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Contract reading

What Kanak Capital Markets legally published, but does not want you to read

Every clause below is published by Kanak Capital 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: Kanak Capital Markets LLC

unpublished termsdispute barrierdeemed acceptancesole discretionmarketing gapunilateral amendmentwithdrawalsaccount openingcomplaint deadlineforum waiver

Kanak Capital Markets advertises itself as regulated in the Comoros. The contract you actually sign is with a Saint Vincent and the Grenadines company, under Saint Vincent law, with no compensation scheme. The website publishes none of the six documents that contract names as part of itself. You get 24 hours to complain, and the firm can refuse the complaint anyway.

Back to Kanak Capital Markets

Contract risk

Payout refusable
9.0/10

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.
20
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
7
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 20 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
Warning11
Notice2

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

Critical6Account limit. Jump to the clause this comes from.You are bound to six documents the website does not publishCritical1 daysTime to complain. Jump to the clause this comes from.You have 24 hours to complain, and it can still be refused10 working daysWithdrawal limit. Jump to the clause this comes from.Card payouts are capped at what you paid in

What the documents say

20 clauses worth knowing about, worst first, each quoted from Kanak Capital Markets's own files

01

The homepage tells you Kanak Capital Markets LLC is a Comoros company supervised by the Mwali International Services Authority. The contract you sign names a Saint Vincent and the Grenadines company instead, and picks Saint Vincent law and Saint Vincent courts.

Why this matters

If your money goes missing, you have to chase a Saint Vincent company in Saint Vincent, not the supervised Comoros firm the website described. Clause 8.3 adds that no client compensation scheme exists there, so nobody repays you if the firm fails.

Exhibit 1CriticalRarely seen

(2) Kanak Capital Markets, Limited Liability Company, incorporated under the Limited Liabilities Companies Act, chapter 151 of the revised Laws of Saint Vincent and the Grenadines 2009, with number 1810LLC2022, and having its registered office located at Euro House, Richmond Hill Road, P.O Box 2897, Kingstown, Saint Vincent and the Grenadines (hereinafter referred to as the “Firm”)
Clause Parties in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of kanakmarkets.com, taken on Oct 7, 2026The claim, on Entity and licence statement in the homepage footerVisit this page on the broker's siteDownload the full size image file
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026What the contract says, clause PartiesVisit 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 legal entity they are contracting with before the account opens, and must name the compensation scheme that covers them. This contract names a Saint Vincent entity the website does not mention, and states that no compensation scheme exists.

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

Our readingBrokers often run several group entities and tell you which one you are signing with. Here the public page names one country and the signing document names another, and the two are never reconciled anywhere a client can see.

  • Worse together with Exhibit 8Suing in Saint Vincent is the only route open to you, and clause 9.8 makes you pay the firm's legal costs for taking it.
02

The Client Agreement says it includes six other policies, among them the Risk Disclosure Policy, the Deposit/Withdrawal Policy and the Conflict of Interest Policy, and says all of them are on the website. The website publishes none of them under those names.

Why this matters

You agree to rules you cannot read. When the firm relies on one of them to refuse your money, you have no copy to argue from, and clause 35.3 points your complaint deadline at a Complaint Handling Policy that does not exist either.

Exhibit 2CriticalRarely seen6

“Agreement” shall mean this document titled “Client Agreement” together with its Annexures attached thereto and the documents titled “Policy on CFDs on Futures and Indices Policy”, “Conflict of Interest Policy”, “Privacy Policy”, “Deposit/Withdrawal Policy”, “Risk Disclosure Policy”, “Terms and Conditions” and any other Policy or document available on the website as these may be amended or supplemented from time to time;
Clause 1.1 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026You are bound to six documents the website does not publish (clause 1.1)Visit 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 give a retail client the terms that govern the relationship in good time before the client is bound. This contract names six documents as part of itself and the website serves none of them.

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

Our readingIncorporating other policies by reference is ordinary drafting. What is unusual is that every single referenced document is missing from the website the contract sends you to, so the mechanism binds you to text nobody can produce.

  • Worse together with Exhibit 3The missing documents are also the ones clause 53.3 says will prevail over the agreement you were shown.
  • Worse together with Exhibit 4The complaint deadline lives in one of the documents that was never published.
03

Kanak Capital Markets can change any part of the contract at any time, without telling you first, and the change takes effect as soon as it is published. Clause 53.3 then says the version on the website at the time of your trade is the one that applies.

Why this matters

Carrying on trading counts as your agreement to changes you never saw. You are told to monitor a website for the governing terms, and that website currently publishes no terms at all.

Exhibit 3CriticalRarely seen

The Company reserves the right to amend, modify, or update any provisions of this Agreement at any time and at its sole discretion, without any liability and without prior notice to the Client. The amendments shall be effective immediately upon being published or communicated by the firm through any means it deems appropriate.
Clause 43 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026Kanak can rewrite the terms with no notice, and the website version wins (clause 43)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)

Firms licensed by the FCA or CySEC must give a retail client advance notice of a change to the contract terms and a chance to object or leave. This contract lets the firm amend any provision with no prior notice, effective on publication.

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

Our readingUnilateral amendment with deemed acceptance is common in offshore agreements. The unusual part is pairing it with a clause that makes an unpublished website version override the document you were given.

  • Worse together with Exhibit 10Fees can change the same way, and the fee pages you are told to check are not on the website.
  • Limited by Exhibit 2Clause 26.6 lets you end the agreement without penalty rather than accept a change, which is the one exit the amendment power leaves open.
04

You must send a dispute to Kanak Capital Markets within 24 hours of the problem happening, not of you noticing it. Clause 36.1 then lets the firm refuse your complaint at its absolute discretion.

Why this matters

Miss a single day and the complaint is gone. Even inside the day, clause 36.6 bars you from citing any other firm's prices as evidence, so the only prices that count against the firm are its own.

Exhibit 4CriticalRarely seen1 days

The Client agrees to send the dispute within 24 hours after the occurrence to our official communication method as stated in the Complaint Handling Policy, so that the Firm may assist in resolving it faster.
Clause 35.3 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026You have 24 hours to complain, and it can still be refused (clause 35.3)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

What it costsA problem that happens on a Friday evening must reach the firm by Saturday evening. If you check your account on Monday, clause 35.3 has already run out.

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

Firms licensed by the FCA or CySEC must accept a retail complaint for years after the event, acknowledge it, answer it within set deadlines, and tell the client about an independent ombudsman. This contract gives you 24 hours and lets the firm refuse the complaint at its own discretion.

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

Our readingA complaint window measured in hours, running from the event rather than from discovery, is far shorter than any regulated regime allows. Combined with a discretion to refuse the complaint anyway, the internal route gives the client no fixed right to be heard.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Within 24 hoursYou must send the dispute to the firm, counted from when the problem happened.35.3
Within 48 hoursYou must answer the firm's questions, or it treats the dispute as closed.35.6
While it is consideredYou cannot manage the position, and no complaint about that is accepted.36.7
When it endsThe firm will not tell you the dispute is over and your position is open again, and you carry the risk.36.8
  • Worse together with Exhibit 8If the internal route refuses you, the court route makes you pay the firm's legal costs whichever way it ends.
  • Worse together with Exhibit 12A complaint can also be thrown out for its tone, and clause 51 threatens damages if you say anything publicly.
05

Kanak Capital Markets reserves the right to reverse any transaction it decides goes against your interest or its own, for any reason. A separate clause lets it void all your trades and hand back only what you paid in, then close the account.

Why this matters

Your profit is the firm's loss, because clause 4.3 makes it the other side of every trade you place. That is enough to bring a winning trade inside a clause that needs no reason at all.

Exhibit 5CriticalRarely seen

We reserve the right to reverse any transactions we deem contrary to your interest or ours, for any reason.
Clause 26.10 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026Any trade can be reversed for any reason (clause 26.10)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

What it costsTurn $10,000 into $14,000 and clause 25.3 returns the $10,000. The $4,000 of profit is removed and the account is closed.

Our readingMost agreements let a broker void a trade for a defined event such as a pricing error or proven abuse. This clause needs no event and no reason, and names the firm's own interest as a ground for reversal.

  • Worse together with Exhibit 9Because the firm is the counterparty to your trades, every profit you make is contrary to its interest, which is the exact test clause 26.10 uses.
  • Worse together with Exhibit 4Raising a dispute about a reversed trade lets the firm cancel the position outright under clause 16.8.
06

Opening a real-money account at Kanak Capital Markets requires one tick: agreement to the Privacy Policy. The free demo account is the one that asks you to agree to the Terms and Conditions, with a link to read them.

Why this matters

You fund an account without ever being shown the contract, yet clause 54 treats submitting that form as agreement to every policy on the website. The document that decides what happens to your money is the one you were not asked about.

Exhibit 6WarningRarely seen

By electronically submitting your application or affixing your signature, whether in wet ink or electronically, to this Agreement, you, the Client, hereby agree to be legally bound by this Agreement. This includes all policies, terms and conditions, and any other legal documentation available on the website.
Clause 54 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026The live account asks you to agree only to the privacy policy (clause 54)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

Our readingThe portal software supports a terms checkbox and the demo form uses it. On the live form the same control is absent, so the harsher account is the one opened with less consent.

  • Worse together with Exhibit 2You are deemed to accept documents you were not shown and that the website does not publish.

A complaint has 24 hours to live, and the court route costs you both sides

Clause 35.3 of the Kanak Capital Markets agreement gives you 24 hours from the event to raise a dispute, and clause 36.1 lets the firm refuse the complaint at its absolute discretion. Clause 36.6 bars you from citing any other firm's prices, so only the firm's own quotes count as evidence. Clause 9.8 then makes you bear its legal costs for any proceedings, whoever started them and whoever wins, and clause 51 threatens damages if you say anything that may harm its reputation.

Exit from a dispute2 clauses flagged

You bear all of Kanak Capital Markets' costs, including its lawyers' fees, for any legal proceedings about the agreement, whether you brought the case or the firm did. The clause does not depend on who wins.

Why this matters

Taking the firm to court in Saint Vincent means paying both sides' lawyers even if the court agrees with you. For most account sizes that makes the legal route cost more than the money in dispute.

Exhibit 8CriticalRarely seen

The Client shall be responsible for and shall bear all costs and expenses, including but not limited to attorney's fees, court fees, and other related expenses, incurred by the Firm in connection with any litigation, arbitration, or other legal proceedings initiated by or against the Client arising out of or in relation to this Agreement.
Clause 9.8 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026You pay the firm's legal costs whichever way the case goes (clause 9.8)Visit this page on the broker's siteDownload the full size image file

What it costsDispute $5,000 and win, and clause 9.8 still leaves you the firm's court and attorney costs to pay on top of your own.

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

Firms licensed by the FCA or CySEC must give retail clients access to a free independent complaints scheme, so a client never has to fund litigation to be heard. This contract offers no such scheme and puts the firm's legal costs on you.

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

Our readingCosts follow the loser in most legal systems, and one-way costs clauses in favour of a firm are a commercial lending device. Pointed at a retail client, it means winning a claim can still leave you out of pocket.

You promise not to publish any statement that may harm the reputation, business or operations of Kanak Capital Markets, and the firm warns it may sue for damages. A separate clause lets it dismiss your complaint without notice over the language you used.

Why this matters

An honest public account of a dispute can be read as harming the firm's reputation. Clause 9.8 then puts the firm's legal costs on you for the case it brings.

Exhibit 12WarningRarely seen

The Client agrees not to make, publish, or cause to be made or published any defamatory, false, or misleading statements or representations, whether oral or written, regarding the Firm, its affiliates, employees, officers, directors, agents, or representatives. This includes any statements or representations that may harm the reputation, business, or operations of the Firm.
Clause 51 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference

Our readingNon-disparagement promises belong to settlement agreements and employment contracts. In a retail trading agreement, a clause that covers any statement which may harm the firm's business discourages a client from warning anybody else.

  • Worse together with Exhibit 8The gag has teeth because you contractually fund the firm's side of any case it starts against you.

Funds can be frozen for any valid reason the firm sees, with no clock on it

Clause 30.1 lets Kanak Capital Markets freeze your account or your money at its sole discretion, including when you do not comply with any of its requests or for any other reason it considers valid. Clause 30.2 excludes its liability for whatever the freeze costs you, and no clause sets an outer limit. The Privacy Policy ends the relationship if you withhold any personal data the firm asks for, and records your calls with no warning tone and no notification.

Holds and records2 clauses flagged

Kanak Capital Markets can freeze your account or the money in it at its sole discretion, including if you do not comply with any of its requests, or for any other reason it considers valid. Nothing in the contract sets a time limit on the freeze.

Why this matters

Clause 30.2 says the firm is not responsible for anything the freeze costs you, so positions can move against you while you cannot reach them. The Privacy Policy adds that the relationship ends if you do not hand over any personal data the firm asks for.

Exhibit 7CriticalHarder than usual

We are entitled in our sole discretion to freeze, block transactions or put a hold on an Account or monies in an Account at any time if:
Clause 30.1 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026Your funds can be frozen at will, with no deadline (clause 30.1)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)

Firms licensed by the FCA or CySEC may restrict an account to meet money-laundering duties, but must still handle client money properly and answer for their own failures. This contract adds a catch-all ground, sets no deadline, and excludes liability for the loss the freeze causes.

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

  • Worse together with Exhibit 11The same open-ended document demands reappear at the moment you ask to withdraw.

The Privacy Policy says phone calls must be recorded without a warning tone or any other notification. The recordings are the firm's sole property and serve as the evidence of what was said.

Why this matters

The only record of a phone conversation about your account belongs to Kanak Capital Markets, and you were never told it was being made. The same policy lets the firm share your confidential information where its own business interests require it.

Exhibit 18WarningRarely seen

These recordings will be our sole property and will serve as evidence of our communications. Such phone conversations must be recorded without the use of a warning tone or any other additional notification.
Clause 5 in Privacy Policy, served only inside the registration portal
Read from the broker's site on Open the reference

Our readingRecording client calls is standard and usually disclosed. Stating that recording must happen with no notification of any kind, while making those recordings the firm's property and its evidence, removes the client's ability to hold an equal record.

  • Worse together with Exhibit 4In a dispute the firm holds the only recording, and outside price evidence is inadmissible under clause 36.6.

Tight spreads, best prices and swap-free accounts are all contradicted in the contract

The Kanak Capital Markets homepage sells tight spreads, execution at the best market price and swap-free accounts. Clause 16.3 says there is no limit on how large a spread may be, clause 13.3 accepts no obligation to execute your order, and clause 9.3 lists swaps among the charges that will apply. The site also runs in Simplified Chinese, including its licence claim, while clause 50 says nothing outside English binds the firm or has any legal effect.

Promise and clause2 clauses flagged

The homepage sells tight spreads and execution at the best market price. The contract says spreads can widen significantly, that there is no limit on how large they may be, and that the firm need not execute your order at all.

Why this matters

The spread is what each trade costs you, and the contract caps it at nothing. When the underlying market is closed, the price you trade on is whatever the firm decides is fair.

Exhibit 15WarningHarder than usual

Spreads, including market Spreads, can and do widen significantly in some circumstances; they may not be the same size and there is no limit on how large they may be.
Clause 16.3 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of kanakmarkets.com, taken on Oct 7, 2026The claim, on Low Cost feature panel on the homepageVisit this page on the broker's siteDownload the full size image file
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026What the contract says, clause 16.3Visit this page on the broker's siteDownload the full size image file
Our own capture of kanakmarkets.com, taken on Oct 7, 2026The claim, on Rapid Execution feature panel on the homepageVisit this page on the broker's siteDownload the full size image file
Our own capture of portal.kanakcapitalmarkets.com, taken on Oct 7, 2026What the contract says, clause 13.3Visit this page on the broker's siteDownload the full size image file

Kanak Capital Markets runs its homepage in Simplified Chinese, licence claim and all. Clause 50 says anything not in English is for information only and does not bind the firm or have any legal effect.

Why this matters

If you read the Chinese page and opened an account on the strength of it, the contract says none of it counts. Only the English text binds the firm, and the contract itself is published in English only.

Exhibit 16WarningHarder than usual

Translation or information provided in languages other than English is for informational purposes only and do not bind the Firm or have any legal effect whatsoever, the Firm having no responsibility or liability regarding the correctness of the information therein and the Client should also refer to the English version and the Website for information on the Firm and its policies.
Clause 50 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Our own capture of kanakmarkets.com, taken on Oct 7, 2026The claim, on Entity and licence statement in the footer of the Simplified Chinese homepageThis 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 portal.kanakcapitalmarkets.com, taken on Oct 7, 2026What the contract says, clause 50This 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

Not one document names the size of any fee

Kanak Capital Markets charges spreads, swaps and commissions under clause 9.3, and a daily financing fee on anything held overnight under clause 19. No published document states a figure for any of them. Clause 9.6 lets the firm vary charges at any time, clause 9.11 makes it your responsibility to spot the change on the website, and clause 11.4 sends you for pricing to a Deposit and Withdrawal Policy that the website does not carry.

Cost disclosure1 clause flagged

Nothing Kanak Capital Markets publishes states the size of any fee. The contract charges you spreads, swaps and commissions, lets the firm vary them at any time, and tells you to check its website for changes.

Why this matters

You cannot work out what trading costs before you deposit, and you cannot tell when a charge goes up. The deposit and withdrawal pages the contract sends you to are not on the website.

Exhibit 10WarningHarder than usual

The following charges will apply to your transactions: Spread(s), Swap(s); and Commissions (if your account was introduced by an Introducing Broker, a portion of the spread paid by you may be given to the Introducing Broker).
Clause 9.3 in Client Agreement (individual accounts), served only inside the registration portal
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 disclose costs and charges to a retail client before they trade, in cash terms as well as percentages. This document set names no figure for any fee.

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

  • Only applies after Exhibit 3A fee rise binds you through the same publish-and-deem-accepted mechanism as any other change.

Money leaves the way it came in, and the card route stops at your deposit

The Kanak Capital Markets Deposit and Withdrawal Policy commits to processing a request the same day or the next working day, which is faster than most. It also requires funds to leave by the method and in the currency they arrived in, caps card payouts at the original card deposit, and gives card transfers up to 10 working days to arrive. Clause 2(j) lets the firm refuse a withdrawal whenever it is not satisfied with the documents, with no deadline on asking for more.

Exit routes1 clause flagged

Withdrawals must leave by the same method and in the same currency they arrived in, and a card payout cannot exceed your original card deposit. Card money can take up to 10 working days to reach you.

Why this matters

If you funded the account by card only, the policy caps the card route at your deposit and never says how profit above it reaches you. Kanak Capital Markets can also refuse the method you asked for and offer another.

Exhibit 11WarningHarder than usual10 working days

Please be aware that the total of your original deposit cannot be exceeded by withdrawal requests from credit or debit cards.
Clause 2(k) in Deposit & Withdrawal Policy (published under the risk-disclosure-policy filename), p.3
Read from the broker's site on Open the reference

What it costsDeposit $2,500 by card and grow it to $4,000, and the card route returns $2,500. The policy names no route for the remaining $1,500.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Same day or next working dayThe firm starts work on the request it has received.2(a)
One working dayThe back office finishes processing the request.2(b)
3 to 5 working daysA bank transfer reaches your account.2(c)
Up to 10 working daysA card withdrawal reaches your account.2(d)
  • Worse together with Exhibit 7A withdrawal request is also a moment the firm can reopen document checks and hold the money while it does.

Trades can be undone for any reason, including the firm's own interest

Clause 26.10 lets Kanak Capital Markets reverse any transaction it deems contrary to your interest or its own, for any reason. Clause 25.3 lets it void all your trades and return only your deposits before closing the account. Because clause 4.3 makes the firm the counterparty to every trade you place, a profit of yours is a loss of its own, and clause 21.1 lets it set off your balance against claims owed to affiliates including employees.

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.

Reversal rights1 clause flagged

Kanak Capital Markets can set off your balance at any time, without notice, against anything you owe the firm or any of its affiliates. The contract defines an affiliate to include any employee connected to the firm.

Why this matters

Money you have not yet been found to owe can be taken from your account, because the clause reaches future and unliquidated claims. You get no notice and no chance to dispute the amount first.

Exhibit 13WarningRarely seen

We may at any time, without notice to you, set-off any liability we have to you against any liability (including without limit any loss) you owe to us or any affiliates, whether any such liability is present or future, liquidated or unliquidated, under these terms or not and irrespective of the currency or its denomination.
Clause 21.1 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference

Our readingSet-off against a client's own debts to the broker is normal. Extending it to debts owed to employees and other connected individuals, and to claims not yet quantified, turns a trading balance into security for other people's claims.

The contract that governs your money is not published anywhere

The Kanak Capital Markets Client Agreement names six other policies as part of itself and says all six are on the website, where none of them appear. Clause 43 lets the firm rewrite any provision with no notice, and clause 53.3 makes the website version prevail over the document you were given. Opening a live account requires agreement only to the Privacy Policy, while the free demo account is the one that asks you to accept the Terms and Conditions.

Unseen terms2 clauses flagged

You can be asked for more money than you put in, and your liability may exceed any limit on the account. Kanak Capital Markets treats margin calls as a courtesy it is not obliged to make, and can change leverage without notice.

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 market can leave you owing the firm money on top of the deposit you lost. Nobody has to warn you before it happens.

Exhibit 14WarningStandard wording

You may lose your initial deposit and be required to deposit additional Margin in order to maintain your position. If you fail to meet any Margin requirement your position will be liquidated and you will be responsible for any resulting losses.
Clause 23.5 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Firms licensed by the FCA or under ESMA rules must give retail clients negative balance protection, so a client can never lose more than the money in the account. This contract states the opposite and your liability may exceed what you deposited.

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

The footer says services are not available to residents of the United Arab Emirates, the United States, Cuba, Iraq, Myanmar, North Korea and Sudan. The registration form offers all of them in its country list, alongside Iran and Syria.

Why this matters

You can open and fund an account from a country the broker says it does not serve. The firm keeps the right to treat that as a breach later, when your money is already with it.

Exhibit 17WarningHarder than usual

Restricted Regions: Please note that our products and services are NOT available to citizens and residents of embargoed or sanctioned countries. More specifically, the United Arab Emirates, United States, Cuba, Iraq, Myanmar, North Korea, Sudan, and any OFAC-sanctioned or FATF blacklisted countries.
Quoted in Website legal notices, licence statement and risk disclaimer (homepage footer)
Read from the broker's site on Open the reference
Our own capture of kanakmarkets.com, taken on Oct 7, 2026The claim, on Credibility line above the homepage contact formVisit this page on the broker's siteDownload the full size image file
Our own capture of kanakmarkets.com, taken on Oct 7, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

The contract gives three different answers on whether the firm bets against you

Clause 4.3 of the Kanak Capital Markets agreement says the firm is the counterparty to all client trades. Clause 9.9 says it earns a fixed share of the spread from a counterparty it executes through, and clause 23.1 says orders pass straight through to a liquidity provider. The Conflict of Interest Policy settles none of it and states that its primary focus is safeguarding the company's operations, reputation and legal standing.

In plain words

Liquidity providers are outside banks and brokers.

Who takes the trade1 clause flagged

Clause 4.3 says Kanak Capital Markets is the counterparty to every trade you place, so it wins when you lose. Clause 9.9 says it instead earns a share of the spread from a counterparty it executes through, and clause 23.1 says orders go straight through to a liquidity provider.

Why this matters

You cannot tell from your own contract whether the firm profits from your losses. The Conflict of Interest Policy never resolves it, and says its primary focus is safeguarding the company.

Exhibit 9WarningRarely seen

We will act as a principal at all times. This means that we are the counterparty to all Client trades.
Clause 4.3 in Client Agreement (individual accounts), served only inside the registration portal
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 when the firm is dealing on its own account against them, and must run a conflicts policy aimed at preventing client detriment. This policy states that its primary focus is the company's own operations, reputation and legal standing.

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

Our readingA broker is normally either the counterparty to your trades or a route to the market, and says which. Here one agreement asserts both models and a third arrangement, and the conflicts policy addresses none of them.

  • Worse together with Exhibit 5Being the counterparty means your profit is contrary to the firm's interest, which is the ground clause 26.10 uses to reverse a trade.

Six years of stillness and the balance stops being client money

Clause 10.5 of the Kanak Capital Markets agreement lets the firm release an unclaimed balance from its client money account after six years with no movement, once it has taken reasonable steps to trace you. The period matches what FCA-licensed firms work to, and the tracing duty is real. The clause stops short of promising to pay you if you come forward later.

Dormant balances1 clause flagged

If nothing moves on your balance for six years, Kanak Capital Markets can release it from the client money account and stop treating it as yours. It has to take reasonable steps to find you first.

Why this matters

The six-year threshold matches regulated practice, and the tracing duty is a real protection. What the clause does not add is a promise to pay you if you come back afterwards.

Exhibit 19NoticeStandard wording

You consent to us releasing any Client Money balances, for or on your behalf, from Client Money bank accounts and for us to cease to treat as Client Money any unclaimed Client Money balance where:
Clause 10.5 in Client Agreement (individual accounts), served only inside the registration portal
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA may stop treating an unclaimed balance as client money after six years of no movement, but only if they undertake unconditionally to pay the client if the client later asks for it. This clause sets the same period and gives no such undertaking.

Kanak Capital Markets is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

The published policies describe a property business and an internal audience

The Kanak Capital Markets AML and CFT Policy lists red flags about real estate transactions and unusual requests to a real estate agency, and is addressed to employees rather than clients. The Conflict of Interest Policy describes itself as for internal use. No risk disclosure document exists on the site at all, even though the Client Agreement treats one as part of your contract and the footer links to it.

Document set1 clause flagged

The AML and CFT Policy lists red flags for property deals, including unusual requests to a real estate agency and transactions with no rationale for buying property. It is addressed to staff, and the firm can amend it at any time.

Why this matters

The documents that are meant to show how Kanak Capital Markets protects your money describe a different kind of firm. No risk disclosure document exists anywhere on the site to replace them.

Exhibit 20NoticeHarder than usual

Makes unusual requests of the real estate agency, brokerage or its employees.
Clause Red Flag Indicators Related to an Individual customer, item 5 in AML & CFT Policy, p.15
Read from the broker's site on Archived copyOpen the reference

Where the marketing and the contract disagree

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

01

The website names a Comoros company under Comoros supervision, and the contract names a Saint Vincent company under Saint Vincent law.

Said in public, in English

Kanak Capital Markets LLC, an International Business Company incorporated under the laws of Comoros, is authorized and regulated by the Mwali International Services Authority (M.I.S.A) of Comoros Union as an International Brokerage & Clearing House (License Number: T2022152).

Entity and licence statement in the homepage footer

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

In the contract · clause Parties

(2) Kanak Capital Markets, Limited Liability Company, incorporated under the Limited Liabilities Companies Act, chapter 151 of the revised Laws of Saint Vincent and the Grenadines 2009, with number 1810LLC2022, and having its registered office located at Euro House, Richmond Hill Road, P.O Box 2897, Kingstown, Saint Vincent and the Grenadines (hereinafter referred to as the “Firm”)

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

02

The licence claim that brings in Chinese-reading clients sits on a page the contract says has no legal effect whatsoever.

Said in public, in Chinese

Kanak Capital Markets LLC 是一家根据科摩罗法律注册成立的国际商业公司，作为国际经纪与清算机构，获科摩罗联盟穆瓦利国际服务管理局（M.I.S.A）授权及监管（牌照编号：T2022152）。

Word for word in English: Kanak Capital Markets LLC is an international business company established under the laws of the Comoros, and as an international brokerage and clearing institution it is authorised and supervised by the Mwali International Services Authority (M.I.S.A) of the Comoros Union (licence number: T2022152).

Entity and licence statement in the footer of the Simplified Chinese homepage

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

In the contract · clause 50

Translation or information provided in languages other than English is for informational purposes only and do not bind the Firm or have any legal effect whatsoever, the Firm having no responsibility or liability regarding the correctness of the information therein and the Client should also refer to the English version and the Website for information on the Firm and its policies.

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

03

The homepage promises tight spreads while the contract places no limit on how wide they can go.

Said in public, in English

Trade indices with super-low commission rates and tight spreads.

Low Cost feature panel on the homepage

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

In the contract · clause 16.3

Spreads, including market Spreads, can and do widen significantly in some circumstances; they may not be the same size and there is no limit on how large they may be.

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

04

The homepage promises execution at the best market price, and the contract accepts no obligation to execute your order at all.

Said in public, in English

Your trades execute in milliseconds for the best market price.

Rapid Execution feature panel on the homepage

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

In the contract · clause 13.3

We have no obligation to accept, or to execute or cancel, all or any part of a Transaction that you seek to execute or cancel through an Electronic Trading Service.

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

05

The homepage advertises swap-free accounts and the contract lists swaps among the charges that will apply.

Said in public, in English

Swap-free accounts

Feature list under the company description on the homepage

In the contract · clause 9.3

The following charges will apply to your transactions: Spread(s), Swap(s); and Commissions (if your account was introduced by an Introducing Broker, a portion of the spread paid by you may be given to the Introducing Broker).

06

The homepage borrows credibility from a Dubai award while the same page bars residents of the United Arab Emirates.

Said in public, in English

Kanak Capital Markets has been awarded the certification of appreciation by the Dubai Police

Credibility line above the homepage contact form

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

In the contract

Restricted Regions: Please note that our products and services are NOT available to citizens and residents of embargoed or sanctioned countries. More specifically, the United Arab Emirates, United States, Cuba, Iraq, Myanmar, North Korea, Sudan, and any OFAC-sanctioned or FATF blacklisted countries.

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

What changed quietly

This is our first reading of Kanak Capital Markets, so there is nothing to compare it against.

  • REMOVEDClause · 2026-04-19 to 2026-10-07

    In April 2026 this page offered nine legal documents, among them the Risk Disclosure Policy, the Complaint Handling Procedure and the Website Usage Policy. The page and those documents are no longer served.

  • REMOVEDClause · 2024-05-25 to 2026-10-07

    The broker used to disclose its Saint Vincent registration beside the Comoros one. The public footer now names only the Comoros registration, which is the one the contract never mentions.

  • REWRITTENClause · 2024-05-25 to 2026-10-07

    The barred-country list changed shape: Iran, Syria, Japan, Malta, Ghana and Vietnam dropped out, and the United Arab Emirates and the United States came in.

    Restricted Regions: Please note that our products and services are NOT available to citizens and residents of embargoed or sanctioned countries. More specifically, the United Arab Emirates, United States, Cuba, Iraq, Myanmar, North Korea, Sudan, and any OFAC-sanctioned or FATF blacklisted countries.

The documents this reading is based on

7 files, all published by Kanak Capital 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 Kanak Capital Markets publishes.

How this reading was done

Every clause above was read out of a document Kanak Capital Markets publishes itself

This reading was published on .

Documents
7 of 7downloaded from the broker's site, and 7 read in full
Pages opened
72pages walked to find those documents, footer links included
Older copies
4earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
EN vs ZHthe language it advertises in, against the language it contracts in

Who the contract is with

Kanak Capital Markets LLC

The Client Agreement names one counterparty: Kanak Capital Markets LLC, a limited liability company registered in Saint Vincent and the Grenadines with number 1810LLC2022, at Euro House, Richmond Hill Road, Kingstown. That document picks Saint Vincent law and the exclusive jurisdiction of Saint Vincent courts, and clause 8.3 says no client compensation scheme exists there. The website says something different: its footer describes the company as incorporated under the laws of the Comoros and supervised by the Mwali International Services Authority. The broker's own 2024 terms page disclosed both registrations side by side and added that the firm does not operate from either registered office. The public footer now names only the Comoros one, which is the half that does not appear in the contract you sign.

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 Deposit and Withdrawal Policy is better than most: clause 2(a) commits Kanak Capital Markets to processing a withdrawal request the same day it arrives, or the next working day, and clauses 2(b) to 2(e) give a transfer time for each payment method. Clause 10.1 of the Client Agreement promises client money in a segregated account kept separate from the firm's own money, which is stronger than the wording the broker published in 2024. Clause 28.1 gives you and the firm the same 30 days' notice to end the agreement, and clause 26.6 lets you leave without penalty if you reject a change to the terms. Clause 26.2 states plainly that your orders are not executed on a regulated market and asks for your consent to that. The six-year dormancy threshold in clause 10.5 matches the period FCA-licensed firms work to. The Chinese version of the homepage carries the same licence wording, the same risk warning and the same restricted-country list as the English one, rather than a softer translation.

Four documents that the Client Agreement treats as part of your contract are not published anywhere we could reach, so we did not read them: the Risk Disclosure Policy, the Complaint Handling Procedure, the Website Usage Policy and the Policy on CFDs on Futures and Indices. The 24-hour complaint deadline in clause 35.3 points to the Complaint Handling Policy, and no copy of that document exists for us to check against. We read the Client Agreement and the Privacy Policy inside the registration portal at portal.kanakcapitalmarkets.com, because the website itself publishes neither, and every quotation credited to those two comes from there. The Deposit and Withdrawal Policy and the Conflict of Interest Policy are published as PDFs whose filenames name the other document, so we read both files and credited each quotation to the policy the file actually contains. We read the individual-account version of the Client Agreement; the corporate tab holds no text at all. We read the broker's earlier Terms and Conditions only in part, and we did not open its earlier Policy on CFDs on Futures and Indices.

How to check any of this yourself

Every quote above links to the Kanak Capital 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 Kanak Capital 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 Kanak Capital 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 7, 2026.

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

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