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Contract reading

What JMI Brokers legally published, but does not want you to read

Every clause below is published by JMI Brokers 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: JMI Brokers LTD

sole discretionwithdrawalsmarketing gapdeemed acceptanceclient moneydispute windowforum waiverkyc freezeprofit voidingunilateral amendment

JMI Brokers' entire customer contract is five clauses long. It says you may lose your whole deposit and still owe more, with interest at 3% over the Prime rate. The home page says your deposits are fully insured. Money in your account that you did not deposit belongs to JMI Brokers and can be removed at any time. You get three months to bring a claim, under Vanuatu law, with no complaints scheme named.

Back to JMI Brokers

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.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
18
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
9
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 18 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.

Critical6
Warning11
Notice1

section 48 of 58is where the deepest clause sits, 83% 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.

Critical$500000In the contract. Jump to the clause this comes from.Deposits advertised as fully insured, contract warns of total lossCritical25%Profit at risk. Jump to the clause this comes from.Money you did not deposit belongs to the brokerCritical3Time to complain. Jump to the clause this comes from.Three months to bring any claim, under Vanuatu law$15Fee you were not shown. Jump to the clause this comes from.Zero commission advertised, fees set by the broker at will

What the documents say

18 clauses worth knowing about, worst first, each quoted from JMI Brokers's own files

01

The home page says your deposits are fully insured by a London bank. The contract says you may lose your whole deposit. The $500,000 cover named in the footer carries terms JMI Brokers does not publish.

Why this matters

No insurance document is published, so you cannot check who is covered, for what, or how to claim. If your money goes, the words that bind JMI Brokers are the contract's, and they promise total loss.

Exhibit 1Critical$500000

If the market moves against you, you may sustain a total loss of your initial margin deposit and any additional funds deposited with JMI Brokers LTD.
Clause 1 in Terms and Conditions (Customer Account Agreement)
Read from the broker's site on Open the reference
Our own capture of jmibrokers.com, taken on Oct 17, 2026The claim, on Banner on the JMI Brokers home pageVisit this page on the broker's siteDownload the full size image file
Our own capture of jmibrokers.com, taken on Oct 17, 2026What the contract says, clause 1Visit this page on the broker's siteDownload the full size image file
Our own capture of jmibrokers.com, taken on Oct 17, 2026The claim, on Arabic version of the JMI Brokers home page, served from the same address when the language is set to ArabicThis 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
Our own capture of jmibrokers.com, taken on Oct 17, 2026What the contract saysVisit 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 must tell a retail client which statutory compensation scheme protects their money and up to what amount. JMI Brokers names no scheme. It names a bank insurance policy and does not publish it.

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

02

One JMI Brokers page promises negative balance protection, meaning a loss can never exceed the money in your account. The contract says the opposite. You are liable for any deficit balance, plus interest at 3% over the Prime rate.

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 losing position can leave you owing JMI Brokers money you never deposited, and the debt earns interest while it is unpaid. The promise you were shown sits on a corporate risk page, not in anything you sign.

Exhibit 2CriticalHarder than usual3%

Customer is also liable for the amount of any loss resulting from transactions, including any deficit balance, and interest on any deficit balance at a rate of 3% over the Prime rate.
Clause 3 in Terms and Conditions (Customer Account Agreement)
Read from the broker's site on Open the reference
Our own capture of jmibrokers.com, taken on Oct 17, 2026The claim, on Business Risk Model page, under credit and counterparty risksVisit this page on the broker's siteDownload the full size image file
Our own capture of jmibrokers.com, taken on Oct 17, 2026What the contract says, clause 3Visit this page on the broker's siteDownload the full size image file

What it costsOn a $2,000 deficit the 3% part alone is $60 a year, on top of the $2,000 you owe and before the Prime rate is added.

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

Firms licensed by the FCA, and firms following the European rules, must give retail CFD clients negative balance protection, so a loss cannot exceed the money in the account. They must also cap retail leverage on major currency pairs at 30:1. This contract makes you liable for any deficit and charges interest on it, and the site offers leverage up to 1:500.

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

  • Worse together with Exhibit 1The insurance promise and the deficit clause answer the same question, how much of your money is at risk, in opposite ways.
03

Any money in your account that you did not pay in is called Non-Deposited Funds, and the Cancellation Policy says it belongs to JMI Brokers LTD. It can be removed at any time. The site advertises a deposit bonus of up to 25% on every page.

Why this matters

The clause names bonuses, then widens to "sums not directly deposited by the client", which on its face reaches the profit you make. Nothing in it limits when or why JMI Brokers may take the money back.

Exhibit 3CriticalRarely seen25%

Funds such as bonuses or sums not directly deposited by the client are considered "Non-Deposited Funds". These funds belong to JMI Brokers LTD and can be cancelled or removed at any time.
Clause 3 in Cancellation and Withdrawal Policy
Read from the broker's site on Open the reference
Our own capture of jmibrokers.com, taken on Oct 17, 2026The claim, on Promotion carousel on the home page and on every legal pageVisit this page on the broker's siteDownload the full size image file
Our own capture of jmibrokers.com, taken on Oct 17, 2026What the contract says, clause 3Visit this page on the broker's siteDownload the full size image file

What it costsA $4,000 deposit with a 25% bonus shows $5,000 in the account. The $1,000 bonus belongs to JMI Brokers LTD and can be removed at any time.

Our readingBonus terms that claw back a bonus are common. A clause declaring that money sitting in a client's account belongs to the firm, with no definition of which sums it covers and no limit on when it applies, is not.

04

You have three months to bring any action about a transaction, counted from the day the cause arose and not the day you found out. After that the contract shuts the door. Vanuatu law governs and no court is named.

Why this matters

Three months is your whole legal window, and a slow complaint can use it up. No document sets out how to complain or to whom, beyond a support email for refund requests.

Exhibit 5CriticalHarder than usual3

This agreement shall be governed by the laws of the Republic of Vanuatu. Any action arising out of transactions under this agreement may not be brought by the customer more than three months after the cause of action arose.
Clause 5 in Terms and Conditions (Customer Account Agreement)
Read from the broker's site on Open the reference
Our own capture of jmibrokers.com, taken on Oct 17, 2026Three months to bring any claim, under Vanuatu law (clause 5)Visit this page on the broker's siteDownload the full size image file

What it costsA trade you want to dispute in January has to reach a court by April.

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

Firms licensed by the FCA or CySEC must give retail clients free access to an independent complaints scheme and must say how to reach it. JMI Brokers names no such scheme. Its Privacy Policy says it belongs to the FMA, a trade association, and is asking a private dispute body to remove a reference to it.

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

  • Worse together with Exhibit 7A payment refused on a test the firm does not publish, with three months to sue in Vanuatu, leaves very little room to act.
05

JMI Brokers reserves the right to reject any client, payment or business that does not match its risk appetite. A payment out is a payment. That risk appetite is set by its own Board, and no document says what it contains.

Why this matters

Your withdrawal can be refused by reference to a standard you are not allowed to read, with no deadline, no notice and no appeal. The clause sits on a corporate page about financial crime, not in the contract or the withdrawal policy.

Exhibit 7CriticalHarder than usual

JMI reserves the right to reject any client, payment, or business that is not consistent with our risk appetite
Quoted in Financial Crime Risk
Read from the broker's site on Open the reference
Our own capture of jmibrokers.com, taken on Oct 17, 2026Any payment refusable on a test the broker does not publishVisit this page on the broker's siteDownload the full size image file

Where it sits: section 9 of 38 in the Financial Crime Risk, near the start.

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

Firms licensed by the FCA or CySEC must handle a retail client's withdrawal promptly and give reasons for a refusal. This clause states no grounds you can test and no time limit.

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

06

The home page advertises $0 Commission. The contract has you agree to pay commissions and service fees as JMI Brokers may establish from time to time, and no document says what they are. Its carousel offers introducers up to $15 a lot.

Why this matters

A fee can appear on your account at a level you never agreed to and were never shown. One account type on the same home page offers "even tighter spreads and commissions", so the commission the banner denies does exist.

Exhibit 10WarningHarder than usual$15

Customer agrees to pay commissions and service fees as JMI may establish from time to time.
Clause 3 in Terms and Conditions (Customer Account Agreement)
Read from the broker's site on Open the reference
Our own capture of jmibrokers.com, taken on Oct 17, 2026The claim, on Pricing block on the JMI Brokers home pageVisit this page on the broker's siteDownload the full size image file
Our own capture of jmibrokers.com, taken on Oct 17, 2026What the contract says, clause 3Visit this page on the broker's siteDownload the full size image file

What it costsOn 100 lots, up to $1,500 goes to the introducer who referred you. No published price list shows what those lots cost you.

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

Firms licensed by the FCA or CySEC must disclose the costs and charges of a service to a retail client before they trade. This contract names no charge at all and leaves the amount to the firm.

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

  • Worse together with Exhibit 13JMI Brokers can set a new charge, and change the policy that governs charges, without telling you first.

Money you did not pay in is treated as the broker's

Clause 3 of the JMI Brokers Cancellation Policy calls bonuses and "sums not directly deposited by the client" Non-Deposited Funds, says they belong to JMI Brokers LTD, and lets it remove them at any time. Clause 2 lets it forfeit profits made in an account that is in deficit, at its own discretion. It can also close your open positions whenever it decides that protects the firm, for any reason.

Whose money is it1 clause flagged

JMI Brokers can forfeit the profit on trades made in an account that is in deficit, and that decision is left to it alone. It can also close or cancel your open positions whenever it decides this protects the firm, for any reason.

Why this matters

Your positions can be shut and your gains cancelled with no test you can check and no appeal. The clause never says what a trade made "without express permission" is, so you cannot tell which profits are safe.

Exhibit 4CriticalHarder than usual

Profits on trades executed without express permission in a deficit account may be forfeited at JMI's discretion.
Clause 2 in Cancellation and Withdrawal Policy
Read from the broker's site on Open the reference
Our own capture of jmibrokers.com, taken on Oct 17, 2026Profit forfeited and positions closed at the broker's judgement (clause 2)Visit this page on the broker's siteDownload the full size image file
  • Only applies after Exhibit 2The forfeiture bites once the account is in deficit, and the deficit is the state the contract makes you liable for in the first place.

Every payment out can be refused on a standard you cannot read

JMI Brokers reserves the right to reject any client, payment or business that does not match a risk appetite its own Board sets and does not publish. Withdrawals are "typically" completed in 3 to 5 business days, which describes the norm rather than promising it. An approved refund takes 7 to 14 business days from approval, and nothing limits how long approval may take.

Getting paid2 clauses flagged

Withdrawals are "typically" completed within 3 to 5 business days, which describes the norm rather than promising it. Money must return to the same account or card it came from, in the same currency. JMI Brokers takes payments from nobody but you.

Why this matters

If the card or account you paid in with has closed, no clause says how you get paid instead. The word "typically" means a slower payout breaks no term you can point to.

Exhibit 8WarningStandard wording5 working days

Processing: Withdrawal requests are typically completed within 3-5 business days. Card withdrawals (Visa/MasterCard) are processed within 1 business day but may take up to 6 banking days to settle.
Clause 1 in Cancellation and Withdrawal Policy
Read from the broker's site on Open the reference

An approved refund takes 7 to 14 business days, counted from the approval date. Nothing limits how long the approval itself may take. JMI Brokers states plainly that sending a request does not mean it will be granted.

Why this matters

Changing your mind about a payment is on the list of things JMI Brokers will not refund. Its management can also approve a case purely as an exception, so the same facts can go either way.

Exhibit 9WarningHarder than usual14 working days

If a refund request is approved, processing will generally be completed within 7 to 14 business days from the approval date.
Quoted in Refund Policy, p.7
Read from the broker's site on Open the reference

JMI Brokers can suspend its own terms and rewrite them without notice

Clause 4 of the agreement lets JMI Brokers decide alone that an exceptional market condition exists, then close your positions and suspend the application of the agreement's terms. Clause 4 of the Cancellation Policy lets it close your account at its sole discretion, and no document says what happens to your balance. The Refund Policy can change at any time without notice, with continued use counting as acceptance.

Terms that move4 clauses flagged

JMI Brokers decides for itself when an emergency or exceptional market condition exists. It can then raise your deposit requirement, close your open positions, or suspend the application of the terms of the agreement.

Why this matters

The few protections in this five clause contract can be suspended at the moment you need them, by the firm that declares the emergency. No clause says how long a suspension lasts or how you are told.

Exhibit 11WarningRarely seen

JMI may determine that an emergency or exceptional market condition exists, known as a "Force Majeure Event".
Clause 4 in Terms and Conditions (Customer Account Agreement)
Read from the broker's site on Open the reference

Our readingForce majeure clauses normally suspend specific obligations, such as execution or settlement, while the contract stays in force. A power to suspend the application of the agreement's terms as a whole, on the firm's own determination, goes further.

JMI Brokers can end or restrict your access to the service at its sole discretion, and can end the agreement at any time. No published document says what happens to the money in your account when it does.

Why this matters

Closure and repayment are separate questions, and only the first one is answered. You would be relying on the withdrawal policy of an account you can no longer reach.

Exhibit 12WarningHarder than usual

JMI may, at its sole discretion, terminate or restrict your access to the Online Service and may terminate this Agreement at any time.
Clause 4 in Cancellation and Withdrawal Policy
Read from the broker's site on Open the reference

JMI Brokers can amend the Refund Policy at any time without telling you first. If you keep using the service after a change, that counts as your acceptance of the new version.

Why this matters

The rules that decide whether you get a payment back can be rewritten after you deposit, and your silence is the signature. Re-reading the policy is the only way to know what applies.

Exhibit 13WarningStandard wording

JMI Brokers LTD reserves the right to amend, revise, or update this Refund Policy at any time without prior notice.
Quoted in Refund Policy, p.9
Read from the broker's site on Open the reference

The footer of every page says JMI Brokers does not offer services to residents of the USA, Sudan, Syria and the Republic of Korea. Its account opening form lets you pick all four as your country.

Why this matters

An account opened from one of those four places is one the firm's own disclaimer says it should never have opened. That is a ready made reason to refuse you later, after your money is in.

Exhibit 14WarningHarder than usual

Disclaimer: JMI Brokers does not offer services to residents of certain jurisdictions, including the USA, Sudan, Syria, and the Republic of Korea.
Quoted in Risk Management
Read from the broker's site on Archived copyOpen the reference

Three months to sue, and a penalty for calling your bank

Clause 5 of the JMI Brokers agreement bars any claim brought more than three months after the cause of action arose, under Vanuatu law, with no court named. No document says how to complain or to whom. The Refund Policy warns that an unjustified chargeback through your own bank may suspend services and trigger an account review.

Exit from a dispute1 clause flagged

Going to your bank or card provider before JMI Brokers can cost you service. An "unnecessary or unjustified" chargeback may suspend services, trigger an account review and restrict future transactions. JMI Brokers decides which chargebacks are unjustified.

Why this matters

A chargeback is often the only remedy a retail client can actually reach, and this attaches a penalty to reaching for it. The policy also limits the firm's responsibility to processing refunds it has already approved.

Exhibit 6WarningHarder than usual

Opening an unnecessary or unjustified chargeback may: • Delay the resolution process • Result in temporary suspension of services • Trigger an account review • Restrict future transactions pending investigation
Quoted in Refund Policy, p.8
Read from the broker's site on Open the reference

Ten days notice to move your account to another firm

Clause 5 of the JMI Brokers Cancellation Policy lets the firm assign your account to another registered commission merchant on ten days notice, binding unless you object in writing first. The agreement is governed by the laws of the Republic of Vanuatu and names no court. The receiving firm is not identified anywhere.

Who holds the account1 clause flagged

JMI Brokers can assign your account to another firm on ten days notice. The transfer binds you unless you object in writing before the date. The agreement does not say who the new firm might be.

Why this matters

Miss the letter and you become somebody else's client, under whatever terms that firm uses. Vanuatu law governs and no court is named, so the written objection is the only deadline you can see.

Exhibit 15WarningHarder than usual10 days

JMI may assign a customer's account to another registered commission merchant by notifying the customer ten days prior to the assignment. The assignment is binding unless the customer objects in writing before the scheduled date.
Clause 5 in Cancellation and Withdrawal Policy
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
NoticeJMI Brokers tells you it is moving your account to another firm.5
Before the transfer dateYou must object in writing, or the transfer goes ahead.5

An internal decision can lock your funds with no deadline

The JMI Brokers AML policy lets the Compliance Department freeze or close an account on its own view of suspicious activity, with no notice, no time limit and no appeal. The clause sits two thirds of the way down a page about money laundering. An unfinished verification also bars a refund under the Refund Policy.

Verification and freezes1 clause flagged

The AML policy lets JMI Brokers freeze or close your account when its Compliance Department judges your activity suspicious. No clause gives you notice, a time limit on the investigation, or a way to answer back. It sits two thirds down a page about money laundering.

Why this matters

Your funds can be locked by an internal decision that ends with the firm's own senior management. If your verification is unfinished, the Refund Policy also puts your payment on the list it will not return.

Exhibit 17WarningStandard wording

Depending on the severity of the suspicious activity, appropriate actions are taken, which may include freezing or terminating the customer s account, filing a suspicious activity report (SAR) with the relevant authorities, and cooperating with law enforcement agencies as necessary.
Quoted in AML Policies and Procedures
Read from the broker's site on Open the reference

Buried at section 37 of 58 in the AML Policies and Procedures, 64% of the way through.

  • Worse together with Exhibit 9An unfinished verification both freezes the account and bars a refund of the money in it.

JMI Brokers is the counterparty on every position you open

Clause 2 of the agreement says every CFD is executed between you as principal and JMI as principal, so the firm sits on the other side of your trade. The Conflict Of Interest Policy listed in the menu of every inner page opens nothing, and the page that held it is gone. The 2025 copy set rules for staff and never mentioned the firm dealing against its clients.

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.

The other side of your trade1 clause flagged

Every CFD you open is executed between you and JMI Brokers as the other side of the trade, so your loss is its gain. The Conflict Of Interest Policy offered in the menu of every page opens nothing, and the page that held it is gone.

Why this matters

You cannot read how JMI Brokers manages a conflict it has with you on every position. The version it did publish, archived in 2025, set rules for its own staff and never addressed the firm trading against its clients.

Exhibit 16WarningStandard wordingNew

All CFD contracts are leveraged products and will be executed between you as principal and JMI as principal.
Clause 2 in Terms and Conditions (Customer Account Agreement)
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 keep a conflicts of interest policy and give retail clients a description of it. Acting as the counterparty to a client's trade is allowed and common, as long as the conflict is disclosed and managed.

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

Three entities advertised, only the Vanuatu one is in your contract

The JMI Brokers Customer Account Agreement names one counterparty, JMI Brokers LTD, licensed by the Vanuatu Financial Services Commission under number 15010. The footer advertises companies in Mauritius and Abu Dhabi as well, and describes that single licence number as three licences. No published document says client money is segregated, and none names a compensation scheme.

Who you contract with1 clause flagged

Your counterparty is JMI Brokers LTD of Vanuatu, the only company named in the agreement. The footer advertises entities in Mauritius and Abu Dhabi too, and calls Vanuatu licence 15010 three licences while the agreement calls it one. No document says your money is held in a segregated account.

Why this matters

The licences on the page belong to companies you do not contract with. Since January the footer has dropped the named Swiss parent and its register number, and added the word "regulated" to the group description.

Exhibit 18Notice

This Customer Account Agreement ("Agreement") is entered into by and between JMI Brokers LTD ("JMI") and the Customer. JMI Brokers LTD is a licensed broker from the Vanuatu Financial Services Commission as Dealers in Securities under license number 15010.
Quoted in Terms and Conditions (Customer Account Agreement)
Read from the broker's site on Open the reference

Buried at section 48 of 58 in the Terms and Conditions (Customer Account Agreement), 83% of the way through.

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

Firms licensed by the FCA or CySEC must hold retail client money in segregated client accounts and must name the compensation scheme covering it. The documents JMI Brokers publishes say neither.

JMI Brokers 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 home page calls deposits fully insured, and the contract says you may lose all of yours.

Said in public, in English

Deposits at JMI Brokers are fully insured and protected by an insurance policy guaranteed by Lloyds bank in London

Banner on the JMI Brokers home page

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

In the contract · clause 1

If the market moves against you, you may sustain a total loss of your initial margin deposit and any additional funds deposited with JMI Brokers LTD.

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

02

The Arabic page says a bank guarantees the deposits and the investment, while the English footer caps the cover and adds that terms apply.

Said in public, in Arabic

يضمن بنك ( لويدز لندن ) ايداعت عملاء شركة جي إم أي بروكرز من خلال بوليصة تامين بقيمة 500,000 $ لحماية حسابات العملاء وضمان استثمارهم .

Word for word in English: Lloyds London Bank guarantees the deposits of JMI Brokers company clients through an insurance policy worth $500,000 to protect client accounts and guarantee their investment.

Arabic version of the JMI Brokers home page, served from the same address when the language is set to Arabic

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

In the contract

Client funds held with JMI Brokers VFSC are protected by an insurance policy issued by Lloyd’s Bank, London, covering deposits up to $500,000 (terms apply).

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

03

One page caps your liability at the money in the account, and the contract makes you liable for the deficit and charges interest on it.

Said in public, in English

JMI Brokers provides negative balance protection to retail clients, capping the liability of a retail investor to the funds held in their trading account.

Business Risk Model page, under credit and counterparty risks

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

In the contract · clause 3

Customer is also liable for the amount of any loss resulting from transactions, including any deficit balance, and interest on any deficit balance at a rate of 3% over the Prime rate.

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

04

The home page advertises no commission, and the contract has you agree to commissions JMI Brokers sets later.

Said in public, in English

FX Spreads as low as 0.1 PIP. $0 Commission & No Swaps

Pricing block on the JMI Brokers home page

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

In the contract · clause 3

Customer agrees to pay commissions and service fees as JMI may establish from time to time.

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

05

The Arabic page promises no commission to a reader whose contract, in English only, lets JMI Brokers set commissions at will.

Said in public, in Arabic

فروق أسعار الفوركس تبدأ من 0.1 نقطة. بدون عمولة وبدون مبادلات

Word for word in English: Forex spreads start from 0.1 pip. No commission and no swaps.

Arabic version of the JMI Brokers home page, served from the same address when the language is set to Arabic

In the contract · clause 3

Customer agrees to pay commissions and service fees as JMI may establish from time to time.

06

The bonus is advertised as yours to take, and the only clause about it says the money belongs to JMI Brokers.

Said in public, in English

Up to 25% deposit bonus

Promotion carousel on the home page and on every legal page

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

In the contract · clause 3

Funds such as bonuses or sums not directly deposited by the client are considered "Non-Deposited Funds". These funds belong to JMI Brokers LTD and can be cancelled or removed at any time.

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

What changed quietly

First reading of JMI Brokers, so there is nothing to compare it against.

  • REMOVEDClause

    The page that held the conflicts of interest policy and the privacy policy no longer exists, while the menu on every inner page still offers the policy.

  • REWRITTENClause

    Guaranteed protection with no limit became cover up to $500,000 with terms that are not published.

    Client funds held with JMI Brokers VFSC are protected by an insurance policy issued by Lloyd’s Bank, London, covering deposits up to $500,000 (terms apply).

  • REWRITTENClause

    The named Swiss parent and its register number came out of the group description and the word regulated went in, while the copyright line still names JMI Brokers Holding AG.

    JMI Brokers is the trading name of a distinguished network of regulated securities brokers and financial institutions operating across multiple jurisdictions.

  • ADDEDClause

    A Mauritius entity was added to the footer of the risk and AML pages, alongside the Vanuatu and Abu Dhabi companies.

    JMI Brokers (MU) Ltd is licensed and regulated by the Financial Services Commission (FSC) of Mauritius⁠ as an Investment Dealer (Full Service Dealer, excluding Underwriting) - No. 23858 License Code SEC-2.1B, under Section 29 of the Securities Act 2005..

The documents this reading is based on

9 files, all published by JMI Brokers. 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 JMI Brokers publishes.

How this reading was done

Every clause above was read out of a document JMI Brokers publishes itself

This reading was published on .

Documents
9 of 9downloaded from the broker's site, and 9 read in full
Pages opened
40pages walked to find those documents, footer links included
Older copies
5earlier versions downloaded
Marketing pages
1public pages set against what the contract says
Languages
AR vs ENthe language it advertises in, against the language it contracts in
Position measured
3clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

JMI Brokers LTD

Your contract is with JMI Brokers LTD, the Vanuatu company. It is the only entity named in the Customer Account Agreement, which gives its licence as Vanuatu Financial Services Commission number 15010. The footer also advertises JMI Brokers (Mauritius) Ltd and JMI Brokers (Abu Dhabi) Ltd. The copyright line names JMI Brokers Holding AG. No document says any of those three is your counterparty. The agreement calls licence 15010 a single licence, and the footer calls it three.

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

The Cancellation Policy states a real withdrawal timetable, which many offshore brokers never do: 3 to 5 business days, and one business day for card payouts. The ten page Refund Policy sets out what it will and will not refund, what to send, and who reviews it. The 67% loss warning for CFDs sits at the top of every page, in Arabic as well as English. The footer links the Vanuatu, Mauritius and Abu Dhabi public registers directly, so you can check the licence numbers yourself.

Four of the documents quoted here are linked only from the footer of JMI Brokers' own pages: the Customer Account Agreement, the Cancellation and Withdrawal Policy, the Privacy Policy and the Refund Policy. We read all four, including the ten page Refund Policy from the file itself. The Conflict Of Interest Policy offered in the menu of every inner page opens nothing, and the page that held it is gone, so we read the 2025 copy from a public archive. Every quotation credited to that copy comes from there. The Arabic version of the site is served from the same web addresses as the English one, so the Arabic claims quoted here appear only when the language is set to Arabic. We did not open an account, so we cannot say what JMI Brokers shows a client after registration. We have no earlier copy of the four footer documents, so we cannot say how long those clauses have been in force.

How to check any of this yourself

Every quote above links to the JMI Brokers 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 JMI Brokers 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 JMI Brokers 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 17, 2026.

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

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