Wikilix
Contract reading

What F-wise Capital legally published, but does not want you to read

Every clause below is published by F-wise Capital 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: F-WISE CAPITAL (PTY) LTD

client moneyforced closeoutarbitrationburied annexurecomplaintsconflict of interestcooling offcost disclosuredata retentiondeemed acceptance

F-Wise Capital publishes two client agreements, and the fee schedule inside both is blank. The contract promises that F-Wise will never give you a risk warning and will not check whether a trade suits you. You can be told to double your margin on demand, and you owe the shortfall if your positions are then closed. The one cancellation right in the pack comes from an Act South Africa repealed in 2005.

Back to F-wise Capital

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.
15
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
13
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 15 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
Warning11
Notice1

section 56 of 56is where the deepest clause sits: the very end of the document it is in

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

1 of these 2 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical100%Account limit. Jump to the clause this comes from.Double your margin on demand or positions are closed5 daysIn the contract. Jump to the clause this comes from.Your cooling off right rests on a repealed Act

What the documents say

15 clauses worth knowing about, worst first, each quoted from F-wise Capital's own files

01

You sign an undertaking to pay F-Wise's fees, and the page meant to list them is empty. Both client agreements print the fee annexure as a heading above ruled lines, with no figure on it.

Why this matters

You agree to a price nobody has shown you. No commission, booking fee or spread is stated anywhere on fwise.co.za. You cannot compare F-Wise with another broker before you sign.

Exhibit 1CriticalRarely seen

Fees for services rendered shall be levied by the member in accordance with the rules and the client hereby undertakes to pay such amount on the due date for the payment thereof.
Clause 12.1 in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.10
Read from the broker's site on Open the reference

Buried at section 53 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 95% of the way through.

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

Firms licensed by the FCA and CySEC must tell a retail client the costs and charges of a service before that client trades. Firms licensed by the FSCA must disclose the actual charges a client will bear. This agreement binds you to pay fees it never states.

F-wise Capital is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingMost client agreements print a tariff or point to one published on the website. Here the annexure that should carry the numbers is a set of ruled lines, and it is the one annexure the agreement lets the parties alter without the exchange officer's approval.

  • Worse together with Exhibit 9The pack arrives with the box ticked that lets F-Wise charge you on trades where it is the other side, and the schedule that would state that charge is blank.
02

F-Wise writes into its own risk disclosure that it will never give you a risk warning. The same annexure says it will not check whether a trade suits you, because that is your job alone.

Why this matters

You get no warning from F-Wise before a trade goes wrong, and no check that the product fits you. The site sells risk management as a service, and the contract says F-Wise owes you neither.

Exhibit 2CriticalRarely seen

F-WISE CAPITAL (PTY) LTD will not, under any circumstances whatsoever, provide any risk warnings. Trading in Derivative Instruments is considered a high-risk investment, and you acknowledge that you are cognizant of the risks attached thereto.
Quoted in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.19
Read from the broker's site on Open the reference

Buried at section 45 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 80% of the way through.

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

Firms licensed by the FCA and CySEC, and firms following ESMA's rules, must check that a retail client understands a complex derivative before selling it, and must give risk warnings with it. F-Wise states that it will do neither.

F-wise Capital is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingA disclaimer that market commentary is not advice is ordinary. A positive promise never to provide any risk warning, written inside the risk disclosure statement itself, is not.

03

Margin is the cash held against your open positions. F-Wise can call for 100% more of it on demand, and close your positions at once if you do not pay.

Why this matters

You can lose more than you put in. The risk disclosure says you may sustain more than a total loss, and that you stay liable for any deficit left after the close out.

Exhibit 3CriticalStandard wording100%

the client shall pay, on demand, to the member an amount of additional margin equal to a factor of 100% of the initial margin kept by the clearing house
Clause 7.2 in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.9
Read from the broker's site on Open the reference

Where it sits: section 21 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 38% of the way through.

What it costsOn R100,000 of initial margin held at the clearing house, F-Wise can call for another R100,000, due immediately. Miss it and your positions can be closed the same day.

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

Firms licensed by the FCA, and firms following ESMA's rules, must cap a retail client's loss at the money in the account when the product is a contract for difference. That cap does not reach exchange traded futures, and this agreement puts the whole shortfall on you.

F-wise Capital is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingThis wording comes from the exchange's own client agreement template, so other JSE members use it too. The effect on your money is the same wherever it appears.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
On demandYou must pay extra margin equal to the full amount the clearing house already holds.7.2
If you do not pay at onceF-Wise can close one or more of your positions in the market.7.3
After the close outYou owe any resulting deficit, and F-Wise is not liable for the loss.7.4
  • Worse together with Exhibit 2The margin call can arrive from a firm that has promised in the same pack never to warn you about risk.
04

Where the agreement and the exchange rules disagree, F-Wise's contract says the rules win. Your signature also confirms you have read and understood those rules, and the pack does not contain them.

Why this matters

You are bound by terms you have not seen. The rulebooks named are the JSE's rules of 12 December 2009, published by the exchange rather than by F-Wise, so tracking them down is left to you.

Exhibit 4WarningHarder than usual

In the event of conflict between the rules and the provisions of this agreement the provisions of the rules shall prevail
Clause 1.1.2 in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.8
Read from the broker's site on Open the reference

Where it sits: section 15 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 27% of the way through.

Our readingAn exchange member normally does incorporate the exchange rules. Asking you to warrant that you have read and understood a rulebook the pack leaves out is the part written in the firm's favour.

  • Worse together with Exhibit 13The complaint and arbitration route also sits in that same rulebook, so the way to challenge F-Wise is in the document you were not given.
05

The pack reprints the Financial Markets Control Act, 1989 and asks you to confirm you know its five day cancellation right. South Africa repealed that Act in 2005.

Why this matters

You cannot rely on the one cancellation right the pack hands you. F-Wise's own access to information manual lists the Financial Markets Act, 19 of 2012 as the law that applies to it.

Exhibit 5WarningRarely seen5 days

Extracts from the Financial Markets Control Act, 1989
Clause Annexure B in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.20
Read from the broker's site on Open the reference

Buried at section 49 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 88% of the way through.

Our readingA contract normally cites the statute in force. This pack reproduces a 1989 Act as a signed annexure, and the firm's own access to information manual cites the 2012 Act that replaced it. The exchange rules it incorporates are dated December 2009.

The site sells risk management, the contract rules out risk warnings

F-Wise Capital advertises daily market reports, timely reporting and risk management services. Annexure A of its client agreement says the firm will not, under any circumstances whatsoever, provide any risk warnings, and clause 6.1.1 says it is not obliged to confirm that your order was carried out. Both halves are published by F-Wise on fwise.co.za today.

Promise against contract1 clause flagged

F-Wise must try to confirm your instruction was carried out, and the contract then says it is not obliged to. Written trade reports are optional too.

Why this matters

You may not learn what happened to an order unless you chase it yourself. The about page promises timely reporting, and the contract makes reporting a choice F-Wise gets to take.

Exhibit 8WarningHarder than usual

Shall endeavour, but shall not be obliged, to confirm to the client that any instruction has been executed and shall not be responsible for any accidental delay or inaccuracy in the execution of the client’s instructions;
Clause 6.1.1 in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.9
Read from the broker's site on Open the reference

Where it sits: section 19 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 34% of the way through.

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

Firms licensed by the FCA and CySEC must send a retail client confirmation of an executed order promptly, and no later than the next business day. This agreement makes that confirmation optional.

F-wise Capital is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Nothing says when F-Wise must pay your money out

No clause in either F-Wise Capital agreement sets a payout period, a request process or a minimum. Clause 7.1 lets F-Wise take money out of your account as amounts fall due, and clause 17.2 blocks you from withdrawing anything held against your obligations until those are settled. The account itself is governed by exchange rules the pack does not include.

Getting paid1 clause flagged

Neither client agreement says how long F-Wise has to return your money, or how you ask for it. Both say F-Wise can take money out of your account whenever amounts fall due.

Why this matters

You have no deadline to hold F-Wise to. End the agreement and you still cannot withdraw anything held against your open obligations until those are settled.

Exhibit 6WarningHarder than usual

The member is authorised to withdraw from the client’s account referred to in rule 10.20 (Agri’s) and/or rule 10.70 (Yield-X) such amounts as are required from time to time to settle any amounts due in the course of opening, closing or maintaining any positions on behalf of the client and to effect such other payments as are necessary in the operation of the client’s account.
Clause 7.1 in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.9
Read from the broker's site on Open the reference

Where it sits: section 30 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 54% of the way through.

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

Firms licensed by the FCA and the FSCA must keep retail client money apart from their own and return it promptly on request. This agreement names an account governed by exchange rules that are not in the pack, and sets no payout period at all.

F-wise Capital is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

F-Wise can double your margin call, then close your positions

Clause 7.2 lets F-Wise Capital demand extra margin worth 100% of what the clearing house already holds, payable on demand. Clause 7.3 lets it close your positions if you do not pay, clause 7.4 clears it of any liability for the loss, and Annexure A puts the deficit on you. In the bond futures pack, a final annexure adds an automatic close out 4 days before settlement.

Margin and close out1 clause flagged

The last paragraph of the bond futures pack lets F-Wise close any open bond future automatically 4 days before settlement. You are expected to close or roll at least 5 days out.

Why this matters

Your position can be closed on F-Wise's timing rather than yours, in the week that decides the result. F-Wise gives its reason: it does not trade spot bonds, so it cannot take delivery.

Exhibit 15WarningStandard wording4 days

The client agrees that they will trade Bond Futures through F-Wise Capital with the full knowledge that the member is not a spot bond trading member, and as such all bond futures positions will either be closed out or rolled to a new maturity date, at least 5 days prior to any settlement date of the said instrument.
Clause Annexure D in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.23
Read from the broker's site on Open the reference

Buried at section 56 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 100% of the way through.

Our readingA broker that cannot settle physically normally forces a roll or a close out. What is unusual is where this one sits: the final paragraph of a 23 page pack, in the only annexure F-Wise wrote itself.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
At least 5 days before settlementYou must close out or roll every open bond future to a new maturity date.Annexure D
4 days before settlementF-Wise can close any position automatically if you have not acted.Annexure D

The rules that beat this contract are not in the pack

Clause 1.1.2 of the F-Wise Capital agreement gives the JSE rules of 12 December 2009 priority over the contract, and clause 2 makes your signature confirm you have read them. The pack does not contain them, and clause 18.1 sends every dispute to arbitration under them. Clause 16.1 tells you to inform the executive officer immediately, and the risk disclosure asks you to cover F-Wise's losses and legal costs.

Challenge and liability2 clauses flagged

Signing the risk disclosure makes you cover F-Wise's losses, damages and legal costs that follow from your trading decisions or any breach by you. The cover has no ceiling.

Why this matters

A fight with F-Wise can cost you its lawyers as well as your own. The same pack frees F-Wise of responsibility for delay or error in carrying out your instruction.

Exhibit 7WarningHarder than usual

Subject to the terms and conditions of the client agreement, this annexure and the JSE rules, the client hereby holds F-WISE CAPITAL (PTY) LTD harmless and indemnifies F-WISE CAPITAL (PTY) LTD against any liability for any losses of whatsoever nature howsoever incurred, liabilities, damages and costs (including legal costs) as a result of the investment decisions made by you or any breach of the client agreement, this annexure and the JSE rules.
Quoted in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.19
Read from the broker's site on Open the reference

Buried at section 47 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 84% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA may not exclude or restrict a duty they owe a retail client. This agreement excludes responsibility for accidental delay or inaccuracy in carrying out your order.

F-wise Capital is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

  • Same clause as Exhibit 8Clause 6.1.1 does two jobs at once: it makes confirming your trade optional and clears F-Wise of blame for getting it wrong.

If F-Wise fails you, the agreement tells you to inform the executive officer immediately, then sends any dispute to arbitration under rules the pack leaves out. No complaints procedure is published.

Why this matters

You get no written complaint route from F-Wise and no deadline you can measure against. Neither agreement mentions the FAIS Ombud, the scheme a South African client can use at no cost.

Exhibit 13WarningHarder than usual

Should the member fail to fulfil any obligation to the client in terms of this agreement the client shall immediately inform the executive officer of the details of such breach.
Clause 16.1 in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.12
Read from the broker's site on Open the reference

Where it sits: section 29 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 52% of the way through.

Set against a regulated standard: FSCA (South Africa)

Firms licensed by the FSCA must run an internal complaints procedure and tell clients they can take an unresolved complaint to the FAIS Ombud. Neither appears in these agreements or on the website.

F-wise Capital is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

South African law, and an Act that stopped applying in 2005

Annexure B of both F-Wise Capital packs reproduces the Financial Markets Control Act, 1989, and clause 11 asks you to confirm you know its five day cancellation right. South Africa repealed that Act in 2005, and F-Wise's own access to information manual cites the Financial Markets Act, 19 of 2012. The currencies pack also fixes formal notice at an email address on the parent company's domain.

Governing law1 clause flagged

The currencies pack fixes the address where a notice to F-Wise counts as served, and the email on it belongs to farmwise.co.za. The bond futures pack gives a different address at fwise.co.za.

Why this matters

Send your notice to the wrong one of those two addresses and it may not count as served. Every request about your personal information goes to the farmwise.co.za address as well.

Exhibit 10WarningRarely seen

The parties choose as their domicilia citandi et executandi their respective addresses set out in this clause for all purposes arising out of or in connection with this agreement at which addresses all processes, communications and notices arising out of or in connection with this agreement, its breach or termination may validly be served upon or delivered to the parties.
Clause 23.1 in Client Documentation Pack: Client Agreement and Registration Form, Yield-X and Currencies, p.13
Read from the broker's site on Archived copyOpen the reference

Buried at section 34 of 54 in the Client Documentation Pack: Client Agreement and Registration Form, Yield-X and Currencies, 63% of the way through.

Our readingA domicilium clause fixes the single address where court process and formal notice are valid. These two packs fix two different ones, and the currencies pack points at the parent company's domain.

A tax return to get in, and no end date on the file

F-Wise Capital asks every client for a tax authority document, proof of banking and a statement of where the funds come from, and asks a trust for the identity document of every beneficiary. Its privacy notice sets no retention period, keeping records while the company reasonably requires them for its business. That notice can also change without any notice posted to you.

Documents and data2 clauses flagged

Every client hands over a document from the tax authority, proof of banking and a statement of where the money comes from. A trust must also supply the identity document of every beneficiary.

Why this matters

You cannot open an account without your tax papers. A South African gives more than a foreign client, whose only verification step in the pack is the passport.

Exhibit 11WarningStandard wording

Take all reasonable steps necessary to verify the residential address of the person with a document detailing the name, surname and the residential address of the person concerned, such as a utility bill (less than 3 months old) e.g. a municipal rates and taxes invoice or a telephone invoice.
Clause Verification steps in Form A: Establish and verify the identities of natural persons who are South African citizens or residents of South Africa, p.2
Read from the broker's site on Open the reference
Our own capture of fwise.co.za, taken on Oct 7, 2026The claim, on Back Office Systems panel, Organisation pageVisit this page on the broker's siteDownload the full size image file

Buried at section 25 of 30 in the Form A: Establish and verify the identities of natural persons who are South African citizens or residents of South Africa, 83% of the way through.

Our readingSouth Africa's money laundering law requires most of this list. What stands out is the gap inside it: a South African client must produce a tax return and a utility bill, while the form for a client from another country asks for the passport and nothing else.

  • Worse together with Exhibit 12The identity, tax and banking documents collected here are the ones the privacy notice keeps with no deletion date on them.

F-Wise keeps your personal information for as long as it decides it needs it, including where the company reasonably requires the record for its business. No period is given anywhere.

Why this matters

Your identity number, tax number and bank details sit on file with no deletion date. F-Wise can also change that notice without telling you, and asks you to keep checking the page yourself.

Exhibit 12WarningHarder than usual

F-Wise will retain Personal Information for as long as necessary to achieve the purpose for which the Personal Information was collected or subsequently processed.
Clause 9.1 in External Privacy Notice of F-Wise Capital Proprietary Limited, p.5
Read from the broker's site on Open the reference

F-Wise can trade against you and charge you for it

Clause 12.3 of the F-Wise Capital pack arrives already marked so the member may charge a fee on any trade where it is the other side. Annexure A warns in the firm's own words that a member dealing for its own account could be acting against your interests. No conflict of interest policy is published on fwise.co.za, and the fee that choice triggers is the one Annexure C leaves blank.

Who is on the other side1 clause flagged

The pack you download arrives with the box already ticked that lets F-Wise charge a fee on any trade where it is the other side. Its risk disclosure admits its own dealing can run against your interests.

Why this matters

Your broker can earn twice on one trade, from the fee and from its own position. The fee is the one the blank annexure never states, so you cannot see what that choice costs you.

Exhibit 9WarningHarder than usual

Charge a fee for any trade with the client when acting as principal.
Clause 12.3 in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.11
Read from the broker's site on Open the reference

Where it sits: section 27 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 48% of the way through.

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

Firms licensed by the FSCA must keep a conflict of interest management policy and make it available to clients. Firms licensed by the FCA must manage conflicts, not only disclose them. No conflicts policy appears anywhere on fwise.co.za.

F-wise Capital is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingDisclosing that a member may deal as principal is standard. Delivering the form with the member's preferred election already marked, on a page the instructions say both sides must initial, is not.

A JSE member and FSCA licensed provider, with no compensation scheme named

F-WISE CAPITAL (PTY) LTD, registration number 2011/002473/07, signs both agreements and gives FSP licence number 48564 on its about page. Annexure A states the service is execution dealing alone, with safe custody held by an unnamed clearing member, which the contact page identifies as Standard Bank. No document names a compensation scheme, a complaints procedure or a conflicts policy.

Licence and custody1 clause flagged

F-Wise states that it gives you execution dealing alone, and that safe custody of your money sits with its clearing member. No document names a compensation scheme.

Why this matters

If F-Wise fails, no document tells you who pays you back. The contact page names Standard Bank as the clearing member, and neither agreement names it at all.

Exhibit 14NoticeStandard wording

F-WISE CAPITAL (PTY) LTD will provide you solely with execution dealing, safe custody services are provided by our clearing member.
Quoted in Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, p.18
Read from the broker's site on Open the reference

Buried at section 44 of 56 in the Client Documentation Pack: Client Agreement and Registration Form for Bond Futures, 79% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA belong to a compensation scheme that pays retail clients if the firm fails. No scheme of that kind is named in any F-Wise document.

F-wise Capital is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

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

01

The site sells risk management and daily market reports, and the contract reserves the right never to warn you about risk.

Said in public, in English

Keep customers informed of changing trends and shifts in the fundamental picture by providing daily market reports.

Risk Management Services section, Products and Services page

In the contract · clause Annexure A

F-WISE CAPITAL (PTY) LTD will not, under any circumstances whatsoever, provide any risk warnings.

02

The homepage advertises pricing, and the agreement binds you to a fee it leaves blank.

Said in public, in English

Delivering access to forex markets at Competive Pricing

Homepage section heading

In the contract · clause 12.1

Fees for services rendered shall be levied by the member in accordance with the rules and the client hereby undertakes to pay such amount on the due date for the payment thereof.

03

Timely reporting is the promise on the about page, and the contract says F-Wise is not obliged to confirm that your order was carried out.

Said in public, in English

This entails timely reporting, effective market analysis, both on a technical and fundamental basis, and instant access to our dealing desk.

The F-Wise Story, About F-Wise page

In the contract · clause 6.1.1

Shall endeavour, but shall not be obliged, to confirm to the client that any instruction has been executed and shall not be responsible for any accidental delay or inaccuracy in the execution of the client’s instructions;

04

Accounts open in 24 hours on the website, while the contract only takes effect once a third party registers you and an unstated amount is paid.

Said in public, in English

Opening of Exchange accounts and bank accounts within 24 hours of meeting clients.

Back Office Systems panel, Organisation page

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

In the contract · clause 4

This agreement shall be of no force and effect until the client has been registered by the clearing house in terms of the rules and has, if clause 14.4 of this Agreement applies, paid the amount to be invested in terms of that clause.

The documents this reading is based on

13 files, all published by F-wise Capital. 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 F-wise Capital publishes.

How this reading was done

Every clause above was read out of a document F-wise Capital publishes itself

This reading was published on .

Documents
13 of 13downloaded from the broker's site, and 13 read in full
Pages opened
22pages walked to find those documents, footer links included
Older copies
8earlier versions downloaded, 7 identical to the copy we hold by fingerprint
Marketing pages
4public pages set against what the contract says
Position measured
14clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

F-WISE CAPITAL (PTY) LTD

You contract with F-WISE CAPITAL (PTY) LTD, registration number 2011/002473/07, of 292 Surrey Avenue, Ferndale, Randburg. The same company signs both client agreements, so a retail client meets no second entity. Its own organisation page states that Farmwise Grains (Pty) Ltd owns 60% and managing director Warren Geers owns 40%. The about page gives FSP licence number 48564, granted in 2017, alongside JSE membership. The contact page names Standard Bank as the clearing member and Crowe JHB as the auditor. Whether that licence is current and what it covers belongs to our scam report, not to this reading of the contract.

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

Nothing in either agreement lets F-Wise void a trade, cancel your profit, or treat several accounts as one. No document carries a bonus, an inactivity fee, a dormancy ladder or a withdrawal fee. Clause 21 stops F-Wise changing the agreement alone: a variation needs both signatures, and most changes need the exchange officer's approval first. Fee changes carry 30 days written notice. Governing law and the courts are South African, where the clients are. F-Wise also publishes an access to information manual and a privacy notice, which many brokers skip.

The exchange rulebooks this contract is built on, the JSE Derivatives Rules and the Yield-X Rules of 12 December 2009, are not on fwise.co.za and we did not read them. They beat the agreement where the two disagree, so anything they add sits outside this reading. Annexure C is blank in both packs, so there is no fee for us to quote, and we have never seen a completed copy. The privacy notice and the access to information manual are published only as files shown inside otherwise empty pages, and we read both files end to end. We did not read the March 2026 copy of the privacy notice page, so we cannot say whether that page changed. No fee schedule, complaints procedure, conflict of interest policy or terms of business is published on the site, so there was none to read. The site is in English only, so there was nothing to compare across languages.

How to check any of this yourself

Every quote above links to the F-wise Capital 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 F-wise Capital 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 F-wise Capital 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 7, 2026.

If you represent F-wise Capital 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 F-wise Capital. Whether its licence is real and current is a separate check on the broker profile.

What traders say about F-wise Capital

Comments on F-wise Capital are posted on its profile

Nobody has commented on F-wise Capital yet. If you have traded with them, your experience helps the next reader decide.

Write the first comment
Back to the F-wise Capital profile