can be closed at a loss because the credit left, not because the market moved. When the window ends, nothing is reopened and no loss is reversed.

Exhibit 9CriticalHarder than usualNew

Effective from 1 October 2026, the Company will apply the following controls during designated economic news events and weekend market closures.
Clause 2.3.1 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 2026Trading credit pulled before news and weekends (clause 2.3.1)Visit this page on the broker's siteDownload the full size image file

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
15 minutes before a news eventCredit and deposit bonus stop counting towards margin.2.3.1(a)
1 hour before the Friday closeThe same removal applies across the weekend.2.3.1(a)
During the windowDynamic Leverage accounts drop to 1:300 on forex and 1:100 on metals and indices.2.3.1(c)
Inside the windowOpen positions can be closed out for want of margin with no price move.2.3.1(d)
15 minutes after the Monday openRestrictions lift, closed positions stay closed and realised losses stand.2.3.1(e)

The help page that invites you to check whether your country is eligible bars two European countries. Clause 2.2 of the contract bars Estonia, Finland, Ukraine, Cuba, Sri Lanka, Puerto Rico and others that the help page leaves out. Both lists are current and both are the firm's own.

Why this matters

You can pass the eligibility check, deposit, and still be a client the contract never allowed. Clause 2.2 says TX3 Markets is not liable if your country turns out to be restricted or blocked.

Exhibit 13WarningHarder than usual

Cyprus, Eritrea, Estonia, Finland, Guam, Haiti, Iran (Islamic Republic of Iran), Iraq, Israel
Clause 2.2 in Terms & Conditions
Read from the broker's site on Open the reference

Clause 2.1 lets TX3 Markets amend the agreement at any time and publish the new version on its website, with no notice period and nothing sent to you. The same clause lets it close your account for any reason, in its sole and absolute discretion.

Why this matters

The terms you agreed to can change while your money is inside, and the only way to find out is to reread the website. You can only end the agreement once you have no open positions and owe nothing.

Exhibit 14WarningHarder than usual

The Agreement may be amended, changed, revised, supplemented, and/or modified at any time by TX3 Markets Global LTD. The most recent version of the Agreement will be published on the website.
Clause 2.1 in Terms & Conditions
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 give a retail client advance notice of a change to the terms of business. This contract allows amendment at any time, with publication on the website as the only step.

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

What the site promises about your money, and what the contract says

TX3 Markets advertises segregated client funds and negative balance protection on every account page, in English, Spanish and French. Clause 2.2 of its Terms and Conditions says accounts are only separated in its own books and records and that client funds are not insured. Clause 2.5.1 makes you pay off a negative balance before any withdrawal is processed.

Claim versus contract3 clauses flagged

The homepage offers deposits with Visa, Mastercard and more, and the funding page lists Apple Pay, Google Pay, PIX, SPEI and Nequi. The Refund Policy says TX3 Markets does not currently offer bank card deposits, and the help centre says cryptocurrency is the only supported funding method.

Why this matters

The route you planned to use may not exist when you reach the deposit screen. It matters more than it looks, because you can only withdraw back to the method you deposited with.

Exhibit 18WarningHarder than usual

Currently TX3 MARKETS GLOBAL LTD does not offer bank card or Vload methods for deposit.
Clause 1 in Refund Policy
Read from the broker's site on Open the reference

Clause 10.1 says TX3 Markets operates no official social media accounts on any platform, and that any account using the name is not authorised by it. The footer of every page links to an Instagram account and a Facebook account under that name.

Why this matters

If someone messages you from either account, the contract already says it was never the firm's. You cannot tell a real TX3 Markets account from a fake one, because the firm says there are none.

Exhibit 19WarningRarely seen

TX3 Markets does not operate and/or maintain any official social media accounts on any platform(s).
Clause 10.1 in Terms & Conditions
Read from the broker's site on Open the reference

The partners page says rates may change with notice. Clause 5.4 of the Affiliate Terms says TX3 Markets may amend commission rates, thresholds and caps without prior notice. Clause 5.2 also caps what you can earn from a client at that client's net deposits plus trading profits.

Why this matters

Your earnings per lot can be cut before you hear about it, and a client who withdraws deposits can lower your cap after you have done the work. Clause 10.2 makes every payment a matter of the firm's sole discretion.

Exhibit 22WarningHarder than usual

The Company may amend commission rates, bonus schedules, qualification criteria, thresholds, caps or payment procedures without prior notice.
Clause 5.4 in Affiliate Terms & Conditions
Read from the broker's site on Open the reference

Where it sits: section 49 of 92 in the Affiliate Terms & Conditions, 53% of the way through.

A 2.5% withdrawal fee that no legal document mentions

TX3 Markets charges 2.5% on every bank withdrawal through Flutterwave and says so only in a help article, while its Refund Policy states the company charges no fees for deposits or withdrawals. Clause 4.2.4 lets it bill statement charges, idle account charges and other charges it never prices. The same clause lets it change any fee without prior notice.

Cost disclosure2 clauses flagged

Clause 4.2.4 makes you pay statement charges, idle account charges, order cancellation charges, transfer charges and other charges, and names a price for none of them. The same clause lets TX3 Markets change its fees without telling you first, and clause 4.2.5 lets it debit your account for whatever it decides.

Why this matters

You cannot work out what trading here costs from the documents you are asked to accept. Overnight swap charges and the minimum withdrawal can also be moved at any time with no notice to you.

Exhibit 11WarningHarder than usual

TX3 Markets Global LTD reserves the right to modify its fees without prior notice.
Clause 4.2.4 in Terms & Conditions
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 give a retail client the costs and charges of a service before they trade. This contract lists categories of charge with no amounts and reserves the right to change them without prior notice.

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

The copy trading page says the current master charges a 25% performance fee with a high water mark. The published Copy Trading Terms define that high water mark and then jump from clause 6.4 straight to clause 18, so no clause sets, caps or calculates the fee.

Why this matters

You agree to a performance fee whose rules are not in the document you accept, and the rate shown belongs to one master trader. Eleven numbered sections are missing from the terms as published.

Exhibit 17WarningHarder than usual25%

"High-Water Mark (HWM)" means a method of calculating performance fees based solely on net new profits.
Clause 2.7 in Copy Trading Terms
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 11 of 44 in the Copy Trading Terms, near the start.

Saint Lucia law and courts, and an account the firm can reassign

Clause 9 sends every dispute to the courts of Saint Lucia, a country whose own residents TX3 Markets refuses as clients. Clause 8.9 lets the firm transfer your account to another legal entity, while you may assign nothing without its written consent. For a South African client that is the only forum left, because the Ombud is excluded.

Forum and entity1 clause flagged

Every dispute goes to the courts of Saint Lucia, a country whose own residents TX3 Markets refuses as clients. Clause 8.9 lets the firm hand your account to another legal entity, while you cannot assign anything without its written consent.

Why this matters

Suing means hiring lawyers in the eastern Caribbean, whatever it cost you. The company you end up dealing with may not be the one you signed up with.

Exhibit 15WarningHarder than usual

This Agreement is governed by the law of Saint Lucia and will be subject to the exclusive jurisdiction of the Saint Lucia Courts.
Clause 9 in Terms & Conditions
Read from the broker's site on Open the reference

Three days to replace a document, and your trades go to your referrer

The Refund Policy gives you 3 days to supply an updated identity document or the withdrawal is cancelled. TX3 Markets can reopen verification at any time and suspend the account while it waits. If an affiliate code opened your account, the Privacy Policy shares your name, trading activity and performance data with that affiliate, and accepting the terms is the consent.

Documents and data2 clauses flagged

If an identity document has expired or is about to, you get 3 days to send a new one or the withdrawal is cancelled and the money goes back to your wallet. TX3 Markets can also reopen verification at any time and suspend the account while it waits.

Why this matters

A request for paperwork can arrive while you are travelling and cost you the payout you asked for. You then start the withdrawal again from the beginning.

Exhibit 20WarningHarder than usual3 days

If any of the KYC documents is expired or due to expire, the Company will be contacting the Client to request the updated documents and the Client shall need to provide them within 3 (three) days, otherwise the withdrawal request will be cancelled and the funds will be returned to the Client's wallet.
Clause 2 in Refund Policy
Read from the broker's site on Open the reference

If an affiliate code opened your account, the Privacy Policy shares your name, account identifier, trading activity and performance data with that affiliate. Accepting the terms is the consent, and the Affiliate Terms promise the partner access to all data and trades of the clients they refer.

Why this matters

A salesperson paid per lot you trade can watch what you trade and how well it goes. The documents offer no way to switch that sharing off while keeping the account.

Exhibit 21WarningHarder than usual

This may include your name, account identifier, trading activity, and related performance data, but shall not extend to sensitive financial credentials (such as full payment details).
Clause 7 in Privacy Policy
Read from the broker's site on Open the reference

Where it sits: section 10 of 40 in the Privacy Policy, near the start.

Advertised as an ECN broker, written as your counterparty

The TX3 Markets homepage sells true ECN execution with direct access to top tier liquidity providers. Clause 4.6.1 says the firm may act as the counterparty to any trade you place. No conflict of interest policy is published, although clause 6.3 of the FAIS Disclosure says a full copy is on the website.

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.

Who you trade against1 clause flagged

The homepage sells true ECN execution with direct access to top tier liquidity providers. Clause 4.6.1 says TX3 Markets may act as the counterparty to any trade you place, which means it can be on the other side of your position.

Why this matters

When the firm is the counterparty, your loss can be its gain, and its own quotes are the only price you see. No conflict of interest policy is published, although the FAIS Disclosure says a full copy is on the website.

Exhibit 16WarningStandard wording

The Customer hereby acknowledges and agrees that TX3 Markets Global LTD may act as the counterparty to the Customer for any trade entered for the undersigned's account.
Clause 4.6.1 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 2026The claim, on English homepage, opening sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of tx3markets.com, taken on Oct 2, 2026What the contract says, clause 4.6.1Visit this page on the broker's siteDownload the full size image file

Where it sits: section 10 of 36 in the Terms & Conditions, 28% of the way through.

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

Firms licensed by the FCA or CySEC must tell a retail client when they deal on their own account against that client, and must make a conflicts of interest policy available. This contract carries the consent and the site carries no policy.

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

2% of the balance a month once the account sits still

TX3 Markets charges 2% of the remaining balance each month, or $10 if that is more, after 90 days with no trade, deposit or withdrawal. The contract names an idle account charge and gives no figure, so the only published numbers sit in one help article. Balances under $2,000 are exempt.

In plain words

Dormancy means an account left unused.

Dormancy cost1 clause flagged

After 90 days with no trade, no deposit and no withdrawal, TX3 Markets charges 2% of your remaining balance every month, or $10, whichever is higher. The contract only calls this an idle Account charge and never gives a figure. The numbers live in one help article.

Why this matters

Stop trading for three months with $10,000 sitting there and you lose $200 a month for doing nothing. Accounts under $2,000 are left alone, so this bites the larger balances.

Exhibit 10WarningHarder than usual2%

If two percent (2%) of your balance is less than ten USD ($10), the minimum monthly fee of ten USD ($10) will still apply
Clause How much is the inactivity fee? in Inactivity Fee
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
Day 90The account counts as inactive if no trade, deposit or withdrawal happened and the balance is $2,000 or more.
Every month after2% of the remaining balance is charged, with $10 as the floor.

The FSCA licence belongs to a different company from the one you contract with

You contract with TX3 Markets Global LTD in Saint Lucia, licensed by the Mwali International Services Authority of the Comoros under BFX2025154. FSP number 53180 belongs to TX3 Markets Global (PTY) LTD, which its own FAIS Disclosure says renders intermediary services only. The Risk Disclosure confirms the Comoros framework carries no statutory investor compensation scheme.

Who holds your money2 clauses flagged

You contract with TX3 Markets Global LTD in Saint Lucia, licensed by the Mwali International Services Authority of the Comoros. The FSCA number the site leads with belongs to TX3 Markets Global (PTY) LTD, which the FAIS Disclosure says provides intermediary services only.

Why this matters

The regulator named in the marketing does not supervise the company holding your money or executing your trades. The about page shows the Saint Lucia company registration number where a licence number belongs.

Exhibit 23WarningHarder than usual

This Disclosure Document applies exclusively to the intermediary services rendered by TX3 MARKETS GLOBAL (PTY) LTD under its South African licence. It does not extend to the services of TX3 MARKETS GLOBAL LTD, incorporated in Saint Lucia, which is a separate legal entity responsible for client onboarding, trading execution, custody of funds, and account maintenance.
Clause 1.2 in FAIS Disclosure
Read from the broker's site on Open the reference
Our own capture of tx3markets.com, taken on Oct 2, 2026The claim, on About page, opening paragraph under the Regulation heading in the navigationVisit this page on the broker's siteDownload the full size image file
Our own capture of tx3markets.com, taken on Oct 2, 2026What the contract says, clause 1.3Visit this page on the broker's siteDownload the full size image file

Where it sits: section 2 of 36 in the FAIS Disclosure, near the start.

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

Firms licensed by the FCA, CySEC or the FSCA must make clear which legal entity a retail client contracts with and which regulator covers it. These documents do make the split clear, and the marketing presents one regulated brand.

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

The contract promises an Execution Policy, the FAIS Disclosure promises a conflict of interest policy on the website, and the Privacy Policy points to a Cookie Notice. None of the three is on the legal documents page. The Risk Disclosure also describes client money against the law of the Marshall Islands, which is not a jurisdiction this firm names anywhere else.

Why this matters

You cannot read the policy that governs how your orders are filled, because it is not published. The Marshall Islands reference and the blank product list in the FAIS Disclosure suggest paperwork assembled from another firm's templates.

Exhibit 24NoticeHarder than usual

The legal and regulatory regime applying to any such Credit Institution will be different from that of Marshall Islands and in the event of the insolvency or any other analogous proceedings in relation to that Credit institution, the Customer money may be treated differently from the treatment which would apply if the money was held with a bank in an account in Europe.
Clause 4.3 in Risk Disclosure
Read from the broker's site on Open the reference

Buried at section 18 of 29 in the Risk Disclosure, 62% 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 site promises a segregated client account while the contract says the separation exists only in the firm's own books and the money is not insured.

Said in public, in English

We're well capitalized, licensed, regulated, and keep our client funds in a segregated account.

English homepage, Trade 300+ Instruments section, repeated on the funding page and the about page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

In the contract · clause 2.2

The Customer acknowledges and agrees that accounts are only separated in the books and records of TX3 Markets Global LTD. The Customer also acknowledges that their funds are not insured and are deposited with a liquidity provider chosen at the sole discretion of TX3 Markets Global LTD.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

02

The Spanish site makes the same segregation promise that the Spanish contract contradicts two clicks away.

Said in public, in Spanish

Somos una empresa sólidamente capitalizada, licenciada y regulada, y mantenemos los fondos de nuestros clientes en cuentas segregadas.

Word for word in English: We are a solidly capitalized, licensed and regulated company, and we keep our clients' funds in segregated accounts.

Spanish funding page, the three steps block

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

In the contract · clause 2.2

El Cliente reconoce y acepta que las cuentas sólo se separan en los libros y registros de TX3 Markets Global LTD. El cliente también reconoce que sus fondos no están asegurados y están depositados en una proveedor de liquidez elegido a exclusivo criterio de TX3 Markets Global LTD.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

03

Negative balance protection is advertised on every account while the contract makes you fund the shortfall before any withdrawal.

Said in public, in English

Negative Balance Protection Yes

Account types page, the specification table, shown for all five account types including the default ECN Standard

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

In the contract · clause 2.5.1

If at any time the Client's trading account balance becomes negative, the Client shall be required to fully offset the negative balance by depositing additional funds or through realized profits on the account before any request for withdrawal of funds can be processed or honored by the Company.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

04

The Refund Policy says withdrawals are free while the help centre charges 2.5% on the only bank route out.

Said in public, in English

The Company does not charge any fees for deposits or withdrawals.

Refund Policy, clause 1, on the legal documents shelf

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

In the contract · clause Are there any withdrawal fees?

Yes. A 2.5% withdrawal fee applies to all withdrawals processed via Flutterwave.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of faq.tx3markets.com

05

The help centre promises next business day while the contract reserves up to five business days just to process the request.

Said in public, in English

Funds are typically received in your nominated bank account on the next business day, although processing times may vary depending on your bank and local banking network.

Withdrawals help article, under How long do withdrawals take?

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of faq.tx3markets.com

In the contract · clause 4.3.4

The Customer must be aware that TX3 Markets Global LTD requires two (2) to five (5) business days to process withdrawal requests.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

06

The eligibility page bars two European countries while the contract also bars Estonia and Finland among others.

Said in public, in English

Cyprus, Russia

Restricted Countries and Regions help page, the entire Europe row of the eligibility table

In the contract · clause 2.2

Cyprus, Eritrea, Estonia, Finland, Guam, Haiti, Iran (Islamic Republic of Iran), Iraq, Israel

07

The homepage sells ECN execution against outside liquidity while the contract lets the firm take the other side of your trade.

Said in public, in English

Trade Forex, Indices, Metals, Cryptos and Stocks with Raw Spreads on a truly regulated ECN Broker.

English homepage, opening section

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

In the contract · clause 4.6.1

The Customer hereby acknowledges and agrees that TX3 Markets Global LTD may act as the counterparty to the Customer for any trade entered for the undersigned's account.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

08

Regulation in multiple jurisdictions is claimed for a brand whose trading relationship sits with one Saint Lucia company outside the FSCA framework.

Said in public, in English

We are regulated in multiple jurisdictions and have a passion to provide traders around the world with superior platform, ultra- tight spreads and a demonstrated commitment to support our clients 24/5.

About page, opening paragraph under the Regulation heading in the navigation

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

In the contract · clause 1.3

Clients are reminded that while TX3 MARKETS GLOBAL (PTY) LTD provides financial intermediation to South African residents, all trading relationships are contractually entered into with TX3 MARKETS GLOBAL LTD under the laws of Saint Lucia.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tx3markets.com

09

The number the about page prints as a licence number is the Saint Lucia company registration number, and the licence number is BFX2025154.

Said in public, in English

License Number 2023-00449

About page, Saint Lucia row of the Entities and Regulation table, under Regulated by Mwali International Services Authority

In the contract

TX3 Markets Global LTD is incorporated in Saint Lucia (Registration No. 2023-00449) and holds an International Brokerage and Clearing House License issued by the Mwali International Services Authority of the Union of the Comoros (Autonomous Island of Mwali – Mohéli).

10

The homepage offers card deposits that the Refund Policy says are not currently available.

Said in public, in English

Visa, Mastercard, and more.

English homepage, Payment Methods section, under the heading Deposit with FIAT

In the contract · clause 1

Currently TX3 MARKETS GLOBAL LTD does not offer bank card or Vload methods for deposit.

11

The site invites you to follow two accounts the contract says the firm does not operate and has not authorised.

Said in public, in English

Follow us on Instagram

Footer link on every page, pointing to instagram.com/tx3markets

In the contract · clause 10.1

TX3 Markets does not operate and/or maintain any official social media accounts on any platform(s).

12

Partners are told rates change with notice and the Affiliate Terms say without prior notice.

Said in public, in English

Rates are subject to the full partner terms and may change with notice.

Partners page, the rules in plain language section

In the contract · clause 5.4

The Company may amend commission rates, bonus schedules, qualification criteria, thresholds, caps or payment procedures without prior notice.

13

A 25% performance fee is advertised while the published Copy Trading Terms define the high water mark and contain no clause that charges or caps the fee.

Said in public, in English

The current master charges a 25% performance fee with a high-water mark and a $0 joining fee.

Copy trading page, the fee model section

In the contract · clause 2.7

"High-Water Mark (HWM)" means a method of calculating performance fees based solely on net new profits.

What changed quietly

This is our first reading of TX3 Markets, so there is nothing yet to compare it against.

  • ADDEDClause 2.3.1

    TX3 Markets dates the news and weekend controls from 1 October 2026 in the clause itself, so they began the same week we read the contract.

    Effective from 1 October 2026, the Company will apply the following controls during designated economic news events and weekend market closures.

The documents this reading is based on

20 files, all published by EPFX. 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 EPFX publishes.

How this reading was done

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

This reading was published on .

Documents
16 of 20downloaded from the broker's site, and 16 read in full
Pages opened
68pages walked to find those documents, footer links included
Marketing pages
5public pages set against what the contract says
Languages
EN vs ESthe language it advertises in, against the language it contracts in
Position measured
7clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

TX3 Markets Global LTD

A client contracts with TX3 Markets Global LTD, incorporated in Saint Lucia under Reg. No. 2023-00449 and licensed as an International Brokerage and Clearing House by the Mwali International Services Authority of the Union of the Comoros under licence BFX2025154. The FSCA licence number 53180 that the homepage leads with belongs to TX3 Markets Global (PTY) LTD, a separate South African company. Clause 1.2 of the FAIS Disclosure says that licence covers intermediary services only and does not extend to the Saint Lucia company, which holds the money and runs the accounts. The epfx.com address on our record now serves the TX3 Markets site, and the name EPFX appears in none of these documents.

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

The Risk Disclosure says plainly that the Comoros framework provides no statutory investor compensation scheme, which many offshore brands leave unsaid. The FAIS Disclosure separates the two companies in its second clause instead of burying it. The abusive trading clause carries a good faith test and states that profit alone does not prove abuse. The leverage tier table is published in full, with every balance threshold, and the inactivity fee skips balances under $2,000.

Three of the eleven pages on the legal documents shelf are South African access to information forms, and the forms themselves did not display, so we did not read them. The bonus terms, the inactivity fee and the withdrawal fee are published in the help centre rather than with the legal documents, and that is where we read them. We found no conflict of interest policy, no order execution policy and no cookie notice anywhere on the site, although the documents refer to all three. We checked the Spanish and French funding pages and the Spanish contract, and we did not read the French contract. No earlier version of any of these documents is available, so this is a first reading with nothing to compare against.

How to check any of this yourself

Every quote above links to the EPFX 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 EPFX 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 EPFX 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 2, 2026.

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

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