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Contract reading

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

Every clause below is published by GRAND 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: Grand Markets Limited

sole discretionmarketing contradictionhidden feemarginunilateral amendmentdeemed acceptancedispute barrierlanguage arbitragewithdrawalsassignment

Grand Markets promises negative balance protection on its own customer protection page. Its client agreement says losses may exceed your deposit and the shortfall comes out of your other funds. The fees page says the company covers third-party transfer fees, while clause 11.3 puts every bank and conversion charge on you. You get three business days to complain, and clause 14.2 says you cannot contest what the company decides.

Back to GRAND 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.
5
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
6
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
12

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

Critical5
Warning15
Notice1

section 100 of 130is where the deepest clause sits, 77% 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.

3 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.

Critical10 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals can be refused or delayed with no deadlineCritical3 working daysTime to complain. Jump to the clause this comes from.Three business days to complain, then the door shutsCritical3Fee on an unused account. Jump to the clause this comes from.Three idle months can cost you the whole balance8%Fee you were not shown. Jump to the clause this comes from.No fee schedule in any legal document

What the documents say

21 clauses worth knowing about, worst first, each quoted from GRAND MARKETS's own files

01

Grand Markets promises on its customer protection page that your losses will never exceed your balance. Its client agreement says the opposite. Clause 10.1 warns that losses may exceed the amount you deposited, and clause 10.2 lets Grand Markets take the shortfall from your account.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

A fast move against your position can leave you owing Grand Markets money. The risk disclosure goes further and says the shortfall is recovered from your other funds. The guarantee you read before depositing appears in no document you agreed to.

Exhibit 1CriticalHarder than usual

The Client acknowledges that margin trading involves high leverage risks that may result in losses exceeding the amount deposited.
Clause 10.1 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of grandmarkets.com, taken on Oct 8, 2026The claim, on Customer Protection page, under the heading Negative Balance ProtectionVisit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026What the contract says, clause 10.1Visit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026The claim, on Arabic Customer Protection page, under the heading on negative balance protectionVisit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026What the contract says, clause IV.3Visit this page on the broker's siteDownload the full size image file

Where it sits: section 60 of 130 in the Client Agreement, 46% of the way through.

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

Firms licensed by the FCA, or following the ESMA rules for retail CFD accounts, must cap a retail client's loss at the money in the account. This contract says losses may exceed the deposit and lets the company recover the difference from the client's other funds.

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

  • Worse together with Exhibit 16The leverage Grand Markets advertises makes a loss larger than the deposit reachable from a small account.
02

Where Grand Markets reasonably believes you manipulated its quotes or abused its platform, clause 14.4 lets it declare all of your transactions void from their inception and withhold the funds. Clause 14.2 adds that you have no right to challenge or contest what it does.

Why this matters

Profit you have already made can be cancelled on the company's own judgement. Nothing in the contract defines market abuse or gaming, and the same clause lets Grand Markets adjust your account, close it and keep the funds it suspects.

Exhibit 2CriticalRarely seen

If GrandMarkets reasonably believes that Client has engaged in, attempted to engage in, or facilitated activities involving manipulation of our Quotes, execution processes, or Electronic Trading Service—including “gaming” our Electronic Trading Service or engaging in any form of market abuse or misconduct, the client will be deemed to be in default of this service agreement and we may, at our sole and absolute discretion and to the extent permitted by law, take one or more of the following actions:
Clause 14.4 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of grandmarkets.com, taken on Oct 8, 2026Trades can be declared void from the start (clause 14.4)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 77 of 130 in the Client Agreement, 59% of the way through.

Our readingMost agreements let a firm void trades it treats as abusive. Removing the client's right to contest the decision in the next clause is unusual, and it leaves no route inside the contract to argue the point.

  • Worse together with Exhibit 3Funds withheld under the abuse clause meet a withdrawal clause that sets no deadline for releasing them.
03

Grand Markets can refuse or delay any withdrawal you request under clause 11.2, where it sees outstanding fees, margin requirements or 'other risk concerns'. Nothing in the agreement puts a deadline on that decision.

Why this matters

Your money can sit with Grand Markets for as long as it decides to look at it. The only payout deadline anywhere in the contract is ten business days, and it applies after you close the account, not while it is open.

Exhibit 3CriticalHarder than usual10 working days

Withdrawals may be requested by the Client when the account shows a positive balance. However, if there are outstanding fees, margin requirements, or other risk concerns, GrandMarkets may refuse or delay the withdrawal.
Clause 11.2 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of grandmarkets.com, taken on Oct 8, 2026The claim, on Deposits and Withdrawals page, FAQ answer on pending transactionsVisit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026What the contract says, clause 11.2Visit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026The claim, on Deposits and Withdrawals page, under the heading Your Funds, Your ControlVisit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026What the contract says, clause 20.3Visit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026Withdrawals can be refused or delayed with no deadline (clause 11.2)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 66 of 130 in the Client Agreement, 51% of the way through.

What it costsTen business days is two full working weeks before the cash balance of a closed account has to be returned.

04

Clause 23.1 gives you three business days to complain in writing, counted from the day the problem happened and not the day you noticed it. Clause 23.3 then makes you liable for damages if you tell anyone else about the complaint.

Why this matters

A trade that goes wrong on a Friday can be out of time before you have gathered your screenshots. Grand Markets also keeps the final word on what the contract you are complaining about means.

Exhibit 4CriticalHarder than usual3 working days

The Client must submit any complaints in writing within three (3) business days of the occurrence of the issue, providing all relevant details and supporting documentation.
Clause 23.1 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of grandmarkets.com, taken on Oct 8, 2026Three business days to complain, then the door shuts (clause 23.1)Visit this page on the broker's siteDownload the full size image file

Buried at section 98 of 130 in the Client Agreement, 75% of the way through.

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

Firms licensed by the FCA or CySEC must accept a retail complaint years after the event and must point the client to an independent ombudsman. This contract gives you three business days and names no outside body.

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

  • Worse together with Exhibit 2Three days to complain about a voided trade sits beside a clause saying the decision cannot be contested at all.
05

Grand Markets can start a monthly inactivity fee once your account sits unused for three consecutive months, under clause 7.3. The contract never says how much that fee is, and if the balance cannot cover it, all remaining funds can be deducted.

Why this matters

A small balance you leave behind can be absorbed by a charge you were never shown a price for. Clause 7.3 does require notice before a freeze or a closure, but not before the fee starts.

Exhibit 5CriticalHarder than usual3

If an account remains inactive for three consecutive months, GrandMarkets reserves the right to impose a monthly inactivity fee, and may freeze or terminate the account after prior notice. If the account balance is insufficient, all remaining funds may be deducted.
Clause 7.3 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of grandmarkets.com, taken on Oct 8, 2026Three idle months can cost you the whole balance (clause 7.3)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 47 of 130 in the Client Agreement, 36% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Three consecutive months inactiveA monthly inactivity fee can start. The contract does not say how much it is.7.3
After prior noticeGrand Markets can freeze or close the account.7.3
Balance too small to cover the feeAll remaining funds can be deducted.7.3
  • Worse together with Exhibit 8A fee with no amount in the contract sits behind a price list the company only publishes inside the trading platform.
06

The customer protection page says Grand Markets is a licensed broker regulated by international authorities worldwide, and the homepage claims licences from multiple financial regulators. The risk disclosure defines the relevant regulatory authorities as the Comoros Financial Services Authority, exclusively.

Why this matters

One licence from one small jurisdiction decides what happens to your money and who hears you if it goes wrong. No second regulator is named in any document Grand Markets publishes.

Exhibit 6WarningHarder than usual

Relevant Regulatory Authorities: Refers exclusively to the Comoros Financial Services Authority.
Clause II, definition of Relevant Regulatory Authorities in Risk Disclosure and Acknowledgement Notice
Read from the broker's site on Open the reference
Our own capture of grandmarkets.com, taken on Oct 8, 2026Regulated worldwide in the marketing, Comoros only in the contract (clause II, definition of Relevant Regulatory Authorities)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 25 of 75 in the Risk Disclosure and Acknowledgement Notice, 33% of the way through.

Grand Markets promises negative balance protection its contract excludes

Grand Markets tells you on its customer protection page that your losses will never exceed your balance. Clause 10.1 of its client agreement says losses may exceed the amount deposited, and clause 10.2 lets the company take the shortfall from your account. The promise is translated into all sixteen marketing languages. The contract is in English only, on every one of those sites.

Promise against contract1 clause flagged

Grand Markets translates its marketing into sixteen languages. Every legal document stays in English on every one of those sites, and clause 1.4 says the English version prevails over any translation.

Why this matters

The promises that bring you in are in your language. The clauses that take them back are not, and those are the ones that count.

Exhibit 18WarningStandard wording

The official language of this Agreement is English. In the event of any discrepancy between different language versions, the English version shall prevail.
Clause 1.4 in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 14 of 130 in the Client Agreement, near the start.

Grand Markets publishes no fee schedule and bills bank charges to you

Clause 12.1 makes you pay every fee as displayed on the trading platform, so the price list sits behind a login rather than in any legal document, and clause 12.3 lets Grand Markets change it on publication. Clause 12.2 adds 8% a year on anything unpaid. Clause 11.3 puts every bank and conversion charge on you, while the fees page says the company covers them.

Cost disclosure4 clauses flagged

Grand Markets tells you on its fees page that it covers third-party transaction fees. Clause 11.3 of the client agreement puts all bank fees and any currency conversion charges on you.

Why this matters

A wire fee or a conversion charge can come out of what you get back, and the contract is the document that decides. The same promise sits on the Russian version of the page, where the legal text is only in English.

Exhibit 7WarningStandard wording

All bank fees and any applicable currency conversion charges incurred during deposits or withdrawals shall be borne by the Client. GrandMarkets is not liable for any delays or errors in the withdrawal process.
Clause 11.3 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of grandmarkets.com, taken on Oct 8, 2026The claim, on Fees, Spreads and Commissions pageVisit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026What the contract says, clause 11.3Visit this page on the broker's siteDownload the full size image file

Where it sits: section 67 of 130 in the Client Agreement, 52% of the way through.

Grand Markets publishes no price list in its legal documents. Clause 12.1 makes you pay every fee as displayed on the trading platform, and clause 12.3 lets the company change that list the moment it publishes a new one.

Why this matters

You cannot read what a trade or a transfer will cost before you open an account. Unpaid fees also carry 8% annual interest under clause 12.2, which Grand Markets can take straight out of your balance.

Exhibit 8WarningHarder than usual8%

The Client shall pay all fees as displayed on the Trading Platform, including commissions, transaction fees, settlement fees, exchange fees, regulatory levies, legal fees, and swap fees.
Clause 12.1 in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 69 of 130 in the Client Agreement, 53% of the way through.

What it costs$1,000 of unpaid fees grows by $80 over a year at the 8% rate in clause 12.2.

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

Firms licensed by the FCA or CySEC must give a retail client the costs and charges of a product before they trade. This contract points you to a list on the platform and lets the company revise it on publication.

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

Deposit in a currency other than your account currency and Grand Markets converts it at the prevailing exchange rate, under clause 7.4. The same clause lets it pay a withdrawal back in the currency you deposited.

Why this matters

The contract does not say whose rate that is or what margin sits on top of it, so one deposit can be converted twice: once in and once out. Clause 9.3 also means your cash earns nothing while it waits.

Exhibit 9WarningStandard wording

Should funds be deposited in a currency different from the Base Currency, GrandMarkets will convert the funds at the prevailing exchange rate. For withdrawals, GrandMarkets reserves the right to return funds in the original deposit currency.
Clause 7.4 in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 48 of 130 in the Client Agreement, 37% of the way through.

The fees page says Grand Markets has eliminated overnight interest on most instruments, including major currency pairs, cryptocurrencies and gold. The risk disclosure says swap fees are charged separately to your account, and clause 12.1 lists them among the fees you owe.

Why this matters

A position held overnight can still be charged, and the accounts page says triple swap is taken every Wednesday. Which instruments are actually free is written in no legal document.

Exhibit 10WarningStandard wording

All relevant costs, including swap fees, are charged separately to the Client’s account;
Clause 6D.2 in Risk Disclosure and Acknowledgement Notice
Read from the broker's site on Open the reference
Our own capture of grandmarkets.com, taken on Oct 8, 2026The claim, on Fees, Spreads and Commissions pageVisit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026What the contract says, clause 6D.2Visit this page on the broker's siteDownload the full size image file

Buried at section 55 of 75 in the Risk Disclosure and Acknowledgement Notice, 73% of the way through.

Grand Markets can change the terms, the margin and the service without asking

Clause 4.2 makes an amendment binding the moment Grand Markets publishes it, while clause 26.6 of the same contract says amendments need both parties in writing. Clause 3.2 lets it suspend or stop any service at its sole discretion. The advertised 1:1000 leverage falls to 1:50 on a major pair above 50 lots, and no document carries a date.

Changing the deal4 clauses flagged

Clause 4.2 makes an amendment binding as soon as Grand Markets publishes it, and your continued use counts as acceptance. Clause 26.6 of the same contract says amendments must be in writing and confirmed by both parties.

Why this matters

You can be bound by a term you never saw, and no document carries a date to tell you when it changed. The privacy policy even sends you to a last updated date that is not on the page.

Exhibit 14WarningHarder than usual

The amendments shall take effect immediately upon publication, and the Client’s continued use of the Services constitutes acceptance of the revised terms.
Clause 4.2 in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 38 of 130 in the Client Agreement, 29% of the way through.

Clause 10.3 of the client agreement promises at least three business days of notice before Grand Markets raises your margin requirement. The risk disclosure says the same change takes effect immediately on publication.

Why this matters

A margin increase can arrive with no warning, and the document that promised the warning does not say which version wins. A higher requirement can tip an open position into forced closure.

Exhibit 15WarningHarder than usual3 working days

GrandMarkets reserves the right to adjust the Initial Margin, Margin Level, and Margin Requirement at any time, with notice provided at least three business days prior to the effective date.
Clause 10.3 in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 62 of 130 in the Client Agreement, 48% of the way through.

The accounts page shows 1:1000 as the maximum leverage on every instrument, with an asterisk saying actual leverage may be lower. The leverage guide gives the detail. EURUSD drops to 1:500 at 2 lots, then 1:200 at 5, 1:100 at 20 and 1:50 above 50 lots.

Why this matters

Margin you expected to need can be twenty times higher once your position passes 50 lots, and Bitcoin ends at 1:4. The guide holding that table is no longer listed in the legal menu, though the page is still published.

Exhibit 16WarningHarder than usual

Different position bands use different leverage levels, and margin is calculated separately for each band, much like tiered utility pricing.
Clause 2.4 in Leverage Guide
Read from the broker's site on Open the reference

What it costsA 50 lot EURUSD position at 1:50 needs twenty times the margin of the same position at the advertised 1:1000.

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

Firms following the ESMA retail rules, or licensed by the FCA or ASIC, may offer a retail client no more than 30 times leverage on a major currency pair. Grand Markets advertises 1:1000.

GRAND MARKETS is not licensed by these regulators, 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
0 to 2 lotsEURUSD leverage is 1:1000, the figure the accounts page advertises.2.5
2 to 5 lotsLeverage halves to 1:500.2.5
5 to 20 lotsLeverage falls to 1:200.2.5
20 to 50 lotsLeverage falls to 1:100.2.5
Above 50 lotsLeverage falls to 1:50 on EURUSD and to 1:4 on Bitcoin.2.5

Grand Markets publishes its whole site in Russian, with a registration button on every page. The same footer, in Russian, says it does not offer services to residents of Russia or Belarus.

Why this matters

If you sign up from Russia on a Russian page, the contract already says you should not be there. Clause 6.2 makes a wrong answer about yourself grounds for immediate closure of the account.

Exhibit 21WarningStandard wording

We do not offer services to residents of certain jurisdictions, including but not limited to the United States, Canada, Israel, New Zealand, Iran, North Korea (Democratic People's Republic of Korea), the United Kingdom, Russia, Belarus, and other regions where such distribution or use is prohibited by local laws or regulations.
Quoted in Client Agreement
Read from the broker's site on Open the reference

Three business days to complain, and the company reads its own contract

Clause 23.1 gives you three business days from the day a problem happens to complain in writing. Clause 26.7 gives Grand Markets the final right of interpretation of the agreement, and clause 4.1 lets it read the text in the way most favourable to itself. No independent complaints body is named in any document.

Complaint window1 clause flagged

Clause 4.1 lets Grand Markets interpret the agreement in the way most favourable to itself, and clause 26.7 gives it the final right of interpretation. The AML policy says the same thing about its own wording.

Why this matters

Every discretion in this contract is read by the party using it. You have three business days to complain, and the company decides what the words you are complaining about mean.

Exhibit 13WarningRarely seen

In case of any conflict between this Agreement and such laws or regulations, the latter shall prevail; however, GrandMarkets shall retain the right to interpret this Agreement in a manner most favorable to the Company.
Clause 4.1 in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 37 of 130 in the Client Agreement, 28% of the way through.

Our readingMost agreements leave interpretation to a court or an arbitrator. This one instructs that the text be read in the company's favour and then keeps the final word in house, so the client has no neutral wording to point at.

  • Worse together with Exhibit 4A three day complaint window and a company that interprets its own contract leave no independent reading of the clause in dispute.

Grand Markets can ask for more papers at any time and freeze the account

The AML policy lets Grand Markets demand extra documents whenever it finds your information insufficient or questionable, and restrict or end the relationship if they do not arrive. No deadline binds the review. Records are kept for a minimum of 7 years after you leave, and the privacy policy states no retention period at all.

Document demands1 clause flagged

Grand Markets can ask for more documents whenever it finds your information insufficient or questionable, and can restrict or end the relationship if they do not arrive. Nothing limits what may be asked or how long the review takes.

Why this matters

A review can begin when you ask for your money, and the account can stay frozen while it runs. Your records stay with Grand Markets for a minimum of 7 years after you leave.

Exhibit 17WarningStandard wording

If information provided by the client is insufficient or questionable, GrandMarkets reserves the right to request additional documents or information, and may restrict or terminate the business relationship if the required information is not provided.
Clause VIII.2 in Anti-Money Laundering & Counter-Terrorism Financing Policy
Read from the broker's site on Archived copyOpen the reference

Buried at section 49 of 81 in the Anti-Money Laundering & Counter-Terrorism Financing Policy, 60% of the way through.

No duty to you, full discretion over your orders, and you waive the claim

Clause 13.1 says nothing in the agreement creates a fiduciary relationship between Grand Markets and you. Clause 13.2 gives the company full discretion over execution and order routing even where that conflicts with your interests, and you waive any claim for compensation. The homepage says the same routing safeguards client profits.

Whose side1 clause flagged

Clause 13.1 says nothing in the agreement creates a fiduciary duty between Grand Markets and you. Clause 13.2 gives the company full discretion over execution and order routing even where that conflicts with your interests, and you waive any claim for compensation.

Why this matters

If Grand Markets gains from the other side of your trade, you have signed away the right to ask for anything back. No conflict of interest policy is published anywhere on the site.

Exhibit 12WarningHarder than usual

The Client acknowledges that nothing in this Agreement creates a fiduciary relationship between GrandMarkets and the Client. GrandMarkets and its affiliates may have interests that conflict with those of the Client.
Clause 13.1 in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 72 of 130 in the Client Agreement, 55% of the way through.

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

Firms licensed by the FCA or CySEC must act in a retail client's best interests and must identify, manage and disclose conflicts of interest. This contract states that no fiduciary relationship exists and takes a waiver of any claim arising from a conflict.

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

Grand Markets pools client funds and makes you carry the loss if they go missing

The risk disclosure says client assets may be mixed with other clients' funds and that you bear any loss from insolvency or misappropriation at a bank or third party. The fund security page on the same legal shelf says your funds are fully protected. No compensation scheme is named anywhere, and the agreement binds you to a refund policy and an execution policy Grand Markets does not publish.

Who holds the money2 clauses flagged

The risk disclosure says your assets may be mixed with other clients' funds, and that you bear any loss from insolvency or misappropriation at a bank or a third party. The fund security page says your funds are fully protected.

Why this matters

If the money goes missing between Grand Markets and whoever holds it, the contract puts that loss on you. Clause 9.2 also lets the company deduct from your assets to settle what it says you owe.

Exhibit 11WarningHarder than usual

However, these assets may be commingled with funds from other Clients. In the event of third-party or financial institution insolvency, misappropriation, or other risks, the Client shall bear any resulting loss.
Clause III.3 in Risk Disclosure and Acknowledgement Notice
Read from the broker's site on Open the reference
Our own capture of grandmarkets.com, taken on Oct 8, 2026The claim, on Fund Security page, client assurance letterVisit this page on the broker's siteDownload the full size image file
Our own capture of grandmarkets.com, taken on Oct 8, 2026What the contract says, clause III.3Visit this page on the broker's siteDownload the full size image file

Where it sits: section 35 of 75 in the Risk Disclosure and Acknowledgement Notice, 47% of the way through.

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

Firms licensed by the FCA or CySEC must keep retail client money in segregated accounts, reconcile it daily and preserve the client's claim if the firm fails, with a compensation scheme behind it. These documents name no compensation scheme and give the loss to the client.

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

Clause 1.2 binds you to a Refund Policy, an Execution Policy and Website Terms and Conditions. The legal menu lists five documents and none of them is any of those three.

Why this matters

Clause 8.2 says your orders are handled under a published execution policy you cannot read. You are accepting terms nobody has shown you.

Exhibit 19WarningHarder than usual

By registering an account with GrandMarkets and using its services, the Client confirms that they have read, fully understood, and unconditionally accept this Agreement and all related documents, including but not limited to the Risk Disclosure and Acknowledgement Notice, Privacy Policy, Refund Policy, Execution Policy, Website Terms and Conditions, and the Anti-Money Laundering and Counter-Terrorism Financing Policy published on GrandMarkets’ website.
Clause 1.2 in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 13 of 130 in the Client Agreement, near the start.

Comoros law, the company's home court, and a transfer clause with no notice

Clause 24.1 puts the agreement under the law of the Republic of Comoros, and clause 24.2 sends disputes to the courts where Grand Markets has its principal place of business, given in its footer as Anjouan. Clause 25.2 lets the company transfer your agreement to a successor without telling you first. No ombudsman or arbitration body is named.

Where you would sue1 clause flagged

Clause 24.1 puts the agreement under the law of the Republic of Comoros. Clause 24.2 sends any dispute to the courts where Grand Markets has its principal place of business, which its own footer gives as Anjouan.

Why this matters

Taking this company to court means doing it on an island in the Indian Ocean, under a law you cannot read in your language. Clause 25.2 also lets Grand Markets hand your agreement to a successor without telling you first.

Exhibit 20NoticeStandard wording

This Agreement shall be governed by and construed in accordance with the laws of the Republic of Comoros.
Clause 24.1 in Client Agreement
Read from the broker's site on Open the reference

Buried at section 100 of 130 in the Client Agreement, 77% of the way through.

Where the marketing and the contract disagree

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

01

The public page guarantees your losses stop at your balance; the contract says they may pass it.

Said in public, in English

Trade confidently, knowing you won’t owe your broker any money; regardless of account type, we ensure your losses never exceed your balance.

Customer Protection page, under the heading Negative Balance Protection

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

In the contract · clause 10.1

The Client acknowledges that margin trading involves high leverage risks that may result in losses exceeding the amount deposited.

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

02

The Arabic page guarantees losses cannot exceed the balance, while the English only risk disclosure takes the shortfall from the client's other funds.

Said in public, in Arabic

تداول بثقة، مع العلم أنك لن تدين لوسيطك بأي أموال؛ بغض النظر عن نوع الحساب، فإننا نضمن أن خسائرك لن تتجاوز رصيدك أبدًا.

Word for word in English: Trade with confidence, knowing that you will not owe your broker any money; regardless of the account type, we guarantee that your losses will never exceed your balance.

Arabic Customer Protection page, under the heading on negative balance protection

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

In the contract · clause IV.3

Failure to do so may result in the forced liquidation of positions at market prices, with any shortfall being recovered from the Client’s other funds.

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

03

The page gives a three hour outside figure; the contract commits to no deadline at all.

Said in public, in English

Standard processing times range from 30 minutes to 3 hours, depending on the chosen payment method.

Deposits and Withdrawals page, FAQ answer on pending transactions

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In the contract · clause 11.2

However, if there are outstanding fees, margin requirements, or other risk concerns, GrandMarkets may refuse or delay the withdrawal.

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04

Instant access in the marketing meets a ten business day return in the only payout deadline the contract contains.

Said in public, in English

Our instant withdrawal feature allows you to access your funds any time, any day.

Deposits and Withdrawals page, under the heading Your Funds, Your Control

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In the contract · clause 20.3

GrandMarkets will refund any positive cash balance within ten (10) business days, subject to any deductions for unpaid amounts.

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05

The fees page says the company absorbs third-party charges; clause 11.3 charges them to you.

Said in public, in English

No Withdrawal Fees To keep you moving forward, we cover third-party transaction fees.

Fees, Spreads and Commissions page

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In the contract · clause 11.3

All bank fees and any applicable currency conversion charges incurred during deposits or withdrawals shall be borne by the Client.

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06

The Russian page says the company covers payment system fees, while the English only contract puts them on the client.

Said in public, in Russian

Никаких комиссий за снятие средств Мы покрываем комиссии сторонних платежных систем, чтобы вы могли сосредоточиться на торговле.

Word for word in English: No fees for withdrawing funds. We cover the fees of third-party payment systems so that you can focus on trading.

Russian fees page

In the contract · clause 11.3

All bank fees and any applicable currency conversion charges incurred during deposits or withdrawals shall be borne by the Client.

07

Overnight interest is advertised as removed while the risk disclosure and the fee clause both keep swap fees payable.

Said in public, in English

Say Goodbye to Overnight Interest We have eliminated overnight interest on most instruments, including major currency pairs, cryptocurrencies, and gold.

Fees, Spreads and Commissions page

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In the contract · clause 6D.2

All relevant costs, including swap fees, are charged separately to the Client’s account;

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08

Funds are called always safe and available on one page of the legal shelf and the client carries the loss on another.

Said in public, in English

You can trade with confidence knowing your funds are always safe, secure, and available to you.

Fund Security page, client assurance letter

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In the contract · clause III.3

In the event of third-party or financial institution insolvency, misappropriation, or other risks, the Client shall bear any resulting loss.

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09

Regulation by authorities worldwide is claimed in public and defined in the contract as one authority in the Comoros.

Said in public, in English

We are a licensed broker regulated by international authorities worldwide.

Customer Protection page, under the heading Regulatory Credentials

In the contract · clause II, definition of Relevant Regulatory Authorities

Relevant Regulatory Authorities: Refers exclusively to the Comoros Financial Services Authority.

10

The homepage says routing safeguards client profits; the contract keeps full routing discretion and denies any duty to the client.

Said in public, in English

Client orders are executed through the OneZero bridge and settled with liquidity providers, safeguarding client profits.

Homepage, Safety and Compliance section, under Client Trading Protection

In the contract · clause 13.2

The Client agrees that GrandMarkets retains full discretion in executing transactions, routing orders, and handling any related matters, even if such actions may result in conflicts of interest.

11

A feature said to prevent stop-outs sits above a clause allowing forced closure without prior notice.

Said in public, in English

Our unique market protection feature shields positions from temporary volatility and helps prevent margin calls or stop-outs.

Compare Account Types page, under the heading Trade with Confidence

In the contract · clause 10.2

Failure to meet the Margin Call may result in the forced liquidation (Stop Out) of all or part of the Client’s positions without prior notice, and any deficiency may be deducted from the Client’s account.

12

Two of the broker's own documents promise three business days of margin notice and none at all.

Said in public, in English

GrandMarkets reserves the right to adjust the Initial Margin, Margin Level, and Margin Requirement at any time, with notice provided at least three business days prior to the effective date.

Client Agreement clause 10.3, on the user agreement page

In the contract · clause IV.4

GrandMarkets Limited reserves the right to adjust the Initial Margin, Margin Level, and Margin Requirement at any time, effective immediately upon publication on the Trading Platform, without constituting a breach.

What changed quietly

First review of Grand Markets, so no earlier review exists for comparison.

  • REMOVEDClause · 2026-05-10 to 2026-10-08

    The sentence tying the Comoros company to a Sydney headquartered group has gone from the foot of these documents, leaving the Comoros licence as the only one named.

  • REWRITTENClause · 2026-05-10 to 2026-10-08

    Malaysia was dropped from the list of countries Grand Markets says it does not serve.

    We do not offer services to residents of certain jurisdictions, including but not limited to the United States, Canada, Israel, New Zealand, Iran, North Korea (Democratic People's Republic of Korea), the United Kingdom, Russia, Belarus, and other regions where such distribution or use is prohibited by local laws or regulations.

  • REMOVEDClause · 2026-05-10 to 2026-10-08

    The Leverage Guide left the legal menu, so the table showing leverage falling band by band is no longer listed with the other documents.

The documents this reading is based on

6 files, all published by GRAND 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 GRAND MARKETS publishes.

How this reading was done

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

This reading was published on .

Documents
6 of 6downloaded from the broker's site, and 6 read in full
Pages opened
88pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded
Marketing pages
1public pages set against what the contract says
Languages
AR vs EN vs RUthe language it advertises in, against the language it contracts in
Position measured
19clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Grand Markets Limited

You contract with Grand Markets Limited, a company registered in the Union of Comoros with its office at Hamchaku, Mutsamudu, on the island of Anjouan, under licence L15998/GML. The client agreement spells the same company 'GrandMarkets Limited' and the footer and privacy policy spell it 'Grand Markets Limited'. No second entity appears anywhere in the documents: the risk disclosure defines the relevant regulatory authorities as the Comoros Financial Services Authority alone, and no Australian or Mauritian company is named. The May 2026 copies of these same pages described the company as a subsidiary of Grand Markets Group 'headquartered in Sydney, Australia'. That sentence is gone from today's documents.

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

All five legal documents are plain web pages with a clause by clause table of contents, so you can read and search them on a phone without downloading anything. The leverage guide publishes a full per instrument table showing how leverage falls band by band, which most brokers never publish at all. The risk disclosure states that positions can be closed without notice and that client money is pooled. No bonus or promotion is advertised anywhere on the site, so there is no bonus lock on your deposit.

This review covers all five legal documents Grand Markets lists in its footer, plus the leverage guide it still publishes. Grand Markets puts no price list in any of them: clause 12.1 points you to the trading platform, and on the day of the review the client area at our.grandmarkets.com showed a maintenance notice, so the fee list, the size of the inactivity fee and any withdrawal minimum are not covered. Earlier copies exist only for the risk disclosure and the privacy policy, both from May 2026, so we cannot say which clauses of the client agreement or the AML policy are new. This review compares the English, Arabic, Russian and Chinese versions of the marketing pages. It does not cover the other twelve languages.

How to check any of this yourself

Every quote above links to the GRAND 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 GRAND 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 GRAND 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 8, 2026.

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

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