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Contract reading

What GIRAFFE MARKETS legally published, but does not want you to read

Every clause below is published by GIRAFFE MARKETS 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: Giraffe Markets Limited

withdrawalshidden feesole discretionmarketing claimprofit voidingbonus lockcomplaint deadlinedeemed acceptanceentity mismatchforum waiver

Giraffe Markets' website credits its Mauritius licence to Giraffe Wealth Management Ltd. Your contract is with Giraffe Markets, which its own policies place in St. Lucia, and no regulator is named for it. Clause 18.1.9 lets the firm hand back what you deposited and keep the profit. The one bonus whose terms are published keeps any profit above $250.

Back to GIRAFFE MARKETS

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.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
27
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
17
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
9

How the 27 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.

Critical7
Warning20
Notice0

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

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

Critical$250Profit at risk. Jump to the clause this comes from.Profit above $250 goes to the broker's pool accountCritical2 working daysTime to complain. Jump to the clause this comes from.Two business days to object or the trade stands$5Fee you were not shown. Jump to the clause this comes from.A $5 withdrawal fee under a fee-free promise$10Fee on an unused account. Jump to the clause this comes from.A $10 monthly fee eats a balance left behind

What the documents say

27 clauses worth knowing about, worst first, each quoted from GIRAFFE MARKETS's own files

01

Every page of giraffemarkets.com credits the Mauritius licence to Giraffe Wealth Management Ltd. Your contract is with Giraffe Markets, and the Risk Disclosure Policy places Giraffe Markets in St. Lucia. The agreement gives that company no company number, no address and no regulator.

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.

Why this matters

The licence you were shown belongs to a company that is not on your contract. If your money goes missing, your claim is against the St. Lucia company, and no supervisor is named for it anywhere in the documents.

Exhibit 1CriticalRarely seen

Giraffe Markets, a registered forex brokerage company in St. Lucia, is committed to providing clients with comprehensive information regarding the potential risks and hazards associated with forex trading.
Clause 1. Introduction in Risk Disclosure Policy
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 name the contracting company and its licence in the client agreement, so a client knows who is holding the money. This agreement names a trading brand and settles none of that.

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

  • Worse together with Exhibit 14A claim would be heard under St. Lucia law against a company the contract never identifies.
  • Worse together with Exhibit 13Liability needs a final court judgment, against a counterparty the agreement does not name.
02

Take the deposit bonus and you may withdraw profit worth no more than your deposit, capped at $250. Anything you earn above that cap, Giraffe Markets keeps and moves into its own pool account, under term 11 of the bonus rules.

Why this matters

You trade your own money, you win, and the winnings above the cap stop being yours. The bonus terms give you no appeal and no way to buy your way out of the cap.

Exhibit 2CriticalRarely seen$250

Clients may withdraw profits up to a maximum of 1x of the deposited amount, capped at $250. Any profit exceeding the permitted withdrawal limit will be retained by the broker and transferred to the pool account.
Clause 11. Maximum Withdrawable Profit in Enjoy a 20% Bonus on Your Deposits, Daily up to $100: Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of giraffemarkets.com, taken on Oct 10, 2026Profit above $250 goes to the broker's pool account (clause 11. Maximum Withdrawable Profit)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA or CySEC cannot offer trading bonuses to retail CFD clients at all, because the rules treat a deposit bonus as an inducement. Giraffe Markets offers the bonus and then caps the profit you may take out.

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

  • Worse together with Exhibit 15The larger 50% bonus carries no published terms at all, so a reader cannot tell whether the same cap applies to it.
  • Worse together with Exhibit 3The cap takes profit above a line, and the client agreement lets the firm take the rest on its own finding of abuse.
03

Giraffe Markets can decide on its own that your trading abused its platform, then return what you paid in and keep what you made. Clause 18.1.9 says so in those words. Clause 5.3 adds immediate closure of the account with no notice.

Why this matters

You have no appeal. Clause 4.7.4 lets Giraffe Markets run the investigation without telling you, and then take back the profit it decides came from market abuse.

Exhibit 3CriticalHarder than usual

You agree not to attempt to abuse our Trading Platforms by taking advantage of extremely low liquidity conditions. You accept that we can at our sole discretion deem such trading as abuse or manipulation of our Trading Platform and that we at our sole discretion can return your investments without profit or cancel your right to trade on our Trading Platform.
Clause 18.1.9 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC have to treat a client fairly when they cancel a trade, tell the client the grounds and give them a complaints route. Here the finding, the penalty and the appeal all sit with Giraffe Markets.

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

  • Only applies after Exhibit 7The clawback bites once Giraffe Markets labels your trading abusive, and its own definitions cover scalping and trading into a news release.
04

Giraffe Markets can refuse or delay any withdrawal, in whole or in part, under clause 12.3.2. One of the listed grounds is asking too often, which the firm judges for itself. Another is a dispute it suspects you may cause.

Why this matters

Your own money can sit with Giraffe Markets while it decides. Clause 12.3.4 lets it delay a payment and puts no outer limit on the delay.

Exhibit 4CriticalHarder than usual

We may in our sole and reasonable discretion refuse or delay giving effect to your request for a withdrawal of money from your Account (in whole or in part), including as a result of any request to close that Account, if any of the following apply (or, where applicable, we reasonably consider that they apply):
Clause 12.3.2 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold retail client money so it can be returned promptly on request, and must give the client the grounds for holding it back. This contract allows a refusal, including a refusal to close the account, with no deadline for releasing the money.

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

  • Worse together with Exhibit 8The firm may delay a payment, and the policy that should name the processing time never states one.
  • Worse together with Exhibit 22A fresh document request can be opened at the moment you ask for your money, and verification is a condition of payment.
05

The forex page tells you Giraffe Markets suits you whether you hold long term or prefer scalping. The Fair Usage Policy then lists scalping first among the practices it strictly prohibits.

Why this matters

You open the account because the page invited your strategy, and you are in breach from the first trade. Clause 5.3 then lets Giraffe Markets close the account without notice and take the profit back.

Exhibit 5CriticalHarder than usual

Scalping: Executing a large number of short-term trades in a short period with the intent of gaining an unfair advantage.
Clause 3.a Abusive Trading Practices in Giraffe Markets Fair Usage Policy
Read from the broker's site on Open the reference
  • Worse together with Exhibit 7The page invites the strategy, two documents define it as abuse, and a third clause attaches the penalty.
06

Every trade confirmation becomes binding on you after two business days of silence. Clause 13.7 makes it conclusive from then on, whatever your own records show.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Miss those days through travel, illness or an unread email and you cannot challenge the trade. The clock starts on the date of the confirmation, not the day you read it, and a business day here means a banking day in Mauritius.

Exhibit 6CriticalHarder than usual2 working days

Each confirmation will, in the absence of a Manifest Error, be conclusive and binding on you, unless we receive any objection from you in writing within two Business Days of the date of the relevant confirmation or we notify you of an error in the confirmation within the same period.
Clause 13.7 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC have to accept a retail complaint and point the client to an independent ombudsman, with months to bring it rather than days. This contract treats two business days of silence as your agreement.

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

  • Worse together with Exhibit 12You have two business days to object in writing, and the contract sends written complaints to an address it never states.

Profit you earn can be taken back on Giraffe Markets' own finding

Giraffe Markets' published bonus terms cap withdrawable profit at $250 and send anything above it to a company pool account. The client agreement adds more routes: clause 18.1.9 returns your money without the profit, clause 5.3 closes the account first, clause 4.7.4 runs the investigation without telling you. Scalping in thin liquidity and holding a leveraged trade into a news release are both listed as grounds.

Profit at risk1 clause flagged

Holding a leveraged trade into a news release is listed as suspicious trading in clause 5.2.2. Scalping in thin liquidity is listed in clause 5.2.1. The Fair Usage Policy adds that excessive risk taking may be deemed abusive, without saying what excessive means.

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

You can trade the way most retail traders do and still break the agreement. The penalty in clause 5.3 is immediate closure with no notice, and the loss of your profit.

Exhibit 7CriticalRarely seen

engaging in Orders that abuse the negative balance protection through opening high leverage trades before the close of weekend, big news, or data releases.
Clause 5.2.2 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference

Giraffe Markets advertises the trading its own rules punish

Giraffe Markets' forex page says its accounts suit you whether you hold long term or prefer scalping, and the Fair Usage Policy lists scalping as prohibited. Its 30 day contest rewards the highest trading volume, which the bonus terms call churning. Its PAMM page promises your funds are always segregated, above a footer saying the firm provides no fund management service.

Claim against contract3 clauses flagged

The PAMM page tells you your funds are always segregated. Clause 14.6 lets Giraffe Markets pass your money to an intermediate broker, settlement agent or counterparty, and clause 14.7 says it is not liable if that firm fails.

Why this matters

Your money can end up with a company you never chose. If that company goes under, the loss stays with you unless you can prove gross negligence or fraud, and no compensation scheme is named in any document we read.

Exhibit 19WarningStandard wording

Unless the Client has notified the Company in writing to the contrary, GIRAFFE MARKETS may hold Client Money on the Client’s behalf in a segregated account located at an approved institution or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located at another approved institution.
Clause 14.6 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of giraffemarkets.com, taken on Oct 10, 2026The claim, on PAMM trading page, fund safety bulletVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC belong to a compensation scheme that pays a retail client if the firm fails. None of the documents we read names any compensation scheme or insurance.

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

Giraffe Markets sells copy trading and a PAMM service where managers trade your money for a share of the profit. No copy trading or PAMM terms appear among its published documents, and the PAMM page sends you to each manager's own published terms.

Why this matters

Nothing published tells you what a manager may do with your money, how their fee is taken, or who carries the loss. The footer on that same page says Giraffe Markets provides no fund management service at all.

Exhibit 20WarningHarder than usual

There are no upfront fees. Managers charge a performance fee only on profits generated, as per their published terms.
Quoted in PAMM Trading, Invest with Expert Traders
Downloaded from the broker's site on Open the reference
Our own capture of giraffemarkets.com, taken on Oct 10, 2026The claim, on PAMM trading page, service descriptionVisit this page on the broker's siteDownload the full size image file
Our own capture of giraffemarkets.com, taken on Oct 10, 2026What the contract says, clause Disclaimer in the page footerVisit this page on the broker's siteDownload the full size image file

Giraffe Markets runs a 30 day challenge where the higher your trading volume, the bigger your reward. Its published bonus terms list churning and excessive volume trading among the prohibited activities, and let it hold a withdrawal for exactly that.

Why this matters

Chase the leaderboard while holding a bonus and you break the bonus rules. The top of the published leaderboard shows volumes worth hundreds of times the deposit beside it.

Exhibit 21WarningHarder than usual

The higher your trading volume, the bigger your rewards!
Quoted in 30-Day Trading Challenge
Downloaded from the broker's site on Open the reference

Giraffe Markets can change its fees without telling you

Clause 6.3 lets Giraffe Markets change its fee structure at any time without notice, and names charges it may add later. Clause 9.2 removes any duty to tell you what commission it made on your trades, while the forex page promises no hidden fees. Late payment to the firm costs 1% a month, and your own balance earns you nothing.

Cost disclosure4 clauses flagged

The Withdrawal Policy says Giraffe Markets strives to offer a fee-free withdrawal service. The bonus terms set a $25 minimum withdrawal and take a $5 processing fee from smaller requests, plus one withdrawal a day.

Why this matters

The fee-free sentence is in the document named after withdrawals. The charge is on a promotion page, which is not where you would look for it.

Exhibit 9WarningHarder than usual$5

Requests below $25 incur a $5 processing fee deducted from the client.
Clause 10. Withdrawal Rules in Enjoy a 20% Bonus on Your Deposits, Daily up to $100: Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of giraffemarkets.com, taken on Oct 10, 2026What the contract says, clause 10. Withdrawal RulesThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Giraffe Markets can change its fee structure at any time without notice, under clause 6.3, and the clause lists charges it may add later. Clause 9.2 says it owes you no account of any commission or payment it made or received on your trades.

In plain words

Remuneration means payments it receives.

Why this matters

You can be charged something that was not in the contract on the day you deposited. Clause 6.1.1 lets Giraffe Markets take its charges straight out of your balance.

Exhibit 10WarningHarder than usual

GIRAFFE MARKETS may charge for incidental banking-related fees such as wire charges for deposits/withdrawals. GIRAFFE MARKETS reserves the right to change its fee structure and/or parameters at any time without notice.
Clause 6.3 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference
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 trade before they place it, and must report what was actually taken. This contract removes that duty and lets the fee schedule move without notice.

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

Pay Giraffe Markets late and clause 12.3.1 charges you 1% a month, before and after any judgment. Clause 12.1.3 pays you nothing on the cash sitting in your account, and clause 14.8 has you waive the entitlement.

Why this matters

Money you owe grows every month it goes unpaid. Money Giraffe Markets holds for you earns you nothing at all.

Exhibit 23WarningHarder than usual1%

if any payment is not received by us on the due date for payment, then, without limitation of any other rights which we may have, we will be entitled to charge interest on the overdue amount (both before and after judgment) at a rate of 1% per month from the date payment was due until the actual date of receipt by us; and
Clause 12.3.1(c) in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference

Pay in a currency other than your account currency and clause 12.2.2 converts it at the prevailing rate as designated by Giraffe Markets. Clause 6.4 adds that the firm is not liable for any loss you suffer from the conversion it chose.

Why this matters

The gap between that rate and the market rate is a cost you never see as a fee. It applies to your deposit, to the charges taken from you and to margin.

Exhibit 24WarningHarder than usual

Any sums deposited in your Account, if in a Currency other than the Account Base Currency, may be converted to that Account Base Currency at the prevailing conversion rate as designated by us unless alternative instructions from you are accepted by us.
Clause 12.2.2 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference

Every withdrawal is a decision Giraffe Markets can defer

Clause 12.3.2 lets Giraffe Markets refuse or delay any withdrawal, in whole or in part, including a request to close your account. Its Withdrawal Policy never says how long a payout takes: the processing time is still an unfilled placeholder. Clause 7.1 also lets the firm take money from your balance by set-off without notice.

Exit conditions3 clauses flagged

Giraffe Markets publishes a Withdrawal Policy that never says how long a withdrawal takes. Section 4 still carries the drafting placeholder where the number of business days belongs, and the effective date is blank too.

Why this matters

You have no promised date for your own money. Nothing in the policy or the contract gives you a deadline you could hold Giraffe Markets to.

Exhibit 8WarningRarely seen

Typically, withdrawal requests are processed within [Specify number of business days], excluding weekends and holidays.
Clause 4. Processing Time in Giraffe Markets Withdrawal Policy
Read from the broker's site on Open the reference

The promotion pages tell you to deposit using local channels or bank transfer. Clause 12.1.4 accepts only BACS, telegraphic transfer, SWIFT and card. Clause 12.3.5 then sends your withdrawal back the way the money came in.

Why this matters

Pay in by a route the contract does not list and your exit route is unclear. Giraffe Markets says it will step outside the same-source rule only in exceptional circumstances.

Exhibit 25WarningStandard wording

We will only accept deposits from you by BACS, telegraphic transfer, SWIFT and credit or debit card. No cash or pre-paid debit cards not bearing the Client’s name will be accepted.
Clause 12.1.4 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference

Clause 7.1 lets Giraffe Markets set off, at any time and without telling you, anything you or your affiliates owe to it or to any of its affiliates. Clause 7.3 lets it estimate an amount that is not yet settled and take that.

Why this matters

Money can leave your account before you know a claim exists. A company you control counts as you for this purpose, under the contract's own definition of an affiliate.

Exhibit 26WarningHarder than usual

We may at any time set off, without prior notice to you or any other requirement, any obligation (whether or not such obligation is matured or contingent, whether or not arising under this Client Agreement or under or in connection with any other agreement, transaction or instrument, and regardless of the currency, place of payment or booking office of the obligation) you or any of your Affiliates may from time to time owe to us or any of our Affiliates, as reasonably determined by us
Clause 7.1 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference

The 50% bonus Giraffe Markets advertises has no published terms

Giraffe Markets promotes a 50% deposit bonus on its homepage and in its top menu, each time noting that terms and conditions apply. That link goes nowhere, and no bonus terms sit among the thirteen documents on its legal page. The one promotion whose terms are published ran out on 30 June 2026 and caps withdrawable profit at $250.

Promotion rules1 clause flagged

Giraffe Markets promotes a 50% deposit bonus on its homepage, in its top menu and on its own promotion page, each time with a note that terms and conditions apply. The link behind that note goes nowhere, and no bonus terms sit among the thirteen documents on its legal page.

Why this matters

You accept a credit without knowing the rules attached to it. The one promotion whose terms are published caps withdrawable profit at $250 and bans hedging, copy trading and scalping.

Exhibit 15WarningHarder than usual50%

Trade Bigger with 50% Trading Bonus
Quoted in Trade Bigger with 50% Trading Bonus
Read from the broker's site on Open the reference

Giraffe Markets sets the terms, the leverage and the stop-out level

Clause 2.3 lets Giraffe Markets amend the agreement by posting it on the website and treats your continued use as acceptance. Clause 13.2.3 lets it change your leverage with no prior notice. Three of its documents give three different stop-out levels, 20%, 100% and 30%, so you cannot tell when your positions will be closed.

Unilateral control2 clauses flagged

Giraffe Markets closes your positions when your equity runs low, and the trigger changes by document. Schedule 2 of the client agreement says 20% of required margin, then says 100% two sentences later. The bonus terms say 30%.

Why this matters

You cannot work out when your trades will be force closed. The same paragraph that tells you to act at 20% also lets Giraffe Markets close positions at 100% of required margin.

Exhibit 16WarningHarder than usual20%

If you do fail to meet the Margin requirements and your account equity reaches 20% (twenty percent) of your required Margin, GIRAFFE MARKETS has the discretion to automatically close the position with the biggest loss or if all positions are in profit, the smallest profit (referred to as “Stop-Out”) at Market price until your equity is above the 20% (twenty percent) minimum.
Clause Schedule 2, 4. Margin requirement in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference

Giraffe Markets can amend any part of the agreement at any time and publish the change on its website. Clause 2.3 treats your continued use as acceptance, with no notice period. Clause 13.2.3 lets it change your leverage with no prior notice at all.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

You are bound by a term you never saw unless you check the website yourself. A leverage cut also shrinks the positions you can hold with the money already in your account.

Exhibit 17WarningStandard wording

Amendments will be communicated to you via our website (www.giraffemarkets.com). The continued use of our website (www.giraffemarkets.com) and services by yourself will be deemed an acceptance of the amendments herein.
Clause 2.3 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC have to give a retail client notice before a change to the terms takes effect. Here a posting on the website is enough, and using the site counts as your agreement.

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

Two business days to object, and no stated date for an answer

Clause 13.7 makes every trade confirmation binding on you after two business days of silence. The Complaints Policy that should answer you still carries unfilled placeholders where its own deadlines belong. Giraffe Markets accepts liability only for its willful default or fraud, proved by a court in a final, non-appealable judgment.

Complaint window2 clauses flagged

Giraffe Markets promises to acknowledge your complaint and answer it within a timeframe the policy never fills in. Both deadlines are still drafting placeholders, and so is the period it keeps the file for.

Why this matters

You cannot say Giraffe Markets is late, because the policy never says when an answer is due. The contract also tells you to send written complaints to a registered address that clause 21 does not contain.

Exhibit 12WarningHarder than usual

Upon receiving a complaint, Giraffe Markets will send an acknowledgment of receipt within [Insert Timeframe], confirming that the complaint is under investigation.
Clause 4.a Acknowledgment in Complaints Handling and Processing Policy
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA have a fixed outer deadline to give a final answer to a retail complaint, and must point the client to an independent ombudsman. This policy leaves its response time unfilled and names no outside body.

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

Giraffe Markets excludes liability for negligence, breach of contract and misrepresentation. What is left is its own willful default or fraud, and clause 18.1.1 says a court must find that in a final, non-appealable judgment first.

In plain words

Indemnities are money it says you owe it.

Why this matters

Ordinary carelessness by Giraffe Markets costs it nothing. To recover anything you would have to win a case under St. Lucia law and survive every appeal, while clause 18.6 has you indemnify the firm in full.

Exhibit 13WarningHarder than usual

in each case except to the extent that such Loss arises directly from our own willful default or fraud, as determined by a competent court in a final, non-appealable judgment.
Clause 18.1.1 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference
  • Worse together with Exhibit 14The only route to liability is a court, and the contract puts that court in St. Lucia.

The contract runs on St. Lucia law and Mauritian definitions

Clause 4.3.1 puts your agreement and every trade under the laws of St. Lucia. The same document defines its terms by the Financial Services Commission of Mauritius, sets deadlines in Mauritian time and names the Mauritius Securities Act 2005. Giraffe Markets can also transfer your agreement to another company without your consent.

Governing law1 clause flagged

Clause 4.3.1 puts your agreement and every trade under the laws of St. Lucia. The same document defines its terms by the Financial Services Commission of Mauritius, sets all deadlines in Mauritian time and names the Mauritius Securities Act 2005.

Why this matters

You cannot tell which country's rules stand behind your account. Giraffe Markets can also transfer your agreement to another company without asking you, under clause 19.8.2.

Exhibit 14WarningHarder than usual

Subject to the immediately preceding sentence, this Agreement and all Transactions will be governed by and construed in accordance with the laws of St. Lucia.
Clause 4.3.1 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference

Giraffe Markets can reopen your verification at any time

The KYC Policy lets Giraffe Markets collect additional documents as it judges necessary and review your risk profile periodically. The Withdrawal Policy makes completed verification a condition of being paid. Clause 20.5 also lets the firm charge you a fee to see the personal data it holds about you.

Verification1 clause flagged

Giraffe Markets can ask you for additional documents as required by applicable regulations, and review your risk profile again whenever it likes. The Withdrawal Policy makes completed verification a condition of being paid.

Why this matters

A fresh document request can land between you and your money, with no deadline on it. Clause 20.5 also lets Giraffe Markets charge you a fee to see the personal data it holds about you.

Exhibit 22WarningHarder than usual

Additional documents as required by applicable regulations.
Clause 3. Client Identification and Verification in KYC Policy
Read from the broker's site on Open the reference

Giraffe Markets publishes two answers on who is on the other side

The Best Trade Execution Policy says Giraffe Markets is the principal counterparty to your orders and its own primary execution venue. The client agreement says orders pass straight through to outside liquidity providers. If the first is right, the firm gains when you lose, and nothing tells you which applies to your account.

Who takes your trade1 clause flagged

The Best Trade Execution Policy says Giraffe Markets is the principal counterparty to your orders and its own primary execution venue. The client agreement says your trades pass straight through to outside liquidity providers. The Order Execution Policy lists regulated exchanges as venues, while clause 13.6 has you consent to trading outside a regulated market.

Why this matters

If Giraffe Markets is your counterparty, it gains when you lose. Nothing in the documents tells you which arrangement applies to your account.

Exhibit 18WarningStandard wording

Giraffe Markets acts as the principal counterparty to client orders and is the primary execution venue for clients' trades.
Clause 2. Execution Venues in Best Trade Execution Policy
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 tell a retail client in the client agreement whether the firm itself is the counterparty to their trades, because the firm's gain then comes from the client's loss. Giraffe Markets publishes both answers.

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

A balance left behind is charged $10 a month

Clause 6.1.5 lets Giraffe Markets take $10 a month from money you leave in a closed account, starting six months after the relationship ends. The charge runs against existing, remaining or unclaimed funds, so a small balance disappears into it. The clause sits in the charges section of the client agreement, not in the Withdrawal Policy.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Leave money in the account when the relationship ends and Giraffe Markets can charge $10 a month against it. Clause 6.1.5 starts the charge six months after termination and runs it against existing, remaining or unclaimed funds.

Why this matters

A small balance you forgot about is gone within a year. The clause sits in the charges section of the client agreement, not in the Withdrawal Policy you would read about getting money out.

Exhibit 11WarningHarder than usual$10

Where the Client fails to withdraw all balance from their account for a minimum period of 6 (six) months after the business relationship has been terminated, GIRAFFE MARKETS reserves the right to charge a US$10 (or equivalent) inactivity fee every month against existing, remaining, or unclaimed funds for the period thereafter.
Clause 6.1.5 in Client Agreement
Downloaded from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must take steps to trace a client before they can release money left unclaimed, and must still pay the client if they come forward. This contract starts charging the leftover balance six months after the relationship ends.

GIRAFFE MARKETS is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Six months after the relationship endsA $10 monthly fee can start against whatever money is left in the account.6.1.5
Every month after thatThe fee repeats against existing, remaining or unclaimed funds.6.1.5

The licensed company and the company on your contract are not the same

Every page of giraffemarkets.com credits the Mauritius licence GB24203636 to Giraffe Wealth Management Ltd. The legal documents name Giraffe Markets, which the Risk Disclosure Policy places in St. Lucia. No regulator, company number or address is given anywhere for the company you actually contract with, and three of its policies claim to follow European rules instead.

Who holds your money1 clause flagged

The Conflict of Interest Policy says Giraffe Markets complies with all relevant forex regulations, including MiFID II in Europe. The Order Execution and Suspicious Activity policies say the same. No European licence appears in any document, and the contract runs on St. Lucia law.

Why this matters

A European rulebook you cannot enforce is not protection. Under that rulebook a firm must disclose its costs before you trade, while clause 9.2 here says Giraffe Markets owes you no account of what it took.

Exhibit 27WarningRarely seen

Giraffe Markets is fully committed to complying with all relevant Forex regulations, including MiFID II in Europe, and any other applicable local and international regulations pertaining to the management of conflicts of interest.
Clause 8. Compliance with Regulations in Giraffe Markets Conflict of Interest Policy
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), CySEC (Cyprus)

Firms inside the MiFID II regime must disclose all costs and charges to a retail client before they trade and must offer an independent complaints route. Giraffe Markets names that regime in three policies while its contract removes the duty to disclose fees.

GIRAFFE MARKETS 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

The website credits the Mauritius licence to Giraffe Wealth Management Ltd. while the legal documents name Giraffe Markets, a St. Lucia company.

Said in public, in English

Giraffe Wealth Management Ltd. is authorized and regulated by the Financial Services Commission, Mauritius (FSC) under License No. GB24203636.

footer of every page on the English website

In the contract · clause 1. Introduction

Giraffe Markets, a registered forex brokerage company in St. Lucia, is committed to providing clients with comprehensive information regarding the potential risks and hazards associated with forex trading.

02

The marketing page offers accounts suited to scalping, and the Fair Usage Policy lists scalping as a prohibited practice.

Said in public, in English

Whether you're a long-term holder or prefer scalping, we offer diverse account types and leverage options that suit your unique trading style and risk tolerance.

English forex market page

In the contract · clause 3.a Abusive Trading Practices

Scalping: Executing a large number of short-term trades in a short period with the intent of gaining an unfair advantage.

03

The forex page promises zero commissions and no hidden fees, and the contract lets Giraffe Markets add costs into the spread and charge commission at its discretion.

Said in public, in English

Benefit from tight spreads, zero commissions, and clear, competitive pricing structures. No hidden fees, guaranteeing a transparent trading experience.

Transparent Pricing & Low Spreads section of the English forex page

In the contract · clause 13.4.1

Our quoted prices may reflect, at our discretion, Market volatility or additional costs and charges which may result in an increase in the Spread as well as per Transaction or per-lot Commission.

04

The Withdrawal Policy presents fees as something only third parties charge, and the bonus terms set a $5 processing fee taken by the broker.

Said in public, in English

Giraffe Markets strives to offer a fee-free withdrawal service. However, clients should be aware that certain third-party payment processors or banks may charge fees.

Withdrawal Policy, section 6, Withdrawal Fees

In the contract · clause 10. Withdrawal Rules

Requests below $25 incur a $5 processing fee deducted from the client.

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

05

The PAMM page says funds are always segregated, and the contract allows the money to be passed to an intermediate broker or counterparty instead.

Said in public, in English

Your funds are always segregated and managers can't access or withdraw them.

PAMM trading page, fund safety bullet

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

In the contract · clause 14.6

GIRAFFE MARKETS may hold Client Money on the Client’s behalf in a segregated account located at an approved institution or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located at another approved institution.

06

The same page sells a service where managers trade your money and carries a footer saying the firm provides no fund management service.

Said in public, in English

Experience the benefits of our Percentage Allocation Management Module (PAMM) service, where professional PAMM managers handle the trading for you.

PAMM trading page, service description

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

In the contract · clause Disclaimer in the page footer

We do not provide any Fund Management Service directly, indirectly or through any of our associates.

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

07

One policy makes Giraffe Markets the counterparty to your trades, and the client agreement passes every order out to third party liquidity providers.

Said in public, in English

Giraffe Markets acts as the principal counterparty to client orders and is the primary execution venue for clients' trades.

Best Trade Execution Policy, section 2, Execution Venues

In the contract · clause 4.1.1

We deal with you on an execution-only basis, where any Trades placed by you on our trading Platforms will be transmitted through our Platforms directly to our various Liquidity Providers for execution.

08

The promotion page offers local deposit channels, and the contract accepts only four named methods and pays withdrawals back to the source.

Said in public, in English

Deposit using local channels or bank transfer and begin trading securely.

Start Trading in 3 Easy Steps, on the 50% bonus page

In the contract · clause 12.1.4

We will only accept deposits from you by BACS, telegraphic transfer, SWIFT and credit or debit card. No cash or pre-paid debit cards not bearing the Client’s name will be accepted.

09

The contest page rewards the highest trading volume, and the bonus terms list excessive volume trading as prohibited.

Said in public, in English

The higher your trading volume, the bigger your rewards!

Why Join? section of the 30-Day Trading Challenge page

In the contract · clause 13. Prohibited Trading Activities

Churning or excessive volume trading

The documents this reading is based on

17 files, all published by GIRAFFE MARKETS. 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 GIRAFFE MARKETS publishes.

How this reading was done

Every clause above was read out of a document GIRAFFE MARKETS publishes itself

This reading was published on .

Documents
13 of 17downloaded from the broker's site, and 13 read in full
Pages opened
23pages walked to find those documents, footer links included
Marketing pages
7public pages set against what the contract says

Who the contract is with

Giraffe Markets Limited

The Client Agreement is between you and Giraffe Markets, a name the document never ties to a company number, an address or a regulator. The page header of every policy reads Giraffe Markets Limited, and both the Risk Disclosure Policy and the Privacy Statement call Giraffe Markets a forex brokerage registered in St. Lucia, which is also the governing law. The website credits the Mauritius licence to a third name, Giraffe Wealth Management Ltd., and that name appears in the contract once, inside the definition of Value Date. The only registered address Giraffe Markets publishes anywhere, on its contact page, belongs to Giraffe Wealth Management Ltd. in Mauritius.

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

Giraffe Markets publishes thirteen legal documents on one page, free to download with no account. That is more than many offshore brokers manage. Schedule 2 of the client agreement is a careful risk warning: it says plainly that you can lose more than you deposit and that stop loss orders are not guaranteed. Clause 12.3.2 at least lists the grounds for refusing a withdrawal and promises to tell you, where other contracts stop at sole discretion. The Fair Usage Policy allows multiple accounts for legitimate trading, which several competitors ban outright. Where bonus terms do exist, on the 20% offer, they are numbered and quantified.

We read eleven of the thirteen documents on Giraffe Markets' legal page end to end. We read the client agreement as far as its closing schedules, which cover website use, corporate actions and market data. We did not read those. The Investor Protection Policy the broker publishes carries no readable text, so nothing in this report rests on it. We also read the 20% bonus terms, the 50% bonus page, the PAMM page and the trading contest page on the live site. The site publishes in English only, so there was no second language version of the marketing to hold against the contract. No earlier version of any document is available.

How to check any of this yourself

Every quote above links to the GIRAFFE MARKETS 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 GIRAFFE MARKETS 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 GIRAFFE MARKETS 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 GIRAFFE MARKETS 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 GIRAFFE MARKETS. Whether its licence is real and current is a separate check on the broker profile.

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