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Contract reading

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

Every clause below is published by FINVEO 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: FINVEO MA Ltd

sole discretiondeemed acceptancehidden feecomplaint deadlineleveragemarketing contradictionregulatory claimclient moneyconflict of interestlanguage arbitrage

Finveo runs two companies. Shares and ETFs come from its Montenegro firm, and the leveraged CFDs come from FINVEO MA Ltd in Mauritius. That agreement lets Finveo take ownership of your margin, and void trades it decides were abusive. You get one business day to challenge a trade confirmation. Finveo's Azerbaijani page tells readers the group includes an FCA authorised UK broker, and its English page does not.

Back to FINVEO

Contract risk

Money at risk
7.5/10

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.
12
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
22
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
28
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

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

Critical12
Warning10
Notice0

section 83 of 86is where the deepest clause sits, 97% 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.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical100In the contract. Jump to the clause this comes from.ESMA compliance claimed while leverage runs to 1:100Critical1 working daysTime to complain. Jump to the clause this comes from.One business day to object to a trade confirmationCritical0.01%Fee you were not shown. Jump to the clause this comes from.Charges change without notice and a default rate fills the gapCritical$15Fee on an unused account. Jump to the clause this comes from.Fifteen dollars for a quiet account, then closure and another fee

What the documents say

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

01

Finveo's Azerbaijani About Us page tells readers the group includes Finveo UK, authorised and regulated by the UK Financial Conduct Authority. The English page makes no such claim. The agreement you sign names only the Mauritius regulator.

Why this matters

If you opened the account believing a UK regulator stood behind it, nothing in your contract supports that. You would complain in Mauritius, under Mauritian law. The finveo.co.uk address does not open a UK site. It sends you straight to the finveo.com sign up form.

Exhibit 1CriticalRarely seen

The Company is incorporated in the Republic of Mauritius. The Company is authorised and regulated by the Financial Services Commission Mauritius (‘FSC’)
Clause 1(b) in Client agreement, p.3
Read from the broker's site on Open the reference

Where it sits: section 6 of 86 in the Client agreement, near the start.

Our readingThe licence number on the Azerbaijani page links to a Financial Conduct Authority register search for Gedik International, a separate company in the same group, rather than for any Finveo entity. The same page omits FINVEO MA Ltd, which is the company that actually provides the leveraged products.

02

Finveo tells readers in five languages that its Montenegro licence meets rules set by the European Securities and Markets Authority. Its own live Risk Statement offers you leverage of 1:100, and more if you are not a Montenegrin citizen.

Why this matters

Leverage multiplies your exposure, so 1:100 means a 1% move against you can take your whole stake. A European reader who treats the ESMA reference as a cap on that risk has the wrong number.

Exhibit 2CriticalHarder than usual100

Leverage is defined as the ratio of the burden on the Client's assets and the total value of the underlying assets contained in the derivatives or CFD (up to 1: 100).
Quoted in Risk Statement, p.1
Read from the broker's site on Open the reference

Where it sits: section 9 of 20 in the Risk Statement, 45% of the way through.

What it costsAt 1:100, $1,000 of your own money carries a $100,000 position. A 1% move the wrong way erases the $1,000.

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

Firms licensed by the FCA or CySEC may offer retail clients no more than 30:1 on major currency pairs, falling to 2:1 on crypto, under the leverage limits ESMA introduced across Europe. This Risk Statement sets leverage at up to 1:100 and allows a higher figure for investors without Montenegrin citizenship.

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

03

FINVEO MA Ltd can move ownership of your margin from you to itself. The agreement then calls that money a debt Finveo owes you rather than client money, and says Finveo can use it. No compensation scheme in Mauritius covers your trading.

Why this matters

Money Finveo owes you is not money Finveo is holding for you. If the company failed, you would stand in line as one of its creditors, with no fund to claim from.

Exhibit 3CriticalRarely seen

the client agrees that the Company has the right to transfer ownership of the client's margin from the client to the Company, to be kept by the latter as security, and be returned by the Company to the client on completion of the client trade(s). In this case, the margin will be considered as debt due by the Company to the client and not as client money, therefore it could be used by the Company subject to the repayment obligation.
Clause 18(d) in Client agreement, p.8
Read from the broker's site on Open the reference

Buried at section 60 of 86 in the Client agreement, 70% of the way through.

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

Firms licensed by the FCA may not enter a title transfer collateral arrangement with a retail client at all, and must keep retail client money segregated. FCA firms are also covered by the Financial Services Compensation Scheme up to 85,000 pounds per person, and CySEC firms by an investor compensation fund up to 20,000 euros. This agreement moves ownership of retail margin to the firm, and the Risk Statement says no Mauritian scheme applies.

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

Our readingThis is a title transfer collateral arrangement, a device borrowed from institutional dealing. It converts a protected client balance into an unsecured claim on the firm, and it is seldom seen in an agreement sold to retail traders.

  • Worse together with Exhibit 5Your margin becomes a debt the firm owes you, and no clause says when the firm has to pay a withdrawal.
04

FINVEO MA Ltd can void or rewrite any trade it believes came from abusive practices, with no notice. Everything you received from those trades has to be paid back. The agreement never defines what makes a strategy abusive.

Why this matters

Finveo decides on its own whether your trading counted as abusive, and the test is what Finveo believes. A winning run can be reversed and the money taken back after you have already seen it in your account.

Exhibit 4CriticalHarder than usual

We reserve the right to void and / or amend the terms of any transactions which we believe stems from the use of abusive practices / strategies without providing any prior notice.
Clause 15(d) in Client agreement, p.7
Read from the broker's site on Open the reference

Buried at section 53 of 86 in the Client agreement, 62% of the way through.

  • Worse together with Exhibit 8Finveo can reverse a trade at any time, while your window to challenge a confirmation closes after one business day.
05

The FINVEO MA Ltd agreement sets no deadline for paying a withdrawal. Finveo can refuse the method you asked for, and reject a request it decides may not be legitimate. It only promises to tell you the expected processing time.

Why this matters

Without a deadline there is no point at which Finveo is late, so there is nothing to hold it to. Your own payment provider can also pull the money back for any reason, which the agreement says may leave your account below zero.

Exhibit 5CriticalHarder than usual

the Company reserves the right to decline a withdrawal that the client requested using a specific transfer method and has the right to suggest an alternative.
Clause 18(i) in Client agreement, p.8
Read from the broker's site on Open the reference

Buried at section 64 of 86 in the Client agreement, 74% of the way through.

06

Finveo's payment methods page says it charges no transaction fees on deposits or withdrawals, because the Company covers them. The client agreement returns your money net of any transfer fees or other charges Finveo incurred, in five separate places.

Why this matters

The page you read before funding the account and the contract you signed say opposite things about who pays. Under the contract the charge comes out of the amount you asked for, so you receive less than you requested.

Exhibit 6CriticalHarder than usual

The client accepts that withdrawal of any part of the funds shall be concluded using the same transfer method and the same remitter as the one which the Company originally received the funds from; under such circumstances, the Company shall return the part of the funds requested net of any transfer fees or other charges incurred by the Company.
Clause 18(h) in Client agreement, p.8
Read from the broker's site on Open the reference

Buried at section 63 of 86 in the Client agreement, 73% of the way through.

One business day to challenge a trade, three to keep a complaint alive

A FINVEO MA Ltd trade confirmation becomes conclusive and binding unless you object within one business day. On the Montenegro side, a complaint is treated as withdrawn if you miss a three working day request for detail. The Mauritius policy sends complaints to another broker's domain.

Complaint deadlines3 clauses flagged

A FINVEO MA Ltd trade confirmation becomes conclusive and binding on you unless you object in writing within one business day of receiving it. After that the figures stand, whatever the records show.

Why this matters

You have one business day, counted from the confirmation and not from the day you noticed a problem. Miss a weekend or a holiday and a wrong price is settled against you.

Exhibit 8CriticalHarder than usual1 working days

The content of our confirmations will, in the absence of a material error, be deemed conclusive and binding on you unless you object in writing to us within one Business Day of receipt of such confirmation.
Clause 9(g) in Client agreement, p.6
Read from the broker's site on Open the reference

Where it sits: section 41 of 86 in the Client agreement, 48% of the way through.

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

Firms licensed by the FCA have up to eight weeks to resolve a complaint and must not shorten a retail client's right to bring one, and CySEC firms work to a comparable timetable. This agreement closes the client's objection window after one business day.

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

Finveo's Montenegro rulebook only counts a complaint if you send it on the company's signed form. If Finveo asks you for more detail and you take more than three working days, your complaint is treated as withdrawn.

Why this matters

Three working days is the whole window, and missing it ends the complaint rather than delaying it. You would have to start again, and the clock on the underlying trade keeps running.

Exhibit 9CriticalRarely seen3 working days

If the Complainant does not submit the amendment for the submission of the Complaint as it is defined in this Rulebook and within three (3) working days from the date of the requested amendment, it shall be deemed that the Complainant has withdrawn the Complaint.
Clause Article 2 in Rulebook on Complaints, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA must acknowledge a complaint promptly and may take up to eight weeks to answer it, and may not treat a client's delay in replying as abandonment of the claim. This rulebook deems the complaint withdrawn after three working days.

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

Our readingComplaint procedures normally set deadlines for the firm to answer. A deadline that extinguishes the client's own complaint, triggered by the firm's own request for more information, puts the firm in control of whether the complaint survives.

The only address in Finveo's Mauritius complaints policy is complaint@mefintech.com. That domain belongs to a site calling itself a forex broker, it is marked as under construction, and it does not mention Finveo anywhere.

Why this matters

Following the published policy sends your complaint away from the company you are complaining about. The client agreement gives a different address at finveo.mu, so you have to guess which one is real.

Exhibit 14WarningRarely seen

All clients' complaints against the Company shall be directed to complaint@mefintech.com.
Clause 2 in Customer Complaint Policy, p.2
Read from the broker's site on Open the reference

Our readingThis is a drafting failure rather than a term, and that is what makes it costly. The published complaints channel for a licensed company points at an unrelated and unfinished brokerage domain.

Finveo can change any charge without telling you first

FINVEO MA Ltd can change any charge without prior written notice, and points you to finveo.mu for the current figures. That site's legal page publishes no fee schedule. Where no rate is published, the agreement charges you 0.01% of the transaction value by default.

Cost disclosure2 clauses flagged

FINVEO MA Ltd can change any charge without telling you first, and points you to finveo.mu for the current figures. That site's legal page publishes no fee schedule. Where no rate is published, the agreement charges you 0.01% of the transaction value.

Why this matters

You cannot check a price list that is not there, and the rate can move before you hear about it. The default clause means a commission still applies when nothing was ever disclosed to you.

Exhibit 10CriticalHarder than usual0.01%

The Company reserves the right to change, from time to time, any of the charges applicable to clients when trading financial instruments without prior written notice to the latter; the most up-to-date information shall be found online at [www.finveo.mu].
Clause 19(c) in Client agreement, p.9
Read from the broker's site on Open the reference

Buried at section 69 of 86 in the Client agreement, 80% of the way through.

What it costsOn a $50,000 position the fallback rate takes $5. It applies by default any time Finveo has not told you a commission rate and none is published.

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

Firms licensed by the FCA or CySEC must give a retail client the costs and charges of a service before the client trades, and must show the effect of those costs on the return. This agreement allows the charges to change with no prior written notice and sets a fallback rate for when none has been published.

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

  • Worse together with Exhibit 18The headline charges can change without notice, and the overnight fee separately carries whatever Finveo decides to add to it.

Finveo charges a daily fee for holding a position overnight. Its Montenegro policy says the amount depends on interest rates and on additional fees the Company determines. Finveo can change the rate without prior written notice.

Why this matters

Part of what you pay each night is set by Finveo rather than by the market, and the policy puts no figure on it. Holding a position for weeks turns an undisclosed daily charge into a real cost.

Exhibit 18WarningHarder than usual

In addition to the fees defined by the Client Agreement, the Client is obliged to pay a daily roller fee for an open position held overnight.
Clause Article 12 in Order Execution Policy, p.7
Read from the broker's site on Open the reference

Buried at section 46 of 64 in the Order Execution Policy, 72% of the way through.

Finveo can demand margin immediately and leave you owing the rest

FINVEO MA Ltd sets your margin deadline at its absolute discretion, and where it sets none the money is due immediately. Its own Risk Statement says your losses may be unlimited. Finveo can also amend the agreement without your consent, effective at once.

Margin and control3 clauses flagged

FINVEO MA Ltd sets the deadline for extra margin at its absolute discretion, and where it sets none the money is due immediately. Its own Risk Statement says your losses may be unlimited and that no amount you have paid will limit them.

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 move against you can take the account below zero and leave you owing Finveo the difference. The Montenegro Risk Statement offers negative balance protection only where applicable, which is a condition rather than a promise.

Exhibit 7CriticalHarder than usual

Any requirement for Margin must be satisfied in such currency and within such time as may be specified by us (in our absolute discretion) or, if none is specified, immediately.
Clause 11(e) in Client agreement, p.6
Read from the broker's site on Open the reference

Where it sits: section 46 of 86 in the Client agreement, 53% of the way through.

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

Firms licensed by the FCA or CySEC must give every retail CFD client negative balance protection on a per account basis, so the client can never lose more than the money in the account. This Risk Statement says losses may be unlimited, and the Montenegro one applies the protection only where applicable.

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

  • Worse together with Exhibit 2Leverage of 1:100 builds the position, and an unlimited loss clause means the damage is not capped at what you put in.

FINVEO MA Ltd can change any part of your agreement, and says your consent is not required for the change to take effect immediately. Notice can be given by putting it on the website.

Why this matters

You get fifteen business days to walk away, but only if you hold no open positions and owe Finveo nothing. If you hold a position, the new terms apply and you cannot leave.

Exhibit 16WarningStandard wording

the client shall be notified either in writing or through the Company's website accordingly and shall reserve the right to accept or deny the amendments; it should be noted that the client's consent is not required for any amendment to be effective immediately.
Clause 23 in Client agreement, p.10
Read from the broker's site on Open the reference

Buried at section 73 of 86 in the Client agreement, 85% of the way through.

Finveo says certain countries are restricted or prohibited, and that the list can change according to its internal policies. The list itself appears nowhere in its legal documents or on its website.

Why this matters

You cannot check whether your country is on a list you are never shown. A restriction applied after you deposit is a problem you discover at the point of trying to trade or withdraw.

Exhibit 19WarningStandard wording

Certain jurisdictions may be classified by Finveo as restricted or prohibited based on regulatory, sanctions, anti-money laundering, counter-terrorist financing or other risk considerations.
Quoted in Terms & Conditions
Read from the broker's site on Open the reference

Buried at section 38 of 42 in the Terms & Conditions, 90% of the way through.

Finveo is your counterparty and the only market you can trade on

The FINVEO MA Ltd agreement calls Finveo the only execution venue, and calls that venue a non-regulated market. Finveo also deals on its own account as the counterparty to its clients. Every order you place through the platform counts as an explicit instruction, which its policy treats as best execution met.

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 against3 clauses flagged

The FINVEO MA Ltd agreement calls Finveo the only execution venue, and calls that venue a non-regulated market. Finveo also deals on its own account as the counterparty to its clients, so it sits on the other side of your trade.

Why this matters

There is no second market to compare Finveo's price against, because Finveo is the market. When you lose on a trade, the money goes to the company that quoted you the price.

Exhibit 12CriticalStandard wording

The client accepts that the Company is the only execution venue, which is a non-regulated market.
Clause 7(g) in Client agreement, p.5
Read from the broker's site on Open the reference

Where it sits: section 28 of 86 in the Client agreement, 33% of the way through.

Finveo's Montenegro policy treats any order you place through the online platform as carrying your explicit instructions on how and where to execute it. Following your instruction then counts as Finveo having got you the best outcome.

Why this matters

Clicking buy on a platform is not the same as telling Finveo which venue to use. The clause turns an ordinary click into an instruction that satisfies Finveo's duty to find you the best price.

Exhibit 13WarningRarely seen

An order placed through an Internet trading application shall be deemed to have been given with explicit instructions from the Client regarding the manner and place of execution.
Clause Article 6 in Order Execution Policy, p.4
Read from the broker's site on Open the reference

Where it sits: section 26 of 64 in the Order Execution Policy, 41% of the way through.

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

Under the FCA and CySEC rules that follow MiFID, a specific client instruction disapplies best execution only to the extent of that instruction, and a firm must not induce a client to give one to escape the duty. This policy deems every order placed through the internet platform to carry such an instruction.

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

Our readingDeeming every online order to be a specific client instruction converts a duty the firm owes you into one it is automatically treated as having met. Orders for foreign markets are handled the same way, so the exception covers most of what a client would trade.

  • Worse together with Exhibit 12Finveo is the only venue and your counterparty, and every click is read as an instruction that discharges its best execution duty.

Finveo's Montenegro policy says it will try to avoid trading where it stands on both sides and knows you would be harmed. An exception applies when Finveo or a client has an unplanned need for greater financial resources.

Why this matters

The rule meant to protect you steps aside when the company needs money. Finveo also only commits to avoiding the trade where it is aware of the harm, which leaves the test in its own hands.

Exhibit 22WarningHarder than usual

The Company will endeavor to avoid such transactions if it is aware that the Client would be harmed, i.e., if the following conditions are met, and especially if the price of the financial instrument in question is below the last market price with that financial instrument.
Clause Article 6 in Conflict of Interest Management Policy, p.6
Read from the broker's site on Open the reference

Buried at section 17 of 25 in the Conflict of Interest Management Policy, 68% of the way through.

Six quiet months cost $15, and a small balance costs the account

FINVEO MA Ltd can charge $15 to keep an inactive account open after six months. If the balance then falls under $15, Finveo can close the account and charge again. Nothing in the clause caps the charge at your balance.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Six months without trading lets FINVEO MA Ltd charge you $15 simply to keep the account open. If the balance then sits below $15, Finveo can close the account and charge a further fee.

Why this matters

Nothing in the clause caps the charge at what is in your account, so a small balance can be spent on the fee that was meant to preserve it. Finveo then has grounds to close the account it just emptied.

Exhibit 11CriticalHarder than usual$15

If the client's trading account is inactive for 6 months, the Company reserves the right to charge an account maintenance fee of USD15 (or currency equivalent) in order to maintain the trading account open.
Clause 18(n) in Client agreement, p.9
Read from the broker's site on Open the reference

Buried at section 66 of 86 in the Client agreement, 77% of the way through.

What it costsAn account left alone for six months with $20 in it loses $15 to the maintenance fee. The $5 remaining is under the $15 threshold, so Finveo can close the account and charge again.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
6 months with no tradingFinveo can charge a $15 account maintenance fee just to keep the account open.18(n)
Balance under $15Finveo can close the account after telling you, and charge a further fee.18(o)
Inactive 6 months and under $15Finveo can disable the account at its discretion, though you can switch it back on yourself from the Client Portal.29(k)

No clause in the Mauritius agreement says when Finveo must pay you

The FINVEO MA Ltd client agreement sets no deadline for paying a withdrawal. It lets Finveo refuse the method you asked for, and reject a request it decides may not be legitimate. A payment provider can also reverse your funds for any reason, leaving the account negative.

Exit conditions1 clause flagged

FINVEO MA Ltd can take what you owe it out of your account at any time and without telling you. The clause reaches debts that are future rather than present, unfixed in amount, and arising outside this agreement.

Why this matters

Money can leave your balance before anyone has agreed what you owe or whether you owe it. Unrealised losses on an open position can also be taken from the client money Finveo holds for you.

Exhibit 17WarningHarder than usual

We may at any time, without notice to you, set-off any liability (including without limit any loss) you owe to us, whether any such liability is present or future, liquidated or unliquidated, under these Terms or not and irrespective of the currency or its denomination.
Clause 13(a) in Client agreement, p.7
Read from the broker's site on Open the reference

Where it sits: section 49 of 86 in the Client agreement, 57% of the way through.

A complaint about your CFD account is heard in Mauritius

The FINVEO MA Ltd agreement is governed by Mauritian law, and disputes go to the courts of Mauritius. Finveo markets in seven languages, and its agreement says English is the only official language. A client reading German or Azerbaijani signs an English contract enforced in the Indian Ocean.

Where you would sue1 clause flagged

Your FINVEO MA Ltd agreement is governed by the law of Mauritius, and any proceedings go to the courts of Mauritius. Finveo also states that English is its only official language.

Why this matters

Finveo sells in seven languages and will argue with you in one, on an island in the Indian Ocean. For most of its clients, suing costs more than the balance in the account.

Exhibit 20WarningStandard wording

Any proceedings and their settlement that may involve the Company and the client shall take place in the competent courts of the Republic of Mauritius.
Clause 31(b) in Client agreement, p.14
Read from the broker's site on Open the reference

Buried at section 83 of 86 in the Client agreement, 97% of the way through.

Finveo sends your identity documents offsite and can edit what you sent

FINVEO MA Ltd sends your identity documents to a third party provider for offsite checking. It can amend or delete details you submitted, at its sole discretion. The Montenegro privacy statement keeps your data at least five years and shares it with whoever introduced you.

Your documents and data1 clause flagged

FINVEO MA Ltd sends your identity documents to a third party provider for offsite checking. It can also amend, correct or delete details you submitted, at its sole discretion. The Montenegro privacy statement keeps your data for at least five years.

Why this matters

Your passport and address proof leave Finveo for a company it does not name to you. Opening the account also consents to your data going abroad and to whoever introduced you receiving it.

Exhibit 21WarningStandard wording

You hereby agree that the Company will securely transmit the documents to a trusted third-party service provider for offsite document checking.
Clause 6 in Client agreement, p.5
Read from the broker's site on Open the reference

Where it sits: section 22 of 86 in the Client agreement, 26% of the way through.

Your margin can stop being client money, and no scheme covers you

FINVEO MA Ltd can move ownership of your margin to itself and use it in its own business. Its Risk Statement says no client compensation scheme in Mauritius covers your trading. Finveo's two companies also serve each other's documents on their legal pages.

Whose money, whose rules1 clause flagged

Finveo's two companies serve each other's documents. The Mauritius legal page offers a Risk Warning that is the Montenegro company's document, and lists the same two policies twice under different names. Finveo's site footer still links a 2022 Risk Statement offering 1:100 leverage.

Why this matters

You cannot tell from the labels which company's terms bind you. Click Risk Warning as a Mauritius client and you get a Montenegro document, with a leverage figure the newest statement no longer mentions.

Exhibit 15WarningHarder than usual

The products and services available to clients may differ depending on the relevant Finveo company, its regulatory permissions and the client’s jurisdiction.
Quoted in Terms & Conditions
Read from the broker's site on Open the reference

Buried at section 28 of 42 in the Terms & Conditions, 67% 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 Azerbaijani page names a UK regulator for the group, while the agreement a client signs names only the Mauritius Financial Services Commission.

Said in public, in AZ

Finveo UK, Böyük Britaniyada Maliyyə Davranış Təşkilatı (FCA), FRN : 916641. tərəfindən səlahiyyət verilib və tənzimlənir.

Word for word in English: Finveo UK is authorised and regulated in Great Britain by the Financial Conduct Authority (FCA), FRN: 916641.

Azerbaijani About Us page, group and regulatory information block

In the contract · clause 1(b)

The Company is incorporated in the Republic of Mauritius. The Company is authorised and regulated by the Financial Services Commission Mauritius (‘FSC’)

02

Finveo invokes ESMA rules in five languages while its published Risk Statement offers leverage of 1:100, more than three times the ESMA retail cap on major currency pairs.

Said in public, in English

In Montenegro, we adhere to the Capital Market Authority of Montenegro (CMA), license number: 03/2-2/13-21, which complies with international regulations prescribed by the European Securities and Markets Authority (ESMA).

English About Us page, Regulations and Licenses section; the same claim appears on the Spanish, German, Italian and Chinese versions

In the contract

Leverage is defined as the ratio of the burden on the Client's assets and the total value of the underlying assets contained in the derivatives or CFD (up to 1: 100).

03

The payment page says Finveo absorbs every transaction fee, and the client agreement deducts those same charges from the money it returns to you.

Said in public, in English

Finveo does not charge any transaction fees for deposits or withdrawals, as these fees are fully covered by the Company.

English Payment Methods page, below the Montenegro and Mauritius method lists

In the contract · clause 18(h)

The client accepts that withdrawal of any part of the funds shall be concluded using the same transfer method and the same remitter as the one which the Company originally received the funds from; under such circumstances, the Company shall return the part of the funds requested net of any transfer fees or other charges incurred by the Company.

04

Finveo advertises full regulation in every jurisdiction, while its client agreement describes the only market a client can trade on as non-regulated.

Said in public, in English

We are proud to be fully licensed and regulated in each jurisdiction we operate.

English About Us page, opening of the Regulations and Licenses section

In the contract · clause 7(g)

The client accepts that the Company is the only execution venue, which is a non-regulated market.

05

The Best Execution Policy says no dealing desk touches a trade, while the client agreement says Finveo deals on its own account as the counterparty to its clients.

Said in public, in English

All trades are executed to leading liquidity banks using market execution with no re-quotes, no dealing desk or human intervention and no trading restrictions.

Best Execution Policy section 2.2, published on both the Montenegro and Mauritius legal documentation pages

In the contract · clause 1(d)

The Company shall be both acting as an intermediary in the execution of securities transactions that means that the Company is facilitating the buying and selling of securities on behalf of you and will also be dealing on own account that is trading as principal, acting as the counterparty of its clients.

The documents this reading is based on

28 files, all published by FINVEO. 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 FINVEO publishes.

How this reading was done

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

This reading was published on .

Documents
23 of 28downloaded from the broker's site, and 23 read in full
Pages opened
80pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
AZ vs ENthe language it advertises in, against the language it contracts in
Position measured
20clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

FINVEO MA Ltd

Finveo splits its clients between two companies. FINVEO JSC Podgorica in Montenegro holds Capital Market Authority licences 03/2-2/11-20 and 03/2-2/13-21, and Finveo's own Terms say it offers shares, fractional shares, ETFs, bonds and options. FINVEO MA Ltd in Mauritius holds Financial Services Commission licence GB22200832, and the same Terms say it is the company that may provide CFDs and other leveraged products. So a client who comes to Finveo for leveraged trading contracts with the Mauritius company, under Mauritian law, in Mauritian courts. Most of the clauses in this report come from that Mauritius agreement, because it is the contract behind the product Finveo's own risk warnings are written about. Finveo's regulatory block lists two further licences that belong to Gedik Investment Securities and Marbas Securities in Turkiye. Those are companies in the same Inveo Holding group, and neither is a party to your account.

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

Finveo publishes more than most offshore brokers, and publishes it openly: a Price List, General Business Rules, a client classification policy, an order execution policy, a complaints rulebook and five Key Information Documents, all free to download without an account. The Montenegro Risk Statement adopted on 1 October 2026 is careful work. It walks through custody risk, pooled accounts, spread widening and the chance that a fractional share cannot be moved to another broker, which many brokers never mention at all. The Order Execution Policy goes further than most and works a numbered example showing a stop loss filled 30 points worse than the client asked for. The Client Classification Policy also tells Finveo to refuse a service outright where its suitability test fails, rather than warn the client and proceed anyway. And the Mauritius Risk Statement says plainly that no compensation scheme covers you, which is a disclosure many firms bury or omit.

Finveo's Montenegro Client Agreement opened as scrambled characters. We could read its article headings but not its clauses, so nothing in this report is quoted from it. Four more documents on the same legal page stayed closed to us. They are the Price List, the 45 page General Business Rules, the Statement on Client's funds and the Swap Free campaign terms. The Price List matters most, because the Montenegro agreement and the payment methods page both say it sets the fees you pay. Finveo also publishes five Key Information Documents, an anti money laundering programme, a suitability statement and a classification questionnaire that we did not open. No earlier version of any Finveo document is available, so this is a first reading with nothing to compare against. Every marketing claim quoted here comes from a page we opened ourselves.

How to check any of this yourself

Every quote above links to the FINVEO 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 FINVEO 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 FINVEO 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 10, 2026.

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

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