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Contract reading

What Euro Finance legally published, but does not want you to read

Every clause below is published by Euro Finance 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: EURO-FINANCE AD

hidden feesole discretionmarketing contradictiondeemed acceptancecomplaintskyc freezestale documentchannel pricingcompensation capdaily penalty

Euro Finance is a Bulgarian investment firm licensed by the FSC, and it publishes a full set of legal documents in two languages. Its CFD pages promise protection from a negative balance. Its contract makes you cover that balance and pay 0.1% of it for every day you are late. You get 3 working days to object to a statement, counted from the moment Euro Finance sends the email. Taking your own cash out at the counter now costs 0.90%, and the deposit page still links to the fee schedule repealed on 15 September 2026.

Back to Euro Finance

Contract risk

Money at risk
6.0/10

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

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
3
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
15
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
8

How the 21 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical3
Warning14
Notice4

section 53 of 60is where the deepest clause sits, 88% 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.

Critical0.1%In the contract. Jump to the clause this comes from.Negative balance protection advertised, daily penalty in the contractCritical3 working daysTime to complain. Jump to the clause this comes from.Three working days to object to any statement0.9%Fee you were not shown. Jump to the clause this comes from.Cash withdrawals cost 0.90%, deposit page shows 0.60%30%Account limit. Jump to the clause this comes from.Positions closed without notice at prices agreed in advance

What the documents say

21 clauses worth knowing about, worst first, each quoted from Euro Finance's own files

01

Euro Finance advertises negative balance protection on its CFD pages in English and Bulgarian. If your account goes below zero, you have to pay the shortfall back. Clause IX.9 of the General Terms adds 0.1% of that balance for every day you are late.

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 loss bigger than your deposit can leave you owing Euro Finance money rather than sitting at zero. The penalty runs every day until the account is back above zero, and the MetaTrader 5 rules say the same thing.

Exhibit 1CriticalRarely seen0.1%

The client shall be obliged to cover the shortfall in his account and shall also be liable for a penalty of 0.1% on the negative balance for each day of delay.
Clause IX.9 in General terms of business, p.22
Downloaded from the broker's site on Open the reference

Buried at section 37 of 60 in the General terms of business, 62% of the way through.

What it costsA negative balance of 500 euro left for 30 days adds 15 euro of penalty, on top of the 500 euro you have to pay back.

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

Firms applying the retail rules for contracts for difference in the European Union cap a retail client's loss at the money in the trading account. This contract requires the client to cover the shortfall and adds 0.1% a day.

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

Our readingRetail contracts for difference in the European Union normally write a negative balance off. This one asks for the money back and charges a daily penalty until it is paid.

  • Worse together with Exhibit 7Euro Finance closes your positions at prices you agreed to in advance, and whatever shortfall that leaves is the balance you then owe.
02

You get 3 working days to object in writing to a statement Euro Finance sends you. The clock runs from the date of notification, not from the day you open the message.

Why this matters

A wrong trade, an unexpected charge or a closure you dispute has to be challenged inside three working days. Miss it and you are arguing outside the deadline your own contract sets.

Exhibit 2CriticalHarder than usual3 working days

If client has objections to the statements provided to him, he shall submit them in writing within 3 working days from the date of notification.
Clause XII.10 in General terms of business, p.29
Downloaded from the broker's site on Open the reference

Buried at section 48 of 60 in the General terms of business, 80% of the way through.

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

Under the FCA and CySEC regimes a retail client who disputes a transaction is not held to a few days, and the firm must point the client to an independent complaints scheme. This clause allows three working days from notification.

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

  • Worse together with Exhibit 6The deadline starts when Euro Finance sends the email, so part of your three days can pass before you have read anything.
03

Euro Finance can annul a trade that is already confirmed and settled, if it decides the price came from an incorrect quote caused by a technical problem. Clause 69 lets it cancel trades it judges to have relied on slow quotes, and switch off your account.

Why this matters

A profit you have already banked can be taken back later on Euro Finance's own assessment. It has to use what it calls the fair market price, and it decides what that is.

Exhibit 4CriticalHarder than usual

ЕВРО-ФИНАНС АД има право по своя преценка да анулира сключени сделки (включително сделки, които са били потвърдени и чийто сетълмент е приключил) при отчитане на справедливата пазарна цена, в случаите когато дадена сделка е била сключена на базата на некоректна котировка поради технически проблеми с електронната система за търговия EF MetaTrader 5, която не е по вина на посредника.
Clause 67 in Специални условия за ползване на EF MetaTrader 5, p.18
Read from the broker's site on Open the reference
04

Taking your own cash out at Euro Finance's counter costs 0.90% under the fee schedule in force since 15 September 2026. Paying cash in is free. The deposit page still links to the schedule repealed that day, which says 0.60%.

Why this matters

Withdrawing 5,000 euro in cash costs you 45 euro, not the 30 euro the linked schedule suggests. You find the real price only by opening the fee schedule on the legal documents page.

Exhibit 3WarningHarder than usual0.9%

Art. 24. Cash withdrawals at the cash desk 0.90%
Clause Art. 24 in Schedule of fees, p.4
Read from the broker's site on Open the reference

Buried at section 25 of 34 in the Schedule of fees, 74% of the way through.

What it costs5,000 euro taken out in cash costs 45 euro at 0.90%. The same withdrawal cost 30 euro before 15 September 2026.

  • Worse together with Exhibit 5The deposit page points at an old fee schedule and an old contract at the same time, so both the price and the terms you see there are out of date.
05

Euro Finance asks you to accept its Terms and Conditions on the English deposit page. The copy behind that tick box is the version replaced on 1 January 2026, and it still gives your compensation cap as 40,000 lev. The version in force says 20,000 euro.

In plain words

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

Why this matters

You are agreeing to a contract that is not the one in force, and neither copy tells you which is current. Euro Finance promises a month's notice of any change, which only works if the file you are shown is the new one.

Exhibit 5WarningHarder than usual

The amount of the compensation shall be set at 90% of the value of the claim, but not more than BGN 40 000, for each retail client.
Clause IV.2 in General terms of business (copy linked from the deposit page), p.9
Downloaded from the broker's site on Open the reference

The CFD pages promise a protection the contract does not give

0.1% a day is what Euro Finance's contract charges on a negative balance, while its CFD pages advertise negative balance protection in English and Bulgarian. Clause IX.9 of the General Terms and clause 48 of the MetaTrader 5 rules both make you cover the shortfall. The same pages promise no fees and commissions above a contract that charges an overnight swap, and print two different retail loss figures, 61.5% and 68.4%.

Promise against contract2 clauses flagged

Euro Finance's CFD pages promise no fees and commissions. Every position you still hold at the end of the trading day is rolled over with an interest swap charged to your account.

Why this matters

Holding a CFD overnight costs you money the page you were sold on does not mention. The fee schedule has no CFD section at all, and the contract sends you to the website for the numbers.

Exhibit 14WarningStandard wording

По сметката за търговия на клиента се отразяват единствено реализираните положителни или отрицателни курсови разлики, както и разликите, получени в резултат на начисляването на лихвен суап върху откритите към края на работния ден позиции, плащания на лихви, дивиденти и други.
Clause IX.2 in Общи условия, приложими към договорите с клиенти, p.18
Read from the broker's site on Open the reference

Euro Finance warns at the top of its CFD pages that 61.5% of retail accounts lose money with it. The footer of the same page says 68.4%.

Why this matters

One of those numbers is out of date and nothing on the page tells you which. On the higher figure, about two in every three retail clients here lose money.

Exhibit 19Notice68.4%

Информацията, която ЕВРО-ФИНАНС АД предоставя на клиентите си, както и на потенциални клиенти, включително в рекламните си материали, трябва да бъде вярна, ясна и да не бъде подвеждаща.
Clause XI.1 in Общи условия, приложими към договорите с клиенти, p.20
Read from the broker's site on Open the reference
Our own capture of eurofinance.bg, taken on Oct 6, 2026The claim, on Footer risk warning on the same page whose top banner says 61.5%Visit this page on the broker's siteDownload the full size image file

Taking your own cash out costs 0.90%, and the deposit page shows the old price

0.90% is what Euro Finance charges to hand you your own cash, under the fee schedule in force since 15 September 2026. The deposit page still links to the schedule repealed that day, which says 0.60%. An order placed by phone or in the office costs 1.50% against 0.30% online, third party costs are passed on and re-invoiced, and conversions run at a rate Euro Finance sets itself.

Cost disclosure3 clauses flagged

A share purchase on the Bulgarian exchange costs 0.30% through Euro Finance's EFOCS platform and 1.50% if you place the same order in the office or by telephone. The minimum fee rises from 3 euro to 5 euro.

Why this matters

A 5,000 euro trade costs you 15 euro online and 75 euro by phone. The phone is also the route Euro Finance points you to when the platform is unavailable.

Exhibit 11WarningHarder than usual1.5%

For retail clients 0.30%
Clause Art. 1 in Schedule of fees, p.2
Read from the broker's site on Open the reference

What it costsA 5,000 euro purchase costs 15 euro at 0.30% and 75 euro at 1.50%.

Euro Finance charges you every third party cost linked to your instruments and re-invoices it. Custody fees follow UniCredit Bulbank's own schedule, and a transfer abroad costs whatever the banks in the chain charge.

Why this matters

You cannot total these costs from Euro Finance's own fee schedule, because two of them point at other firms' price lists. Its homepage advertises the EFOCS platform as having no other costs.

Exhibit 12WarningStandard wording

All other costs relating to the client's financial instruments and the transactions carried out by the client which are payable to third parties are entirely for the account of the client and shall be re-invoiced to the client, respectively charged by EURO-FINANCE AD.
Clause §.6 in Schedule of fees, p.6
Read from the broker's site on Open the reference

Euro Finance converts your money at its own buy or sell rate, and clause X.4 then states that no other costs are connected with the exchange. The rate itself is where the cost sits.

Why this matters

Every deposit in another currency, every overnight charge and every debt settled passes through a rate Euro Finance quotes. The General Terms do not say how far that rate may sit from the market.

Exhibit 13WarningHarder than usual

Когато дадена част от съвкупните разходи и такси трябва да се плати или представлява сума в чуждестранна валута, ЕВРО-ФИНАНС АД ще указва съответната валута и ще прилага съответния курс “купува” или “продава”, който е обявил към момента на плащане. Не съществуват други разходи, свързани с обмяната.
Clause X.4 in Общи условия, приложими към договорите с клиенти, p.20
Read from the broker's site on Open the reference

Buried at section 38 of 60 in the Общи условия, приложими към договорите с клиенти, 63% of the way through.

Positions closed without notice, at prices you agreed to in advance

30% is the margin level at which Euro Finance may close part or all of your positions, without notice and without your approval. You agree in advance, unconditionally and irrevocably, to the prices it closes them at. It can also raise the margin on positions you already hold, and the contract you accept on the English deposit page is the version replaced in January 2026.

Unilateral powers2 clauses flagged

Euro Finance can close some or all of your positions without notice and without your approval once the margin on your account reaches 30%. You agree in advance, unconditionally and irrevocably, to the prices it closes them at.

Why this matters

You cannot dispute the closing price afterwards, because the contract records your agreement to it before the event. Euro Finance can also raise the margin needed on positions you already hold, with no notice.

Exhibit 7WarningHarder than usual30%

The positions with the highest negative result shall be closed with priority in order to release sufficient funds in the client's account, and the client unconditionally and irrevocably agrees to the prices at which the positions are closed.
Clause IX.7 in General terms of business, p.21
Downloaded from the broker's site on Open the reference

Buried at section 37 of 60 in the General terms of business, 62% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Margin at 50%You must pay in more money at once or close positions yourself.46
Margin at 30%Euro Finance can close part or all of your positions without notice, worst losses first.47
Balance below zeroYou must cover the shortfall and you owe 0.1% of it a day.48

The MetaTrader 5 terms put the risk of a third party's unlawful acts entirely on you. If somebody trades your account with your username and password, Euro Finance says the loss is not its responsibility.

Why this matters

A stolen password can empty the account and the contract leaves the bill with you. The terms for Euro Finance's stock platform add an exception where the firm itself failed to take due care, and the CFD platform terms have no such exception.

Exhibit 9WarningHarder than usual

Рискът от неправомерни действия на трети лица, свързан с подаването на нареждания, респективно откриването на позиции, чрез електронната система за търговия EF MetaTrader 5, е изцяло за сметка на КЛИЕНТА.
Clause 63 in Специални условия за ползване на EF MetaTrader 5, p.18
Read from the broker's site on Open the reference
  • Worse together with Exhibit 2You carry the loss from someone else's trading and you have three working days from the statement to say so.

Three working days to object, counted from the day the email goes out

3 working days is all you get to object in writing to a Euro Finance statement. Euro Finance treats an email as received the moment it sends it, so the clock can start before you have read anything. For a pricing error on its MetaTrader 5 platform it accepts liability only once a ruling that cannot be appealed has found its staff at fault.

Complaint deadline3 clauses flagged

Euro Finance treats a notice as received when it sends the email, not when it arrives or when you read it. The rule sits in the clauses on moving money between your subaccounts and on closing your positions, and in the MetaTrader 5 terms.

Why this matters

A margin call or a forced closure can be official while the message is still in your spam folder. You also gave advance consent to be told everything by email, and the contract calls that consent irrevocable.

Exhibit 6WarningHarder than usual

In the case of notification by e-mail, EURO-FINANCE AD shall assume that the client has received the notification with the sending of the e-mail message to the e-mail address provided by the client.
Clause IX.7 in General terms of business, p.22
Downloaded from the broker's site on Open the reference

Buried at section 37 of 60 in the General terms of business, 62% of the way through.

Euro Finance accepts responsibility for a pricing error only where its staff are at fault and that fault is proven by a decision of a competent authority which cannot be appealed. In the General Terms, ordinary carelessness by its staff is outside its liability altogether.

Why this matters

Nothing is owed to you while any appeal is still open, so a claim has to run to the very end of the process first. You also promise to cover Euro Finance's costs and legal expenses if you breach the platform terms.

Exhibit 8WarningRarely seen

ЕВРО-ФИНАНС АД носи отговорност за претърпените от КЛИЕНТА загуби и/или пропуснати ползи по изречение първо, когато явната грешка е причинена от виновно поведение или груба небрежност от страна на негови служители, доказани с окончателно, неподлежащо на обжалване, решение на компетентен орган.
Clause 52 in Специални условия за ползване на EF MetaTrader 5, p.17
Read from the broker's site on Open the reference

Buried at section 53 of 60 in the Специални условия за ползване на EF MetaTrader 5, 88% of the way through.

Our readingTying the firm's own liability to a final unappealable ruling reverses the usual order, in which the ruling is what decides whether anything is owed.

Euro Finance's complaints policy tells you to email complaints to compliance@eurofinance.bq. The working address, two sections later in the same document, ends in.bg.

Why this matters

A complaint sent to the printed address reaches nobody. Nothing in the policy sets a deadline for complaining, so what you lose is time rather than the right itself.

Exhibit 18Notice

По електронна поща на e-mail: compliance@eurofinance.bq.
Clause II.1.3 in Политика за управление на жалби, p.3
Read from the broker's site on Open the reference

Asking what Euro Finance holds on you needs a paid signature

Euro Finance acts on a data request sent by email only if you sign it with a qualified electronic signature, a paid certificate in Bulgaria. It can also refuse a request that would cut across its own internal policies, and its privacy policy gives no retention period for the ID copy and identity number it keeps. A reasonable suspicion of money laundering is enough for it to stop your orders and end the contract, with no compensation owed.

Data and freezes2 clauses flagged

Euro Finance will act on a request about your personal data sent by email only if it carries a qualified electronic signature. It can also decline a request that would breach its own internal policies.

Why this matters

A qualified signature is a paid certificate, so asking what Euro Finance holds on you costs money or a trip to the office. The privacy policy gives no period for keeping your ID copy and your identity number.

Exhibit 16WarningHarder than usual

В случай, че Вашето искане е подадено по електронна поща на посочения по-горе e-mail адрес, същото следва да бъде подписано с квалифициран електронен подпис.
Quoted in Политика за поверителност клиенти, p.6
Read from the broker's site on Open the reference

Euro Finance stops executing your orders and can terminate your contract if a fact is established or a reasonable suspicion arises of money laundering, insider dealing or market manipulation. It owes you no compensation or penalty in that case.

Why this matters

Your money stays where it is while that runs, and the contract sets no time limit and no appeal. The law requires the firm to act on suspicion, so the part worth knowing is that no process is written in for you.

Exhibit 17WarningStandard wording

In this case, EURO-FINANCE AD shall not owe any compensation or penalty to the clients concerned.
Clause VII.13 in General terms of business, p.15
Downloaded from the broker's site on Open the reference

Where it sits: section 24 of 60 in the General terms of business, 40% of the way through.

No dealing desk, with Euro Finance on the other side of the trade

Euro Finance's conflicts policy states that it is the counterparty for the products it creates and that it sets the price it quotes. Its CFD pages advertise no dealing desk execution. Clause VII.25 of the General Terms lets it negotiate with itself, for its own account or for someone else's.

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

Euro Finance's conflicts policy says it is the counterparty for the products it creates, and that it sets the price it quotes. Its CFD pages advertise no dealing desk execution.

Why this matters

Your loss on those products is Euro Finance's gain, which its own policy states in plain words. The General Terms also let it deal with itself on your order unless your contract bars that.

Exhibit 15WarningStandard wording

при търговия с финансови инструменти, създадени и предлагани от ЕВРО-ФИНАНС АД, ЕВРО-ФИНАНС АД е насрещна страна и действа като създател на продуктите, които предлага за търговия, което може да създаде риск от конфликти на интереси. При тези продукти ЕВРО-ФИНАНС АД определя цената, по която котира предлаганите продукти;
Quoted in Политика за предотвратяване и управление на конфликти на интереси, p.5
Downloaded from the broker's site on Open the reference

Three months of quiet costs the platform, a year costs the contract

Euro Finance can cut your access to EF MetaTrader 5 after 3 months without a position, under clause 18.2 of the platform rules. After one year without an order it can end the contract on its own, and clause VI.8 treats you as notified because you accepted the General Terms. There is no dormancy fee anywhere in the fee schedule.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Euro Finance can cut your access to EF MetaTrader 5 after 3 months with no open position and no trading. After one year without an order it can terminate your contract on its own.

Why this matters

You count as notified of that termination because you accepted the General Terms, so no warning has to reach you. Getting your money and instruments out then takes up to seven days, and only once every charge is settled.

Exhibit 10WarningHarder than usual

При неактивност на КЛИЕНТА в продължение на 3 месеца, в случай че КЛИЕНТЪТ няма отворена позиция и през посочения период не е откривал или закривал позиции в системата.
Clause 18.2 in Специални условия за ползване на EF MetaTrader 5, p.9
Read from the broker's site on Open the reference

Where it sits: section 18 of 60 in the Специални условия за ползване на EF MetaTrader 5, 30% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
3 months without a tradeEuro Finance can end your access to EF MetaTrader 5, temporarily or for good.18.2
1 year without an orderEuro Finance can terminate the contract on its own, and you count as notified.VI.8
After terminationYour money and instruments move out within seven days, once all charges are paid.VI.9.3

You can read the contract in English, but the Bulgarian text decides

Euro Finance publishes its General Terms in English and says that version reflects the Bulgarian original fully and accurately. The same clause gives the Bulgarian text the final say, and disputes go to the court at its seat in Sofia. The English copy already prints the share capital as 7 191 00,02 euro, where the Bulgarian version gives 7 191 001.02.

Language and forum1 clause flagged

Euro Finance publishes its General Terms in English and says that version reflects the Bulgarian original fully and accurately. The same clause gives the Bulgarian text the final say on meaning. Disputes go to the court where Euro Finance has its seat, in Sofia.

Why this matters

If the two versions ever differ, the one you cannot read is the one that counts. The English copy already prints the share capital as 7 191 00,02 euro, where the Bulgarian gives 7 191 001.02.

Exhibit 21NoticeStandard wording

The English version reflects fully and accurately the content and meaning of the Bulgarian original. Where necessary, the meaning, interpretation and construction of the Bulgarian text shall prevail.
Clause XIX.5 in General terms of business, p.32
Downloaded from the broker's site on Open the reference

Where it sits: section 18 of 60 in the General terms of business, 30% of the way through.

90% of your claim, capped at 20,000 euro, and nothing for professional clients

Euro Finance is licensed by Bulgaria's Financial Supervision Commission and pays into the national investor compensation fund. The fund covers 90% of a retail claim, up to 20,000 euro, and clause IV.5 excludes clients treated as professional. Euro Finance's own licences page still states the cap as 40,000 lev, a currency that stopped being legal tender on 1 February 2026.

What is covered1 clause flagged

If Euro Finance cannot return your assets, Bulgaria's investor compensation fund pays 90% of your claim, capped at 20,000 euro. Clients treated as professional get nothing from the fund.

Why this matters

Anything above 20,000 euro in your account sits outside the safety net, and so does 10% of the rest. Euro Finance's own licences page still states the cap as 40,000 lev, which stopped being legal tender on 1 February 2026.

Exhibit 20NoticeStandard wording

The amount of the compensation shall be set at 90% of the value of the claim, but not more than € 20 000, for each retail client.
Clause IV.2 in General terms of business, p.9
Downloaded from the broker's site on Open the reference

Where it sits: section 15 of 60 in the General terms of business, near the start.

Where the marketing and the contract disagree

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

01

The product page promises protection from a negative balance while the contract on the same site makes the client pay it back with a daily penalty.

Said in public, in English

NEGATIVE BALANCE PROTECTION

Feature list on the English CFD product page, under the heading Why trade CFDs with EuroFinance?

In the contract · clause IX.9

The client shall be obliged to cover the shortfall in his account and shall also be liable for a penalty of 0.1% on the negative balance for each day of delay.

02

The Bulgarian product page makes the same promise that the MetaTrader 5 rule book contradicts.

Said in public, in BG

ЗАЩИТА ОТ ОТРИЦАТЕЛЕН БАЛАНС ПО СМЕТКА

Word for word in English: PROTECTION FROM A NEGATIVE ACCOUNT BALANCE

Feature list on the Bulgarian CFD product page

In the contract · clause 48

КЛИЕНТЪТ е длъжен да покрие недостига по сметката си, като същият дължи и неустойка съгласно Общите условия, приложими към договорите с клиенти.

03

Euro Finance lists negative balance protection among the measures it applies, and the clause that contradicts it survived the January 2026 amendment unchanged.

Said in public, in BG

Тези мерки включват ограничения по отношение на използването на ливъридж (подробно описани по-долу), защита срещу отрицателен баланс по сметката за търговия, както и изисквания за нивото на маржина по сметката за търговия, при което автоматично се затварят отворените позиции по сметката.

Word for word in English: These measures include restrictions on the use of leverage (described in detail below), protection against a negative balance on the trading account, and requirements for the margin level on the trading account at which open positions are closed automatically.

Euro Finance's own page on the ESMA restrictions, which adds that it complies with all guidance from ESMA and the Financial Supervision Commission

In the contract · clause IX.9

Клиентът е длъжен да покрие недостига по сметката си, като същият дължи и неустойка в размер на 0,1% върху отрицателното салдо за всеки един просрочен ден.

04

The page promises no fees or commissions while the contract charges an interest swap on every position held to the end of the day.

Said in public, in English

NO FEES AND COMMISSIONS

Feature list on the English CFD product page

In the contract · clause IX.2

По сметката за търговия на клиента се отразяват единствено реализираните положителни или отрицателни курсови разлики, както и разликите, получени в резултат на начисляването на лихвен суап върху откритите към края на работния ден позиции, плащания на лихви, дивиденти и други.

05

The page advertises no dealing desk while the conflicts policy states that Euro Finance is the counterparty and sets the price.

Said in public, in English

NO DEALING DESK EXECUTION

Feature list on the English CFD product page

In the contract

при търговия с финансови инструменти, създадени и предлагани от ЕВРО-ФИНАНС АД, ЕВРО-ФИНАНС АД е насрещна страна и действа като създател на продуктите, които предлага за търговия, което може да създаде риск от конфликти на интереси.

06

The homepage promises no other costs while the fee schedule passes every third party cost to the client and re-invoices it.

Said in public, in BG

Без други разходи

Word for word in English: No other costs

Bullet under the homepage headline inviting visitors to the EFOCS platform

In the contract · clause §.6

All other costs relating to the client's financial instruments and the transactions carried out by the client which are payable to third parties are entirely for the account of the client and shall be re-invoiced to the client, respectively charged by EURO-FINANCE AD.

07

One page carries two different retail loss figures, against the General Terms requirement that advertising be true, clear and not misleading.

Said in public, in English

68.4% of retail investor accounts lose money when trading CFDs with this provider.

Footer risk warning on the same page whose top banner says 61.5%

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

In the contract · clause XI.1

Информацията, която ЕВРО-ФИНАНС АД предоставя на клиентите си, както и на потенциални клиенти, включително в рекламните си материали, трябва да бъде вярна, ясна и да не бъде подвеждаща.

08

The contract you accept to deposit is the version replaced on 1 January 2026, and it still states the compensation cap in lev.

Said in public, in English

I accept Terms&Conditions and Privacy Policy

Tick box on the English deposit form, linking to a copy of the General Terms last changed in July 2023

In the contract · clause IV.2

The amount of the compensation shall be set at 90% of the value of the claim, but not more than BGN 40 000, for each retail client.

What changed quietly

First reading of Euro Finance, so there is nothing to compare it against yet.

  • REWRITTENClause Чл. 24 · Протокол № 419 от 14.03.2023 to Протокол № 479 от 14.08.2026

    The fee for handing you your own cash rose by half, from 0.60% to 0.90%, on 15 September 2026.

    Чл. 24. Теглене на средства на каса 0,90%

  • REWRITTENClause Чл. 1 · Протокол № 419 от 14.03.2023 to Протокол № 479 от 14.08.2026

    The smallest commission on a Bulgarian exchange order went from 3 lev, about 1.53 euro, to 3 euro.

    Минимум € 3 на изпълнена поръчка

  • ADDEDClause Чл. 11

    Ending a repo deal early now costs 100 euro, a charge the previous schedule did not have.

    Такса за предсрочно прекратяване на репо-сделка € 100

  • REWRITTENClause IV.2 · Протокол № 390 от 13.09.2021 to Протокол № 462 от 30.12.2025

    The January 2026 amendment restated the compensation cap in euro, at 20,000 instead of 40,000 lev.

    Размерът на компенсацията е определен на 90% от стойността на вземането, но не повече от 20 000 евро, за всеки непрофесионален клиент.

The documents this reading is based on

15 files, all published by Euro Finance. 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 Euro Finance publishes.

How this reading was done

Every clause above was read out of a document Euro Finance publishes itself

This reading was published on .

Documents
9 of 15downloaded from the broker's site, and 9 read in full
Pages opened
91pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
BG vs ENthe language it advertises in, against the language it contracts in
Position measured
11clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

EURO-FINANCE AD

You contract with EURO-FINANCE AD, a Bulgarian joint stock company registered under UIC 831136740, with its seat at 43 Hristofor Kolumb Blvd, floor 5, Sofia 1592. One entity runs everything: the EuroFinance brand, the EF MetaTrader 5 and EFOCS platforms, the our.eurofinance.bg portal and the payments.eurofinance.bg deposit page. The General Terms name the Financial Supervision Commission as supervisor and cite its Decision 81-IP/01.02.2006, while the website cites licence RG-03-0004/11.07.2008. No offshore company appears anywhere in the documents, and the registered capital has been stated in euro, as 7 191 001.02, since 1 January 2026.

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

Euro Finance publishes 17 legal documents in Bulgarian and 18 in English, including both platform rule books, the fee schedule, the complaints policy and the conflicts policy. Its conflicts policy says plainly that Euro Finance is the counterparty for the products it creates and sets the price it quotes, which most brokers leave unsaid. The deposit page names the cost of every method before you pay: ePay, EasyPay and B-Pay at 1.20%, PayPal at 3.40% plus 0.35 euro, cash and incoming transfers free. Leverage caps are published, from 1:30 on major currency pairs down to 1:2 on crypto. Complaining is free by four routes, with a reply due within a month and the Financial Supervision Commission and the courts named as next steps. There is no bonus scheme and no dormancy fee anywhere in the fee schedule, withdrawal instructions are executed within two working days, and changes to the terms are published a month before they take effect with a free exit for anyone who disagrees.

Euro Finance publishes its General Terms at four addresses and its fee schedule at three, so every quotation here names the copy it came from. The fee schedule and the privacy policy are published as PDFs whose text does not copy out cleanly, and we read both on Euro Finance's own site. We read the English General Terms, the risk description, the conflicts policy and the two older English copies only in the parts that matter here, not end to end. We did not read the other published policies, among them order execution, client categorisation, telephone recording and remuneration, and we did not read the one archived copy from 2017. Four addresses in the client portal that look like document pages serve the account opening form instead, so no contract text sits there. The cost of holding a CFD position is not in the fee schedule: the contract sends you to the website for it, and the newest swap figures published there are news items from 2012.

How to check any of this yourself

Every quote above links to the Euro Finance 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 Euro Finance 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 Euro Finance 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 6, 2026.

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

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