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Contract reading

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

Every clause below is published by Fiper 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: Fiper Markets LLC

hidden feesole discretionmarketing gapcomplaint deadlineconflict of interestdeemed acceptanceexecutionforum waiverlanguage arbitrageprofit voiding

Fiper's English contract tells you it is not the binding one: clause 69 makes the Arabic text prevail. That Arabic file carries three clauses the English file skips, including the one letting Fiper convert your money at its own rates. Fiper's own pages promise negative balance protection, a 100% execution rate and no hidden fees. The contract gives you none of the three.

Back to Fiper

Contract risk

Money at risk
8.5/10

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

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
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.
21
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
14

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.

Critical8
Warning13
Notice1

section 77 of 83is where the deepest clause sits, 93% 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.

Critical3In the contract. Jump to the clause this comes from.The English contract is not the binding versionCritical$5Fee on an unused account. Jump to the clause this comes from.Dormant accounts lose $5 a quarter, then the balanceCritical5 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals have no deadline and can be held backCritical3 working daysTime to complain. Jump to the clause this comes from.Three business days to object, then the statement stands

What the documents say

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

01

Fiper lists Negative Balance Protection as a feature on the margin pages of both its websites. The client terms say the opposite. Clause 36-3 warns that margin trading may cost you more than your deposit.

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

Negative balance protection means the broker writes off a loss that takes your account under. Fiper promises it in marketing and removes it in clause 38-4, which plans for your equity going negative. Clause 47-1 then makes anything you owe payable on demand.

Exhibit 1CriticalHarder than usual

Margin trading involves high risk and may result in losses exceeding the initial deposit.
Clause 36-3 in Client Terms & Conditions
Read from the broker's site on Open the reference

Where it sits: section 43 of 83 in the Client Terms & Conditions, 52% of the way through.

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

Firms licensed by the FCA, CySEC or any ESMA regime must give retail CFD clients negative balance protection, so a client cannot lose more than the money in the account. This contract says losses may exceed the initial deposit.

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

02

The contract you can read is not the one that binds you. Clause 69 makes the Arabic text prevail and calls every translation information only. The English file also skips three clauses that the Arabic file contains.

Why this matters

You agree to terms you cannot read. Fiper's English legal page links the English file only, and nothing on it tells you the Arabic version governs. Clause 62-1 then relies on clauses 13-5-1 and 51-14, and neither one exists in the English file.

Exhibit 2CriticalRarely seen3

These Terms are provided in Arabic. Where translated into another language, the translation is provided for information purposes only, and the Arabic text shall prevail in the event of any inconsistency.
Clause 69 in Client Terms & Conditions
Read from the broker's site on Open the reference

Buried at section 74 of 83 in the Client Terms & Conditions, 89% of the way through.

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

Firms licensed by the FCA or CySEC must give a retail client the contract terms in a language that client can use, and keep the governing version available. This contract makes the Arabic text binding while offering the English one as information.

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

Our readingBrokers normally make the version they publish the governing one, or publish both languages side by side. Fiper does neither. The binding text is the Arabic file, and the English file it offers instead is shorter.

  • Worse together with Exhibit 9The currency conversion clause is one of the three the English reader never sees, so the clause that costs money is also the clause that is missing.
03

If Fiper believes you used latency or a technical fault, clause 23-3 lets it cancel your trades. You then get back only what you put in, less anything you already withdrew. Clause 29-3 lets Fiper judge any strategy abusive at its absolute discretion.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

Your profit can be wiped out on a judgment Fiper makes alone, with no test you can check. Clause 28-1 goes further: an order Fiper has already accepted can be treated as void from the start.

Exhibit 3CriticalHarder than usual

If we reasonably believe that you have exploited latency, system delays, or any technical malfunction, we may cancel the relevant transactions, return deposited funds only after deducting any prior withdrawals, and may close your account.
Clause 23-3 in Client Terms & Conditions
Read from the broker's site on Open the reference

Where it sits: section 28 of 83 in the Client Terms & Conditions, 34% of the way through.

What it costsYou deposit $10,000, withdraw $2,000 and build the account to $15,000. Clause 23-3 lets Fiper cancel the trades and hand back $8,000, so the $5,000 of profit is gone.

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

Firms licensed by the FCA or CySEC must treat a retail client fairly and cannot undo a completed trade on their own view of the client's strategy, outside narrow rules for pricing errors. This contract lets Fiper decide at its absolute discretion, whether or not the strategy is named in the terms.

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

  • Worse together with Exhibit 6The improper trading document supplies 22 reasons to reach the judgment that clause 23-3 and clause 29-3 then act on.
  • Worse together with Exhibit 5A strategy Fiper calls abusive is also an event of default, and clause 60-3 then lets it hold your money while the default continues.
04

After 90 days without a trade, Fiper charges $5 for every three month period your account sits idle. If the balance is under $5, Fiper can charge an amount equal to the whole balance and close the account.

Why this matters

A small balance you left behind can be emptied, and the account goes with it. None of this is in the client terms you accept: it sits on a page called Guideline for Account Closure, linked from the footer. Open an account through fiperfx.net instead and the figures change to $15 after six months.

Exhibit 4CriticalHarder than usual$5

the Company reserves the right to charge a fixed payment of 5 USD/EUR/GBP/CHF or 600 JPY (depending on the base account(s) currency)
Quoted in Guideline for Account Closure
Read from the broker's site on Open the reference
Our own capture of fiper.me, taken on Oct 11, 2026Dormant accounts lose $5 a quarter, then the balanceVisit this page on the broker's siteDownload the full size image file

What it costsA $40 balance left alone loses $5 every three months. After two years it is empty, and once it drops under $5 Fiper can take the rest and close the account.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 90A $5 fee starts, for each three month period with no trading.a) Inactivity Fees
Balance under $5Fiper can charge an amount equal to your whole balance and close the account.
05

Fiper's account page promises payouts in 1 to 5 working days. The contract promises no date at all. Clause 48-3 says requests are processed as soon as practicable.

Why this matters

Clause 60-3 lets Fiper refuse any payout while it says a default, or even a possible default, is continuing. A suspension under clause 14-2 can block withdrawals while Fiper investigates, and no clause limits how long that lasts.

Exhibit 5CriticalHarder than usual5 working days

We are not obliged to make any payment or perform any delivery under any transaction or withdrawal request in respect of all or part of the equity in your account for so long as an event of default or potential event of default has occurred and is continuing.
Clause 60-3 in Client Terms & Conditions
Read from the broker's site on Open the reference

Buried at section 62 of 83 in the Client Terms & Conditions, 75% of the way through.

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

Firms licensed by the FCA or CySEC must pay a retail client's withdrawal promptly and must be able to state the reason for holding client money. This contract sets no outer limit on a hold.

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

  • Worse together with Exhibit 8A withheld payout is a dispute, and you have three business days to raise it before Fiper's own record stands as final.
06

Fiper's account page says every trading style is allowed and promises unlimited Expert Advisor trading. A separate document names 22 practices it calls improper. Scalping, hedging and automated strategies are all on that list.

Why this matters

Hedging and scalping are the usual reasons a trader picks one broker over another. Trade that way here and clause 29-3 lets Fiper restrict the account, cancel the positions or close it, with no notice.

Exhibit 6CriticalHarder than usual22

Abusive Scalping: Executing rapid opening and closing of positions designed primarily to exploit execution speed, spreads, temporary pricing inefficiencies, or micro-market movements rather than genuine market exposure, and/or.
Clause Abusive Scalping in Improper Trading Practices
Read from the broker's site on Open the reference

Where it sits: section 9 of 23 in the Improper Trading Practices, 39% of the way through.

  • Worse together with Exhibit 3The banned list and the profit cancelling clause work as one mechanism: Fiper names the practice, then returns only your deposit.

Fiper promises no hidden fees and publishes no fee schedule

Clause 46-1 leaves it to Fiper's absolute discretion whether its costs are published at all. The spread page promises no hidden fees, while the closure page says withdrawal fees apply and sends you to a Withdrawals section that is not on the site. The clause letting Fiper convert your currency at rates it picks is in the Arabic contract only.

Cost disclosure3 clauses flagged

Fiper's spread page promises no hidden fees. Clause 46-1 lets Fiper decide where, and whether, to publish its costs. Clause 48-6 lets Fiper charge its own fees on your deposits and withdrawals.

Why this matters

You cannot work out what a withdrawal costs before you ask for one. Fiper's own closure page says withdrawal fees apply and sends you to a Withdrawals section, and no such section exists on the site.

Exhibit 7CriticalHarder than usual

Details of costs and charges relating to our services are published on our website or through other means we deem appropriate at our absolute discretion.
Clause 46-1 in Client Terms & Conditions
Read from the broker's site on Open the reference

Buried at section 51 of 83 in the Client Terms & Conditions, 61% of the way through.

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

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before that client trades. This contract gives Fiper discretion over whether to publish them at all.

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

  • Worse together with Exhibit 9One of the few conversion costs that is written down anywhere sits in the Arabic file, which the English legal page does not link.

Fiper can convert your money at rates it judges suitable, under clause 50-1 of the Arabic contract. The English contract has no clause 50 at all. Conversion costs land on you, and so does the exchange rate risk.

Why this matters

A rate chosen by Fiper is a cost you never see itemised as a fee. If you read only English, the clause that permits it is not in the document you were given.

Exhibit 9WarningRarely seen

يجوز لنا إجراء تحويلات العملة عندما نراها ضرورية لأغراض الوفاء بالتزاماتنا أو ممارسة حقوقنا، ويتم التحويل وفقًا لأسعار نراها مناسبة مع مراعاة أسعار السوق السائدة.
Clause 50-1 in Client Terms & Conditions (Arabic, the version clause 69 makes binding)
Downloaded from the broker's site on Open the reference

Our readingThe clause itself is ordinary in this industry. What is unusual is that it lives in one language version of the same contract and not the other, while that version is the one the contract says prevails.

  • Only applies after Exhibit 2This cost only reaches you because clause 69 makes the Arabic file the binding text.

Fiper can add rollover fees to a swap free account and show them in the platform as swap. It can also widen the spread and raise the commission on those accounts. It can withdraw swap free status at any time without explaining why.

Why this matters

Clients choose a swap free account to avoid interest, often for religious reasons. A charge displayed as swap, applied as an administrative cost, is the exact thing you opened that account to avoid.

Exhibit 12WarningHarder than usual

Additional rollover fees (displayed as “swap” in the trading platform) may be applied as administrative costs.
Clause 3(d) in Swap-Free Account Terms and Conditions
Read from the broker's site on Archived copyOpen the reference

You have three business days to object, and then Fiper decides

Clause 33-2 makes a statement final and binding unless you object in writing within three business days of receiving it. Clause 33-3 makes Fiper's own decision on that objection final. The complaints procedure aims at 40 working days and then points you to a securities commission that matches no registration in Fiper's documents.

Complaint windows3 clauses flagged

You get three business days to object to a statement in writing. After that, clause 33-2 makes it final and binding. If you do object in time, clause 33-3 makes Fiper's own decision final.

Why this matters

A wrong trade or an unexpected charge becomes unchallengeable in three days, counted from when you received the statement. Fiper's records stand as conclusive evidence under clause 82-1, though that clause does let you prove otherwise.

Exhibit 8CriticalHarder than usual3 working days

You are responsible for promptly notifying us if you do not receive a statement or if there is any error therein. Statements shall be final and binding unless we receive a written objection within three (3) business days of receipt.
Clause 33-2 in Client Terms & Conditions
Read from the broker's site on Open the reference

Where it sits: section 39 of 83 in the Client Terms & Conditions, 47% of the way through.

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

Firms licensed by the FCA or CySEC cannot cut a retail client's right to complain down to days, and must offer an independent complaints body. This contract gives you three business days and makes its own decision final.

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

  • Worse together with Exhibit 10Fiper decides the objection itself, and the only outside body its complaints procedure names does not match the registration in the same documents.

Fiper aims to answer a complaint within 40 working days. If you remain unhappy, its procedure sends you to a body it calls the QA, TR, SVGFSA Securities Commission. No regulator of that name matches the Georgian registration printed in the same documents.

Why this matters

You lose the referral right six months after Fiper's final answer. The one route out of Fiper's own decision points at an address that does not line up with the company you contracted with.

Exhibit 10WarningHarder than usual40 working days

We aim to resolve complaints, at the latest, within forty (40) working days.
Quoted in Client Complaints Handling Procedure
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client access to an independent ombudsman or compensation body, free of charge. Here the only external body named belongs to no regime the documents claim.

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

Fiper's partner agreement sends every dispute to a single arbitrator in Georgia. Clause 24.2 has both sides agree never to challenge the award, and never to oppose its enforcement in court.

In plain words

Remuneration means payments it receives.

Why this matters

You sign away the appeal before any disagreement exists. Your commission can also be changed with no consent and no warning, and you may hear about it up to 15 business days later.

Exhibit 18WarningHarder than usual15 working days

challenge any arbitral award made pursuant to arbitration proceedings conducted in accordance with Clause 24.1
Clause 24.2 in Introducing Broker Agreement
Read from the broker's site on Archived copyOpen the reference

Buried at section 23 of 26 in the Introducing Broker Agreement, 88% of the way through.

Three promises on Fiper's own pages that its contract does not keep

Fiper's margin pages list negative balance protection, while clause 36-3 warns that losses may exceed your deposit. Its execution page claims a 100% execution rate, while clause 27-1 reserves rejection with no reason given. Its account page allows every trading style, while a separate Fiper document names 22 practices it calls improper.

Promise against contract1 clause flagged

Fiper's execution page claims a 100% execution rate and no rejection of orders. Clause 27-1 says Fiper need not give any reason for rejecting one. It also owes you nothing for the loss that follows.

Why this matters

An order can be refused in a fast market, which is when filling it matters most. Clause 20-2 makes every price you see indicative only, and clause 31-1 guarantees neither the price nor any timeframe.

Exhibit 11WarningStandard wording100%

If we reject any order, we are not obliged to provide reasons and shall not be liable for any losses arising from such rejection.
Clause 27-1 in Client Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of fiper.me, taken on Oct 11, 2026The claim, on Feature tile on the Execution pageVisit this page on the broker's siteDownload the full size image file

Where it sits: section 31 of 83 in the Client Terms & Conditions, 37% of the way through.

Fiper advertises a loyalty programme and publishes no promotion terms

The account types page lists a loyalty programme and a cashback rebate for Fiper clients. No promotion terms sit anywhere on the legal page, yet abusing a promotion is one of the 22 practices that trigger Article 60. Article 60 lets Fiper close positions, set off balances and close the account without notice.

Promotion rules1 clause flagged

Fiper advertises a loyalty programme and a cashback rebate on its account types page. No promotion terms appear anywhere on its legal page. Abusing a promotion is still grounds for the actions in Article 60.

Why this matters

You cannot read the rules you can be punished for breaking. Article 60 lets Fiper close your positions, set off your balance against what it says you owe, and close the account.

Exhibit 20WarningHarder than usual

Abuse of Promotions or Trading Conditions: Exploiting bonuses, incentives, rebates, swaps, commission structures, or promotional conditions in a manner inconsistent with their intended purpose, and/or.
Clause Abuse of Promotions or Trading Conditions in Improper Trading Practices
Read from the broker's site on Open the reference

Buried at section 17 of 23 in the Improper Trading Practices, 74% of the way through.

Fiper can change the terms by publishing them, and its country lists disagree

Clause 73-1 turns your continued use of the service into acceptance of any amendment, with no notice period anywhere. Fiper's risk disclosure and its own site footer bar different sets of countries, so a UK, Brazilian, Israeli or New Zealand reader gets two answers. Its FAQ then teaches a transfer the payment terms prohibit.

Account control3 clauses flagged

Fiper's risk disclosure bars residents of the United States, Canada, Brazil, Israel, New Zealand, Iran and North Korea. The footer on its own site bars a different set. That one adds the UK and Myanmar, and drops Brazil, Israel and New Zealand.

Why this matters

If your country is on one list and not the other, you cannot tell whether you are allowed to open an account. Clause 6-2 says Fiper owes you nothing if you lose access to your account while in a country it has prohibited.

Exhibit 13WarningHarder than usual3

Fiper Markets LLC does not provide services for residents of certain countries such as the United States of America, Canada, Brazil, Israel, New Zealand, Iran, and North Korea or any country where such distribution or use would be contrary to local law or regulation.
Clause Restricted Countries in Risk Warning Disclosure
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 4 of 23 in the Risk Warning Disclosure, near the start.

Fiper can rewrite these terms and publish the new version on its website. Under clause 73-1, carrying on using the service counts as your acceptance. No notice period appears anywhere in the clause.

Why this matters

A charge or a rule can change without any message to you. The payment terms put the duty on you to re-read them before every single transaction.

Exhibit 14WarningHarder than usual

We may amend these Terms from time to time. The amended version will be published on our website or notified to you. Your continued use of the services constitutes acceptance of such amendments.
Clause 73-1 in Client Terms & Conditions
Read from the broker's site on Open the reference

Buried at section 77 of 83 in the Client Terms & Conditions, 93% of the way through.

Fiper's FAQ shows you how to send money from your account to another client's account. The payment terms say third party transfers are not permitted. Clause 48-5 says Fiper does not accept third party deposits.

Why this matters

Using a feature Fiper built into its own portal can put you in breach of the document you signed. Coordinated activity across accounts is one of the practices Fiper says it can close an account for.

Exhibit 15WarningStandard wording

We do not accept third-party deposits, and withdrawals shall be returned to the original source of deposit in accordance with our policies.
Clause 48-5 in Client Terms & Conditions
Read from the broker's site on Open the reference

Buried at section 54 of 83 in the Client Terms & Conditions, 65% of the way through.

Fiper can move your identity documents to countries with weaker protection

Clause 68-3 has you authorise transfers of your personal data to affiliates and third parties, even where the protection is weaker. Fiper's privacy policy promises equivalent protection in the same situation. Neither document sets a retention period, so nothing says when the copies of your passport go.

Your documents1 clause flagged

You authorise Fiper to send your personal data to affiliates and third parties abroad, even where the protection is weaker. Clause 68-3 says so in as many words. Fiper's privacy policy promises the opposite.

Why this matters

Your passport, your address and your bank details are part of that data. The privacy policy sets no retention period either, so nothing tells you when the copies are deleted.

Exhibit 19WarningHarder than usual

You expressly acknowledge and authorize us to obtain, process, disclose, and transfer your personal data (as well as the personal data of any persons about whom you provide us with information) to our affiliates, third parties, or to other jurisdictions, even if such jurisdictions do not provide the same level of data protection.
Clause 68-3 in Client Terms & Conditions
Read from the broker's site on Open the reference

Buried at section 73 of 83 in the Client Terms & Conditions, 88% of the way through.

Fiper is the counterparty, the price source and the only venue

Fiper's execution policy says it deals as principal on every trade and is the only execution venue you can reach through it. It applies its own algorithm to the underlying price to reach the price you see. Its partner agreement also lets it quote an introduced client a wider spread than the platform's and pay the difference to the partner.

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 against2 clauses flagged

Fiper deals as principal on every trade and is the only venue you can reach through it. It takes the underlying market price and applies its own algorithm to reach the price you see. That structure is normal for a CFD broker, and Fiper discloses it.

Why this matters

Your loss is Fiper's gain on the other side of the trade, which its conflicts policy admits in those terms. Clause 32-1 also lets Fiper bundle your order with others at a worse price, while the policy it sends you to for the bundling rules says it does not bundle orders.

Exhibit 16WarningStandard wording

It is Fiper.me decision as to what markets to offer its clients and we will deal with you as principal and counterparty to each trade, providing you with two-way price quotes.
Clause 2 in Order Execution Policy
Read from the broker's site on Open the reference

Where it sits: section 12 of 42 in the Order Execution Policy, 29% of the way through.

Fiper's partner agreement lets it quote an introduced client a wider spread than the platform's and pay the difference to the partner. The same schedule allows a higher commission than standard, with the extra going to the partner.

Why this matters

If a partner introduced you, your trading costs can sit above Fiper's standard pricing. The partner must tell you it earns a commission, and nothing requires anyone to tell you the spread was widened to fund it.

Exhibit 17WarningStandard wording

a wider Spread than the Spread quoted by the Platform, and the Company will compensate the Introducing Broker with an amount representative of the wider Spread, less the Spread, agreed for Transactions entered into by, or for and behalf of, Introduced Customers
Clause Schedule 1(b) in Introducing Broker Agreement
Read from the broker's site on Archived copyOpen the reference

Buried at section 24 of 26 in the Introducing Broker Agreement, 92% of the way through.

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

Firms licensed by the FCA or CySEC must disclose to a retail client any payment to a third party that affects what that client pays. Here the arrangement is set out in the partner's contract, not in any client document.

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

Three company names across two Fiper websites, and no compensation scheme

On fiper.us you contract with Fiper Markets LLC, registered in a Georgian free industrial zone that the same document calls a regulator. On fiperfx.net the client agreement is in the name of TOB TRADING MAU LTD, a company fiper.us never mentions. No document names an investor compensation scheme, and clause 43-2 disclaims liability if the bank holding your money fails.

Who you contract with2 clauses flagged

On fiper.us you contract with Fiper Markets LLC in Georgia. On fiperfx.net the client agreement is in the name of TOB TRADING MAU LTD, trading as FIPER FX. The fiper.us footer says that same website is operated by Fiper Global MAU LTD.

Why this matters

The company you could take to court is not the brand you signed up with. The PDF link for that agreement returns the home page instead of the document, so the only readable copy is a Word file.

Exhibit 21WarningRarely seen3

TOB TRADING MAU LTD (hereinafter referred to as “TTML ”; “we”; “Company”) is a regulated investment dealer company trading with the business name ‘FIPER FX’.
Clause Introduction in TOB TRADING MAU LTD, trading as FIPER FX, Client Agreement (Word file)
Downloaded from the broker's site on Open the reference

Our readingA client agreement published under a company name that appears nowhere in the group's own description of itself is unusual. It leaves the contracting party unsettled, and the two sites give that company two different registration numbers.

Fiper's regulation document says the Tbilisi Free Industrial Zone provides regulatory oversight for licensed financial entities. The certificate behind that claim is published as a picture rather than as text. No investor compensation scheme is named in any document.

Why this matters

Segregated accounts are promised in the risk disclosure, while clause 43-2 says Fiper is not liable if the bank holding your money fails. If the firm or its bank goes down, no document names anyone who pays you back.

Exhibit 22NoticeStandard wording

Client funds are held in segregated accounts, separate from Fiper Markets LLC’s own funds, ensuring client protection.
Clause Client Money in Risk Warning Disclosure
Read from the broker's site on Archived copyOpen the reference

Buried at section 19 of 23 in the Risk Warning Disclosure, 83% of the way through.

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

Firms licensed by the FCA or CySEC belong to an investor compensation scheme that pays a retail client up to a set limit if the firm fails. No scheme of any kind is named in Fiper's documents.

Fiper is not licensed by these regulators, 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

Fiper advertises negative balance protection while its client terms plan for your equity falling below zero.

Said in public, in English

Negative Balance Protection

Feature tile on the Margin and Leverage page

In the contract · clause 38-4

With respect to hedged or fully paid positions, additional margin may be required, and the account may be subject to automatic close-out or close-out under other provisions if equity falls below zero.

02

The same promise appears on the second site, whose client agreement makes you responsible for losses beyond your deposit.

Said in public, in English

Negative Balance Protection

Feature tile on the Margin and Leverage page of the second Fiper site

In the contract

You may lose your initial deposit and be required to deposit additional Margin in order to maintain your position. If you fail to meet any Margin requirement, your position will be liquidated, and you will be responsible for any resulting losses.

03

Unlimited Expert Advisor trading is promised on the account page and listed as an improper practice in the trading document.

Said in public, in English

Unlimited Access To Ctrader And Expert Advisor Trading

Feature tile on the Trading Account Types page

In the contract · clause Systematic or Algorithmic Abuse

Systematic or Algorithmic Abuse: Using automated strategies, algorithms, Expert Advisors (EAs), bots, scripts, or third-party software that are designed to exploit platform mechanics, execution logic, or pricing behavior, whether authorized or not, and/or.

04

The account table allows all trading styles while a separate document names hedging and scalping as improper practices.

Said in public, in English

Trading Styles Allowed

Account types comparison table, where this row reads All for both the PRO and VIP columns

In the contract · clause Hedging Abuse

Hedging Abuse: Using hedging, offsetting, or correlated positions across one or more accounts or instruments for the purpose of minimizing margin usage, neutralizing risk artificially, or exploiting execution mechanics, and/or.

05

No hidden fees is promised on the pricing page while the contract leaves it to Fiper whether to publish its charges.

Said in public, in English

Trade With NO Hidden Fees

Feature tile on the Spread page

In the contract · clause 46-1

Details of costs and charges relating to our services are published on our website or through other means we deem appropriate at our absolute discretion.

06

The account page gives a withdrawal window of one to five working days and the contract gives no deadline at all.

Said in public, in English

1-5 working day

Account types comparison table, PRO column, Withdraw row

In the contract · clause 48-3

Deposit and withdrawal requests will be processed as soon as practicable. We shall not be liable for delays caused by verification checks, payment service providers, or technical reasons.

07

A 100% execution rate with no rejection of orders is advertised, while the contract reserves rejection without reasons.

Said in public, in English

100% Execution Rate - No Rejection Of Orders

Feature tile on the Execution page

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In the contract · clause 27-1

If we reject any order, we are not obliged to provide reasons and shall not be liable for any losses arising from such rejection.

08

The Arabic account page promises no order rejection, while the English contract makes every order subject to Fiper accepting it.

Said in public, in Arabic

في فايبر ، نقدم كلا من حسابات الاساسي و كبار العملاء التي يمكن أن تتناسب مع احتياجات المتداولين المبتدئين وذوي الخبرة مع ظروف تداول مرنة ورافعة مالية تصل إلى 1:500 ، مع فروق أسعار أكثر تنافسية وبدون رفض للأوامر أو تنفيذ إعادة تسعير .

Word for word in English: At Fiper we offer both Basic and VIP accounts, which can suit the needs of beginner and experienced traders, with flexible trading conditions and leverage up to 1:500, with more competitive spreads and with no rejection of orders or requote execution.

Opening paragraph of the Arabic Trading Account Types page

In the contract · clause 24-2

No position shall be opened or closed unless and until we receive and accept the order. We shall not be liable for any losses arising from delays in receiving orders or from the rejection of orders.

09

The footer and the risk disclosure bar different countries, so a resident of the UK, Brazil, Israel or New Zealand gets two answers.

Said in public, in English

FIPER does not offer its services to residents of certain jurisdictions such as the USA, UK, Iran, Canada (including Quebec), North Korea and Myanmar.

Disclaimer in the site footer, on the same page as the legal documents

In the contract · clause Restricted Countries

Fiper Markets LLC does not provide services for residents of certain countries such as the United States of America, Canada, Brazil, Israel, New Zealand, Iran, and North Korea or any country where such distribution or use would be contrary to local law or regulation.

10

The contract allows order bundling at a worse price and points to a policy that says Fiper does not bundle orders.

Said in public, in English

We do not aggregate or allocate client orders when Straight Line Processing our trading flow to Fiper.me liquidity providers.

Order Execution Policy, General Information section

In the contract · clause 32-1

We may aggregate your orders with orders of other clients for execution as a single order. Aggregation may result in you receiving a less favorable price or priority.

11

The privacy policy promises equivalent protection abroad and the contract has you consent to weaker protection.

Said in public, in English

Your data may be transferred or stored securely in jurisdictions where Fiper Markets LLC or its affiliates operate, ensuring equivalent protection standards.

Privacy Policy, section 5, Data Protection and Storage

In the contract · clause 68-3

You expressly acknowledge and authorize us to obtain, process, disclose, and transfer your personal data (as well as the personal data of any persons about whom you provide us with information) to our affiliates, third parties, or to other jurisdictions, even if such jurisdictions do not provide the same level of data protection.

12

The FAQ teaches a client to client transfer that the payment terms say is not permitted.

Said in public, in English

Can I transfer from my account to another client account ?

FAQ question, answered with steps for an Internal Transfer P2P in the client portal

In the contract · clause 2.3

Deposits and withdrawals must be made using payment methods registered under the client’s name. Third-party transfers are not permitted.

13

The FAQ names a 20% share while the partner agreement leaves the amount to Fiper and lets it change without consent.

Said in public, in English

You will have a 20% share of the commissions that Fiper collects from your referred clients.

FAQ answer on becoming a Fiper partner

In the contract · clause Schedule 4

Unless otherwise agreed between the parties, the Company will compensate the Introducing Broker with the Remuneration as determined by the Company, from time to time.

14

fiper.us names one company as the operator of fiperfx.net, and the client agreement on that site is between you and another.

Said in public, in English

The website FiperFX.net is operated by this entity and serves as the main gateway for clients engaging in regulated trading services under the Mauritius framework.

Companies and licenses block in the fiper.me footer, under the heading for Fiper Global MAU LTD

In the contract · clause Introduction

TOB TRADING MAU LTD (hereinafter referred to as “TTML ”; “we”; “Company”) is a regulated investment dealer company trading with the business name ‘FIPER FX’.

The documents this reading is based on

21 files, all published by Fiper. 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 Fiper publishes.

How this reading was done

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

This reading was published on .

Documents
16 of 21downloaded from the broker's site, and 16 read in full
Pages opened
80pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded, 2 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
AR vs ENthe language it advertises in, against the language it contracts in
Position measured
17clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Fiper Markets LLC

On fiper.us you contract with Fiper Markets LLC, registered in the Tbilisi Free Industrial Zone in Georgia, company ID 400378916. Clause 1-1 gives its address as Khizanishvili Street, Gidani District. Fiper Global LLC in Dubai handles marketing and partnerships only, by Fiper's own account. On the second site, fiperfx.net, the client agreement is in the name of a different company, TOB TRADING MAU LTD, trading as FIPER FX, while fiper.us says that site is operated by Fiper Global MAU LTD. Which of the three you deal with depends on the site you signed up through, and the documents do not settle it in one place.

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

Fiper's order execution policy admits in plain words what many brokers hide: it deals as principal and counterparty on every trade, and it is the only venue you can reach through it. Its conflicts policy says outright that the firm might make a financial gain at the expense of a client. The account types page publishes the stop out level, the minimum deposit, the commission and the lot limits, and the improper trading document names the 22 practices it bans instead of resting on one vague phrase. All fifteen documents sit on one page, free to download, with no login.

We could not read two of the files Fiper publishes. Its registration certificate is a scanned picture with no text in it, so we cannot say what it grants. The client agreement link on fiperfx.net returns the home page instead of the document, so we read the Word version of the same agreement and every quotation credited to it comes from there. We read that one in part, not end to end. Fiper publishes only two of its fifteen documents in Arabic, so we could not set an Arabic payment terms or complaints procedure against the English one. Deposit and withdrawal fee screens sit inside the client portal, which needs an account, so we could not check them.

How to check any of this yourself

Every quote above links to the Fiper 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 Fiper 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 Fiper 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 11, 2026.

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

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