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Contract reading

What Karoll Brokerage legally published, but does not want you to read

Every clause below is published by Karoll Brokerage 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: Karoll Jsc

hidden feesole discretionwithdrawalsdeemed acceptancedormancyunilateral amendmentclient moneydispute windowmarginbest execution

Karoll Jsc is a Bulgarian investment firm supervised by the Financial Supervision Commission, and its document set is complete and public. Two clauses still stand out. You get three working days to object to a trade confirmation, after which the contract treats it as final and beyond protest. Karoll can also cancel or correct a trade it has already confirmed, and it decides whether its own price was wrong.

Back to Karoll Brokerage

Contract risk

Harder than average
5.5/10

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.
2
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
25
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
21
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 25 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.

Critical2
Warning19
Notice4

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.

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

Critical3 working daysTime to complain. Jump to the clause this comes from.Three working days to object, then the trade record is final0.25%Fee you were not shown. Jump to the clause this comes from.A 0.25% yearly charge on the cash in your account3 working daysWithdrawal limit. Jump to the clause this comes from.Larger withdrawals need notice, and the amount sets how much$2Fee on an unused account. Jump to the clause this comes from.Two leva a month after a year without trading

What the documents say

25 clauses worth knowing about, worst first, each quoted from Karoll Brokerage's own files

01

You have three working days to object to a statement or a trade confirmation. Clause 36.4 of the Karoll Dealing contract then makes the figures final and beyond protest.

Why this matters

Miss that window and you cannot argue about the price, the size or the fee on a trade, however wrong it was. The clock starts when the confirmation reaches you, not when you spot the problem.

Exhibit 1CriticalHarder than usual3 working days

КЛИЕНТЪТ следва да провери съдържанието на всеки отчет и потвърждение, получени от него, като ако в рамките на три работни дни от получаването на същите, не направи възражения, данните в отчета и потвърждението стават окончателни и не подлежат на протест от негова страна впоследствие.
Clause 36.4 in Договор за търговия през електронната платформа Карол Дилинг, p.6
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA cannot shut a retail complaint after a few days: a client normally has years to raise one, and six months to take the firm's final answer to the Financial Ombudsman Service. Karoll's two trading contracts treat your silence after three working days as acceptance of the record.

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

  • Worse together with Exhibit 2Karoll gives itself three working days to rule a trade mispriced and gives you three working days to object, so both clocks can run out on the same trade.
  • Worse together with Exhibit 7The window closes in three working days and the contract says the market depth data you would argue from was never kept.
02

If Karoll decides the price you dealt at was wrong, clause 64 of the MetaTrader contract lets it cancel or correct that trade, even after it confirmed the trade to you.

Why this matters

A gain you have already been shown can be unwound. Karoll is the party that quoted the price and the party that judges whether its own quote was correct.

Exhibit 2CriticalHarder than usual

В следствие на установени такива грешки по сключени от КЛИЕНТА сделки на цени, различаващи се от пазарните към момента на подаване на поръчка за сключването им, ПОСРЕДНИКА е в правото си да отмени или коригира тези сделки без значене дали са били потвърдени преди това.
Clause 64 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.5
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
Trade executedKaroll confirms the trade to you through the platform.75
Within 3 working daysKaroll audits the trade and decides whether to treat it as void or final.46
Within 2 working days of that decisionKaroll tells you what it decided.46
  • Worse together with Exhibit 3The firm that sets the price, takes the other side of the trade and is the only execution venue is also the firm that rules on whether the price was right.
03

On Karoll Dealing your orders execute at CMC Markets Germany GmbH, supervised by BaFin. On Karoll MetaTrader, Karoll itself is your counterparty and the only place your order can go.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

Pick the MetaTrader platform and the company holding your money also profits when your trade loses. The fee page sets the two platforms side by side and shows you only the commission difference.

Exhibit 3WarningHarder than usual

CMC Markets Germany GmbH – дружество, лицензирано и упражняващо дейнсотта си под надозра на Федералния финансов надзорен орган (Federal Financial Supervisory Authority) „BaFin“, с регистрационен номер 154814, се явява място на изпълнение на всички нареждания за сделки с договори за разлики, подадени от клиенти чрез платформата Karoll Dealing.
Clause 4 in Договор за търговия през електронната платформа Карол Дилинг, p.1
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA and CySEC must take all sufficient steps to get the best possible result for a client and must monitor how well their execution arrangements work. Karoll states in the MetaTrader contract that no alternative venue exists and that it therefore cannot compare the result, and that your use of the platform counts as an instruction choosing Karoll as the venue.

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

  • Worse together with Exhibit 2Being the counterparty and the sole venue is what lets the same firm judge whether its own quoted price was an error.
04

Stop trading and your contract with Karoll ends on its own, with no notice at all in two of the three cases. Any cash left behind goes to a pooled account, and your claim to it dies after five years.

In plain words

Dormancy means an account left unused.

Why this matters

Karoll says you may collect that money at any time, but nothing restarts the five year clock and the termination that started it may have reached you silently.

Exhibit 4WarningStandard wording

Договори за сключване на сделки с финансови инструменти на „Българска Фондова Борса“ АД се прекратяват автоматично, без да е необходимо каквото и да било уведомление, отправено от ИП до клиента, в случай че Клиентът не е сключвал сделки с финансови инструменти, чрез посредничеството на ИП „Карол“ АД за непрекъснат период от 3 месеца
Clause 68(4)(2.1) in ОБЩИ УСЛОВИЯ ПРИЛОЖИМИ КЪМ ДОГОВОРИТЕ С КЛИЕНТИ НА ИНВЕСТИЦИОНЕН ПОСРЕДНИК „КАРОЛ” АД, p.30
Read from the broker's site on Archived copyOpen 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
3 months, no Bulgarian Stock Exchange tradesThe exchange trading contract ends automatically, with no notice, if you hold no cash and no instruments.68(4)(2.1)
12 months, no trades on Dealing or MetaTraderThe platform contract ends automatically, with no notice, if you hold no open position and no money.68(4)(1)
12 months, but you still hold assetsKaroll ends the exchange contract on one month's notice to your email or postal address.68(4)(2.2)
No bank account named in that monthKaroll moves your instruments to a personal depository account and your cash into an account it keeps for terminated clients.68(6)
5 years laterYour claim to that cash is extinguished by prescription.68(6)
  • Worse together with Exhibit 13A monthly fee eats an idle balance while the dormancy clock runs towards termination on the same inactivity.
  • Worse together with Exhibit 16Nothing leaves until Karoll has deducted its fees and any damage it says the termination caused it.
05

Karoll charges 0.25% a year on the cash sitting in your sub-account, taken in monthly slices by the 10th of the following month. Instruments are charged 0.05% a year.

Why this matters

Money you have not invested still shrinks. The charge is waived only in a month where your commissions come to more than twice the fee, and professional clients do not pay it at all.

Exhibit 5WarningHarder than usual0.25%

0.25% per annum of the size of the client’s cash kept in a sub-account with Karoll AD Investment Intermediary
Clause II in Karoll Brokerage Tariff, in force as of 01-09-2026 (English), p.3
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must tell a retail client the total costs and charges of a service before they invest, added up in cash and as a percentage. Karoll's general terms set out that duty too, and this charge appears only in the tariff, not on the fee tables a client reads first.

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

06

The tariff that took effect on 1 September 2026 moved the smallest commission you can pay from 3.00 leva to 2.50 euro. Karoll's own tariff puts that at 4.89 leva.

Why this matters

Small trades got more expensive while the changeover looked like a currency conversion. The discount you can earn against that minimum stayed where it was, at 0.49 leva.

Exhibit 6WarningHarder than usual$2.5New

Сделки с финансови и компенсаторни инструменти (без облигации и ДЦК) - 0.55% от стойността на сделката, не по-малко от 2.50 евро / 4.89 лв. на сделка.
Clause I.3 in Тарифа за такси и комисиони на ИП Карол АД при сделки с български финансови инструменти, p.1
Read from the broker's site on Open the reference

No commission on the fee page, a spread mark-up in the contract

Karoll's fee page shows no commission on forex, gold, silver, indices and commodities, while clause 35 of the MetaTrader contract says your costs include a mark-up in the spread plus swap interest. Karoll's English fee page states that it is written for foreign clients, yet the general terms and both CFD contracts those clients must accept are published in Bulgarian only. Article 10(2) of the general terms says information should be presented consistently in the same language across all materials.

Language and pricing2 clauses flagged

The fee page prints a dash and the word none against forex, gold, silver, indices and commodities. Clause 35 of the MetaTrader contract says your costs include a mark-up in the spread plus swap interest.

Why this matters

Nothing is itemised on your statement, so the cost arrives in the price you are quoted. You pay it on every trade without ever seeing a figure.

Exhibit 10WarningStandard wording

Разходите на КЛИЕНТА при търговия с финансови инструменти, чрез платформата включват освен разходите за покупка на съответния финансов инструмент и надбавка в спред (разлика купува-продава) и суап (лихва, дължима за поддръжката на отворена позиция, съгласно описаното в т. 36по-долу).
Clause 35 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.3
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must show a retail client all costs of a trade added up before they deal, including costs built into the price rather than charged separately. Karoll's fee table shows the commission column as none and puts the spread mark-up in the contract.

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

Karoll's English fee page says it is written for foreign clients. The general terms and both CFD contracts you have to accept are published only in Bulgarian.

Why this matters

You sign a declaration that you have read and accept documents you may not be able to read. Only the tariff has an English version.

Exhibit 19WarningHarder than usual

При сключване на договор инвестиционният посредник предоставя подписан от него екземпляр от общите условия на клиента, като клиентът удостоверява, че е запознат с тях и ги приема. Приетите общи условия са неразделна част от договора, сключен между инвестиционния посредник и клиента.
Clause 3(3) in ОБЩИ УСЛОВИЯ ПРИЛОЖИМИ КЪМ ДОГОВОРИТЕ С КЛИЕНТИ НА ИНВЕСТИЦИОНЕН ПОСРЕДНИК „КАРОЛ” АД, p.3
Read from the broker's site on Archived copyOpen the reference
Our own capture of karollbroker.bg, taken on Oct 6, 2026The claim, on English brokerage fees page, note under the commission tableVisit this page on the broker's siteDownload the full size image file

Karoll charges 0.25% a year on cash that is not invested at all

Section II of Karoll's tariff takes 0.25% a year from the cash in your sub-account, in monthly slices, plus 0.05% on instruments. Section III adds 1 euro a month for the account and 1 euro a month for each separate unlisted holding, whatever it is worth. Leaving costs 15 euro for every holding you move out, while bringing assets in is free. The tariff that took effect on 1 September 2026 raised the minimum commission from 3.00 leva to 4.89 leva by Karoll's own conversion, and margin borrowing runs at 12% a year.

Cost disclosure5 clauses flagged

Karoll charges 1 euro a month to keep your brokerage account, and another 1 euro a month for every separate issue of unlisted instruments it stores for you.

Why this matters

The storage fee is per issue and ignores how much the holding is worth, so a handful of small legacy shareholdings can cost more each year than they would fetch.

Exhibit 11WarningHarder than usual$1

Brokerage account maintenance fee - 1 EUR (VAT included) per month.
Clause III in Karoll Brokerage Tariff, in force as of 01-09-2026 (English), p.3
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 12Each unlisted issue costs 1 euro a month to keep and 15 euro to move out, so the per issue charge follows you to the exit.

Transfers into Karoll cost nothing. Moving a holding out to another broker or to your own depository account costs 15 euro for each separate issue, and 25 euro if a foreign custodian is involved.

Why this matters

A portfolio of ten holdings costs 150 euro to move away, and it arrived for free. The charge is per issue, so a spread out portfolio is the expensive one to rescue.

Exhibit 12WarningHarder than usual$15

From a client’s sub-account with Karoll AD Investment Intermediary to a client’s sub-account with another investment intermediary – 15 EUR, VAT included, for each transferred issue of financial instruments.
Clause VIII.3 in Karoll Brokerage Tariff, in force as of 01-09-2026 (English), p.4
Downloaded from the broker's site on Open the reference

Pay in leva and Karoll converts at its own rate. Its fee page buys euro at 1.9530 and sells euro at 1.9580, while its own tariff states the official rate as 1.95583.

Why this matters

A round trip through leva and back costs you 0.0050 per euro on money that never moved. The lev to euro rate is legally fixed, so nothing uncertain is being priced.

Exhibit 14WarningHarder than usual

В случаите, в които КЛИЕНТЪТ предоставя лева, ПОСРЕДНИКЪТ превалутира по свой курс в евро или долар средствата, предоставени от КЛИЕНТА.
Clause 31.2.1 in Договор за търговия през електронната платформа Карол Дилинг, p.5
Downloaded from the broker's site on Open the reference

Karoll charges 12% a year on money or instruments it lends you for margin buying and short selling through the Karoll Broker platform.

Why this matters

The rate is four to five times what a typical euro margin loan costs, and it sits in the tariff rather than beside the leverage the platform offers.

Exhibit 20WarningHarder than usual12%

Лихва, удържана от Карол върху предоставените заеми на клиенти под формата на пари или финансови инструменти – 12 % на годишна база
Clause VI.2 in ТАРИФА ЗА ТАКСИ И КОМИСИОНИ НА ИП “КАРОЛ” АД (обединена тарифа), p.4
Read from the broker's site on Open the reference

The tariff that took effect on 1 September 2026 added a 5 euro fee on international transfers, a 15 euro floor on off-exchange trades, 25 euro per holding moved through a foreign custodian, and 15 euro on crowdfunding orders.

Why this matters

The international transfer fee is new money for Karoll on top of the bank charges you already paid, and off-exchange dealing had no minimum at all before.

Exhibit 21NoticeStandard wordingNew

Outgoing international bank transfer – 5 EUR + all fees of the servicing bank and the correspondent banks (according to the banks' tariffs).
Clause V in Karoll Brokerage Tariff, in force as of 01-09-2026 (English), p.4
Downloaded from the broker's site on Open the reference

The contract sends you to the Sofia office, the website says phone or email

Clause 43 of Karoll's MetaTrader contract makes a withdrawal request something done in person at its office on a completed form, with other routes left to a carve-out. Karoll's own withdrawals page offers a phone call or an email instead. Clause 44 then requires up to three working days of notice above 50,000 currency units, and the thresholds differ between the two platforms. None of the notice periods appear on the withdrawals page.

Getting money out2 clauses flagged

Both trading contracts say a withdrawal request is made in person at Karoll's office on a completed form. The website says a phone call or an email will do.

Why this matters

The contract keeps the office as the default and leaves phone and email to a carve-out for other ways agreed between you and Karoll. Only the website promises you can stay at home.

Exhibit 8WarningHarder than usual

Заявката за теглене се извършва на място в офиса на ПОСРЕДНИКА чрез попълнена заявка за теглене или по друг начин, договорен между Страните или описан в Общите условия, приложими към договори с клиенти на ПОСРЕДНИКА
Clause 43 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.3
Read from the broker's site on Open the reference
  • Worse together with Exhibit 9Larger sums need notice as well as a request, and neither the notice nor the office requirement appears on the withdrawals page.

Take out more than 50,000 currency units and Karoll can require up to three working days of notice. The withdrawals page on the site mentions no notice period at all.

Why this matters

You cannot plan an exit from the published page alone, and the two platforms use different thresholds: 1,000 units on MetaTrader, 5,000 dollars on Karoll Dealing.

Exhibit 9WarningHarder than usual3 working days

б) При теглене на суми с равностойност над 50 000 /петдесет хиляди/ валутни единици тегленето се извършва с до 3 /три/ реботни дни предизвестие.
Clause 44 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.4
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
Under 1,000 currency unitsNo notice needed on MetaTrader.44
1,000 to 50,000 currency unitsOne working day of notice on MetaTrader.44(a)
Over 50,000 currency unitsUp to three working days of notice on MetaTrader.44(b)
Over 50,000 dollarsUp to three days of notice on Karoll Dealing.19.5

Stop trading and the contract ends itself, in two cases without telling you

Article 68(4) of Karoll's general terms ends an exchange contract automatically after 3 months of no trading and a platform contract after 12 months, with no notice required in either case. Cash left behind moves to an account Karoll keeps for terminated clients, and article 68(6) extinguishes your claim to it after five years. Article 68(11) lets Karoll deduct fees and any damage it says the termination caused before anything is released. Karoll can also raise your margin requirement when your positions leave it with too much risk of its own.

Dormancy and discretion3 clauses flagged

When the contract ends, Karoll takes its fees and any damage it says the termination caused it out of your cash. Nothing transfers until every claimed amount is settled.

Why this matters

Karoll sets the figure for its own loss, and your instruction to move the money waits behind it. The general terms give no test for what that damage may be.

Exhibit 16WarningHarder than usual

Инвестиционният посредник изисква от клиента, респективно /прихваща от съхраняваните за сметка на клиента парични средства всички такси, комисионни и разноски, натрупани и дължими от клиента към датата на прекратяване на договора, както и претърпените вреди от ИП в резултат на прекратяването, в случай че са налице такива.
Clause 68(11) in ОБЩИ УСЛОВИЯ ПРИЛОЖИМИ КЪМ ДОГОВОРИТЕ С КЛИЕНТИ НА ИНВЕСТИЦИОНЕН ПОСРЕДНИК „КАРОЛ” АД, p.31
Read from the broker's site on Archived copyOpen the reference

Karoll can change the margin you must hold whenever prices swing sharply, and also when your positions leave Karoll itself with too much risk, judged against its own available funds.

Why this matters

A margin rise can push you into a shortfall you did not create, and Karoll closes the loss making positions first. You find out by email at the end of that day.

Exhibit 17WarningHarder than usual

ПОСРЕДНИКЪТ има право да промени размера на Маржин изискването, едностранно и в случай, че заеманите от клиента позиции в ДЗР водят до неприемливо високо ниво на рисковата експозиция на посредника, като се отчитат разполагаемите средства на посредника към момента на вземане на решението за едностранна промяна на маржин изискването от ПОСРЕДНИКА.
Clause 18 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU)

Firms offering contracts for difference to retail clients in the EU must close positions once the account falls to half the required margin. Karoll sets that trigger at 50% for retail clients and 30% for professional clients.

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

If you are classified as a professional client and a forced close-out leaves your account below zero, you agree to pay Karoll the difference. Retail clients cannot owe more than their account holds.

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

Asking to be reclassified as professional to get more leverage removes the floor under your losses. Karoll can then pursue you for money that was never in the account.

Exhibit 18WarningStandard wording

При силно волатилен пазар, по отношение на професионалните клиенти, е възможно загубата реализирана от служебното затваряне на позициите да надхвърли размера на внесените средства по гаранционния депозит по чл. 15 и в такъв случай КЛИЕНТЪТ се съгласява да възстанови разликата на ПОСРЕДНИКА.
Clause 22 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU)

Negative balance protection is required across the EU for retail clients trading contracts for difference, and it does not extend to clients classified as professional. Karoll gives retail clients that protection in clause 23 and asks professional clients to repay the shortfall in clause 22.

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

Three working days decide whether you can ever argue about a trade

Clause 36.4 of the Karoll Dealing contract gives you three working days to object to a statement, after which the figures become final and not subject to protest. The MetaTrader contract says the same in clause 76. Clause 77 of that contract then states that the market depth data behind any execution argument is not stored anywhere and could not be proved. Clause 71 makes you pay any fine imposed on Karoll for properly carrying out your own order.

Exit from an argument2 clauses flagged

The MetaTrader contract states that information on market depth at the moment of your trade is not stored anywhere and could not be the subject of proof in a dispute with Karoll.

Why this matters

Whether your order filled fairly turns on how much was on offer at that instant. You sign a document saying that fact cannot be proved either way.

Exhibit 7WarningRarely seen

Информацията /в това число и историческата/ за моментната ликвидност не може да бъде запазена или намерена и не се съхранява никъде, като съответно не би могла да бъде предмет на доказване при евентуални спорове между страните;
Clause 77 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.7
Read from the broker's site on Open the reference
  • Worse together with Exhibit 1You have three working days to object and the contract has already said the data behind the objection does not exist.

If Karoll suffers losses or is fined because it properly carried out an order you placed, both trading contracts say you compensate it and pay those amounts.

Why this matters

There is no cap and no requirement that you did anything wrong. A penalty imposed on Karoll by a regulator can be passed to your balance.

Exhibit 15WarningRarely seen

Ако в резултат на надлежното изпълнение на нареждане, подадено от КЛИЕНТА, ПОСРЕДНИКЪТ е претърпял вреди и загуби и/или са му наложени санкции и/или глоби, то същите се обезщетяват и заплащат от КЛИЕНТА.
Clause 71 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.6
Read from the broker's site on Open the reference

A 2 lev monthly fee starts after a year without a trade

Karoll's international markets tariff charges 2 leva a month once a client has gone 12 months without a trade on Karoll Dealing or MetaTrader, collected in one payment by 31 January of the following year. The tariff makes the charge depend on article 68(4)(1.1) of the general terms, and no clause bearing that number appears in the general terms Karoll publishes. The nearest clause, article 68(4)(1), applies only where the client holds no money at all.

Idle accounts1 clause flagged

Go 12 months without a trade on Karoll Dealing or MetaTrader and a 2 lev monthly account fee applies, collected in one go by 31 January of the following year.

Why this matters

The tariff makes the fee depend on clause 68(4)(1.1) of the general terms, and no such clause is in the published general terms. You cannot check from Karoll's own documents when the charge is due.

Exhibit 13WarningStandard wording$2

Такса за поддръжка на сметка, в размер на 2 лева месечно, с включен ДДС, се събира от ИП за всяка календарна година, ежегодно до 31 януари на следващата календарна година, в случай, че по отношение на клиента са налице условията, посочени в чл. 68, ал. 4, т. 1.1 от Общите условия на „Карол“ АД.
Quoted in Такси и комисиони при търговия с договори за разлика (CFD) чрез платформата Карол Дилинг и Карол MetaTrader4, p.2
Downloaded 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
12 months, no trades, no open positionThe 2 lev monthly account maintenance fee starts to apply.Такси и комисиони при операции с парични средства
By 31 January followingKaroll collects the whole calendar year's fee at once.Такси и комисиони при операции с парични средства
  • Worse together with Exhibit 4The same 12 months of inactivity that starts the fee is the trigger that ends the contract.

All client assets protected means 90% of a claim, capped at 40,000 leva

Karoll Jsc is licensed by the Bulgarian Financial Supervision Commission under decision 189-ИП of 15 March 2006 and publishes the full MiFID policy set. Its asset protection page opens by saying all client assets are covered, while article 64 of the general terms caps compensation at 90% of a claim and 40,000 leva. The cap does appear lower on the same page. Karoll's fee page puts retail losses on its CFDs at 59.1%, while the platform guide it still publishes says 53.3%.

What protection covers2 clauses flagged

Karoll's asset protection page opens by saying all client assets are covered by the Investor Compensation Fund. The cap is 90% of your claim and no more than 40,000 leva.

Why this matters

Hold more than 40,000 leva with Karoll and the surplus has no compensation behind it if the firm cannot return your assets. The cap does appear lower down the same page.

Exhibit 24WarningStandard wording$40000

Компенсират се вземанията, възникнали поради невъзможност на инвестиционния посредник да върне клиентски активи (ценни книжа, пари и др.) и размерът на компенсацията е до 90% от стойността на вземането, но не повече от 40 000 лв. (четиридесет хиляди лева).
Clause 64 in ОБЩИ УСЛОВИЯ ПРИЛОЖИМИ КЪМ ДОГОВОРИТЕ С КЛИЕНТИ НА ИНВЕСТИЦИОНЕН ПОСРЕДНИК „КАРОЛ” АД, p.29
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA are covered by a compensation scheme that protects investments up to 85,000 pounds per person per firm. Karoll's clients are covered at 90% of the claim and no more than 40,000 leva, which is the Bulgarian statutory level.

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

Karoll's fee page warns that 59.1% of retail accounts lose money trading contracts for difference with it. The CFD platform guide it still publishes says 53.3%.

Why this matters

The guide is the document a new client is pointed to before opening an account, and it understates how often people lose by nearly six percentage points.

Exhibit 25NoticeStandard wording59.1%

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 53.3% of retail investor accounts lose money when trading CFDs with this provider.
Quoted in Ръководство за работа с Karoll Dealing (CFD Platform quick guide), p.16
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: ESMA (EU)

The retail loss percentage in a contract for difference risk warning has to be the firm's own figure and has to be kept current under the EU rules Karoll follows. The two numbers it publishes do not match.

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

One broker, two CFD platforms, two different counterparties

Clause 4 of the Karoll Dealing contract names CMC Markets Germany GmbH, supervised by BaFin, as the place of execution for every Dealing order. On Karoll MetaTrader, clause 6 makes Karoll itself a party to your trades and clause 77 says no alternative venue exists. Article 37(5) of the general terms treats your signature as consent to Karoll dealing with itself. Your cash may also sit with companies in Karoll's own group, capped at 20% of all such client money.

Who is on the other side2 clauses flagged

By signing the MetaTrader contract you consent to Karoll placing your cash with companies in its own group. The general terms cap that at 20% of all such client money.

Why this matters

Consent is bundled into the trading contract rather than asked separately, so a fifth of client money can sit inside the same group whose solvency you are relying on.

Exhibit 22NoticeHarder than usual

КЛИЕНТЪТ дава съгласието си ПОСРЕДНИКЪТ да депозира паричните му средства в лица, с които ПОСРЕДНИКЪТ се явява свързано лице.
Clause 30 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.3
Read from the broker's site on Open the reference

You agree that your money and instruments may sit in a common account with other Karoll clients' assets. The contract names the risk of your assets being used, or seized, in error for another client.

Why this matters

Karoll reconciles these accounts daily and keeps separate internal records, but your claim is to a share of a pool rather than to assets in your own name.

Exhibit 23NoticeStandard wording

съществуват допълнителни рискове и правата му биха могли да бъдат неблагоприятно засегнати, например чрез използване по грешка на активи на клиента за сметка на друг клиент и/или учредяване по грешка на запор и/или тежести върху активи на клиента, вместо върху активи на друг клиент.
Clause 34 in ДОГОВОР ЗА ТЪРГОВИЯ С ДОГОВОРИ ЗА РАЗЛИКА ЧРЕЗ ЕЛЕКТРОННАТА ПЛАТФОРМА КАРОЛ META TRADER, p.3
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

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

01

The website offers a phone call or an email; the contract makes a visit to the office the default and leaves the rest to a carve-out.

Said in public, in BG

Заявката за теглене по на банков път можете да осъществите по телефон (02/4008 242) или да ни пишете на forex@karoll.bg.

Word for word in English: You can make the withdrawal request by bank transfer by telephone (02/4008 242) or write to us at forex@karoll.bg.

Bulgarian deposits and withdrawals page, section on withdrawing funds

In the contract · clause 43

Заявката за теглене се извършва на място в офиса на ПОСРЕДНИКА чрез попълнена заявка за теглене или по друг начин, договорен между Страните или описан в Общите условия, приложими към договори с клиенти на ПОСРЕДНИКА

02

The complaints procedure sets no time limit on complaining, while the trading contract makes a trade record unchallengeable after three working days.

Said in public, in BG

Всеки клиент или потенциален клиент може да подаде жалба, чрез електронно съобщение или по пощата на следните адреси:

Word for word in English: Every client or potential client may submit a complaint, by electronic message or by post, to the following addresses:

Bulgarian complaints page, opening line of the complaints procedure, which sets no deadline

In the contract · clause 36.4

КЛИЕНТЪТ следва да провери съдържанието на всеки отчет и потвърждение, получени от него, като ако в рамките на три работни дни от получаването на същите, не направи възражения, данните в отчета и потвърждението стават окончателни и не подлежат на протест от негова страна впоследствие.

03

The fee table shows no commission on these instruments, while the contract says a mark-up is built into the spread you deal at.

Said in public, in BG

Карол Дилинг Forex / валутни двойки, злато и сребро, индекси, суровини, съкровищни бонове няма

Word for word in English: Karoll Dealing, forex and currency pairs, gold and silver, indices, commodities, treasury bills: no commission

Bulgarian forex and CFD fee page, commission table row for the Karoll Dealing platform

In the contract · clause 35

Разходите на КЛИЕНТА при търговия с финансови инструменти, чрез платформата включват освен разходите за покупка на съответния финансов инструмент и надбавка в спред (разлика купува-продава) и суап (лихва, дължима за поддръжката на отворена позиция, съгласно описаното в т. 36по-долу).

04

The page says all client assets are protected, while the general terms cap compensation at 90% of a claim and 40,000 leva.

Said in public, in BG

Всички клиентски активи са защитени от Фонд за компенсиране на инвеститорите в ценни книжа, действащ при условията и по реда на Закона за публичното предлагане на ценни книжа.

Word for word in English: All client assets are protected by the Investor Compensation Fund for securities, operating under the conditions and procedure of the Public Offering of Securities Act.

Bulgarian asset protection page, second paragraph

In the contract · clause 64

Компенсират се вземанията, възникнали поради невъзможност на инвестиционния посредник да върне клиентски активи (ценни книжа, пари и др.) и размерът на компенсацията е до 90% от стойността на вземането, но не повече от 40 000 лв. (четиридесет хиляди лева).

05

Karoll markets to foreign clients in English while publishing the general terms and both trading contracts it requires them to accept in Bulgarian only.

Said in public, in English

This information on this page is applicable to foreign clients of Karoll Brokerage company.

English brokerage fees page, note under the commission table

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

In the contract · clause 10(2)(е)

информацията се представя последователно на един и същ език във всички видове информационни и маркетингови материали, предоставяни на всеки клиент, освен ако клиентът е приел да получава информация на повече от един език

What changed quietly

First reading of Karoll Brokerage, so there is nothing yet to compare it against.

  • REWRITTENClause I.3 · in force 15.11.2023 to in force 01.09.2026

    The smallest commission on a platform trade rose from 3.00 leva to 4.89 leva, by Karoll's own conversion.

    Сделки с финансови и компенсаторни инструменти (без облигации и ДЦК) - 0.55% от стойността на сделката, не по-малко от 2.50 евро / 4.89 лв. на сделка.

  • REWRITTENClause I.2 · in force 15.11.2023 to in force 01.09.2026

    The minimum commission on a broker-placed exchange trade rose from 20 leva to 29.34 leva.

    Сделки с финансови и компенсаторни инструменти (без облигации и ДЦК) - 1% от стойността на сделката, не по-малко от 15 евро / 29.34 лв.

  • REWRITTENClause I.3 · in force 15.11.2023 to in force 01.09.2026

    The average trade size needed to earn the discount on minimum commissions doubled, from 450 leva to 899.68 leva, while the discount itself stayed flat.

    В случай че средният размер на сделка за последния календарен месец е над 460 евро / 899.68 лв., клиентът получава отстъпка в размер на 0.25 евро / 0.49 лв. от заплатените минимални комисиони по сделки

  • REWRITTENClause III · in force 15.11.2023 to in force 01.09.2026

    The monthly account fee rose from 1.20 leva to 1.96 leva.

    Месечна такса поддръжка на брокерска сметка - 1 евро / 1.96 лв. месечно, с включен ДДС.

  • REWRITTENClause VIII.3 · in force 15.11.2023 to in force 01.09.2026

    The cost of moving each holding to another broker rose from 20 leva to 29.34 leva.

    От клиентска подсметка в „Централен Депозитар“ АД при ИП Карол АД към клиентска подсметка в „Централен Депозитар“ АД при друг инвестиционен посредник - 15 евро / 29.34 лв. с включен ДДС за всяка трансферирана емисия финансови инструменти.

  • REWRITTENClause II · in force 15.11.2023 to in force 01.09.2026

    The charge stayed at 0.25% a year while its link to the Investor Compensation Fund was dropped from the heading and from the waiver test.

    II. Попечителство и съхранение на финансови инструменти и парични средства

  • ADDEDClause V · in force 15.11.2023 to in force 01.09.2026

    Karoll now takes 5 euro of its own on an international transfer, on top of the bank charges the old tariff passed straight through.

    Изходящ международен превод – 5 евро / 9.78 лв. + таксите на обслужващата банка и на банките кореспонденти (според тарифата на банките).

  • ADDEDClause VII · in force 15.11.2023 to in force 01.09.2026

    Off-exchange dealing was negotiable with no floor; it now carries a 15 euro minimum.

    VII. Операции с финансови инструменти извън регулиран пазар - по договаряне, но не по-малко от 15 евро / 29.34 лв.

  • ADDEDClause VIII.4 · in force 15.11.2023 to in force 01.09.2026

    A new 25 euro per holding charge applies where a transfer out runs through a foreign custodian.

    От клиентска подсметка в „Централен Депозитар“ АД при ИП Карол АД към клиентска подсметка при друг инвестиционен посредник с участие на попечител през ClearStream Luxembourg (или друга депозитарна институция) – 25 евро / 48.90 лв. с включен ДДС за всяка трансферирана емисия финансови инструменти.

  • ADDEDClause VI · in force 15.11.2023 to in force 01.09.2026

    Crowdfunding platform orders are charged for the first time, at 15 euro plus the platform's own fees.

    VI. Подаване на поръчки и сключване на сделки посредством платформа за колективно финансиране (краудфъндинг платформа) – 15 евро / 29.34 лв. + таксите на съответната платформа за колективно инвестиране.

  • ADDEDClause · 2020-09-20 to current

    The platform guide gained a retail loss warning that the 2020 copy did not carry, and the figure in it no longer matches Karoll's fee page.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 53.3% of retail investor accounts lose money when trading CFDs with this provider.

The documents this reading is based on

21 files, all published by Karoll Brokerage. 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 Karoll Brokerage publishes.

How this reading was done

Every clause above was read out of a document Karoll Brokerage publishes itself

This reading was published on .

Documents
5 of 21downloaded from the broker's site, and 5 read in full
Pages opened
81pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
BG vs ENthe language it advertises in, against the language it contracts in

Who the contract is with

Karoll Jsc

You contract with one company: „Карол" АД, which its own general terms render in English as Karoll Jsc, registered in Sofia under company number 831445091 and licensed by the Bulgarian Financial Supervision Commission under decision 189-ИП of 15 March 2006. The counterparty to your CFD trades then depends on which platform you pick. On Karoll MetaTrader, Karoll itself takes the other side of your trade and is the only place of execution. On Karoll Dealing, the contract names CMC Markets Germany GmbH, supervised by BaFin under registration 154814, as the place of execution. The fee page sets the two platforms side by side and shows only the commission difference. Investor compensation runs through the Bulgarian Investor Compensation Fund, at 90% of a claim and no more than 40,000 leva.

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

Karoll publishes the full MiFID policy set, free to download: general terms, order execution policy, conflicts policy, client categorisation rules and risk management rules. Changes to the terms and the tariff go up one month before they take effect. You can leave penalty free before that date. Retail clients get negative balance protection, so a losing trade cannot take the account below zero. The complaints procedure is free, names the compliance officer and promises an answer in 14 working days. It also prints the address of the state conciliation commission. Client money is segregated by an explicit clause, and Karoll states plainly that its own creditors cannot reach it.

We read the general terms, the Karoll MetaTrader contract and three tariffs in full. We read the Karoll Dealing contract in part, covering withdrawals, pricing, liability and complaints. We did not open the order execution policy, the conflicts of interest policy or the client categorisation rules. We also did not open the record keeping rules, the risk management rules or the data protection policy. Six links in the site's own legal navigation lead nowhere, and the documents themselves sit at karollbroker.bg/bg/dokumenti. Every quotation here comes from a document or a page we opened on Karoll's own site. All of the binding documents are written in Bulgarian, and the English renderings beside them are ours.

How to check any of this yourself

Every quote above links to the Karoll Brokerage 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 Karoll Brokerage 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 Karoll Brokerage 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 6, 2026.

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

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