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Contract reading

What KVB legally published, but does not want you to read

Every clause below is published by KVB 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: KVB Prime Limited

sole discretionclient moneymarketing gapunwritten termscomplaint windowdeemed acceptanceforum waiverhidden feejoint liabilitykyc freeze

KVB promises negative balance protection on every account page, and no clause in its contract grants it. Its Regulations page calls client money ring-fenced, while the client agreement pays it into KVB's own pooled accounts. No document KVB publishes sets a deadline for paying your withdrawal. You contract with a Comoros company under Comoros law, whatever licence the site shows.

Back to KVB

Contract risk

Money at risk
8.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
17
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
13
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 17 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning11
Notice0

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

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.

Critical1 working daysTime to complain. Jump to the clause this comes from.One business day before a trade becomes unchallengeable$7Fee you were not shown. Jump to the clause this comes from.A $7 commission and a fallback fee the site never shows180 daysFee on an unused account. Jump to the clause this comes from.Dormant after 180 days with the fee amount left blank$2000Bonus requirement. Jump to the clause this comes from.Four promotions run with no published terms

What the documents say

17 clauses worth knowing about, worst first, each quoted from KVB's own files

01

KVB's own page tells you your losses cannot go past the money in your account. Nothing in the client agreement or the terms gives you that protection. Both documents say the opposite.

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 weekend gap can leave your account below zero, and KVB can then ask you to pay the difference. The contract puts no ceiling on what you can owe it.

Exhibit 1CriticalHarder than usual

You acknowledge and agree that your financial liability to us may exceed the level of any credit or other limit placed on your account.
Clause 33 in Client Agreement, p.19
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA, CySEC and other ESMA regimes must give a retail CFD client negative balance protection, so a loss cannot pass the money in the account. This contract says your liability to KVB can exceed any limit placed on your account.

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

  • Same clause as Exhibit 7Both rest on KVB's marketing describing an account its own two agreements do not describe.
02

KVB can cancel every trade on your account if it decides you took advantage of delays in its platform. It then gives back only what you deposited, minus anything you had already withdrawn. Your account is closed after that.

Why this matters

Every profit you made is erased, and money you took out earlier is subtracted from what comes back. KVB decides this on its own judgment, and the contract names no appeal.

Exhibit 2CriticalRarely seen

Where we believe, in our reasonable judgment, that latency in the trading platform is being unfairly exploited by you, we may at our absolute discretion void all trades and return to you only funds deposited net of any earlier withdrawals - and then close your account.
Clause 21.3 in Client Agreement, p.13
Read from the broker's site on Archived copyOpen the reference

Our readingMost profit-voiding clauses return the client's deposit. This one subtracts money you already withdrew, so a client who took profit out earlier can end up with less than they paid in.

  • Worse together with Exhibit 3Clause 21.4 lets KVB decide alone what counts as unfair trading, and clause 21.3 is the power it then uses on your balance.
03

KVB's Regulations page says your money sits in separate ring-fenced accounts and cannot be used for anything else. The client agreement says it goes into KVB's own bank accounts, pooled with other clients. If that pool falls short, you get a share of it rather than your balance.

Why this matters

A shortfall in the pool is divided between clients, so you can get back less than your statement shows. KVB can also move your money to another company in its group.

Exhibit 6CriticalHarder than usual

In relation to Client Money unless you notify us in writing or otherwise we will promptly pay any Client Money received to our bank accounts.
Clause 31.2 in Client Agreement, p.18
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ASIC (Australia)

Firms licensed by the FCA, CySEC and ASIC must hold retail client money in accounts kept separate from the firm's own money, and must reconcile those accounts regularly. This contract pays client money into KVB's own bank accounts.

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

  • Worse together with Exhibit 12Money held in KVB's own pooled account is also money it may set off against a debt you owe any company in its group.
04

KVB publishes no payment terms and no withdrawal procedure. The client agreement lets it hold money owed to you until it has every document it asks for. Its anti-money-laundering policy lets it freeze the account until a concern is resolved.

Why this matters

Nothing you signed obliges KVB to pay you by any date. The holds carry no outer limit, and the policy says nothing about the check is disclosed to you while it runs.

Exhibit 5CriticalHarder than usual

You agree that we may withhold any monies due to you until we have received all requested CDD documentation.
Clause 2.3 in Client Agreement, p.2
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must return a retail client's money promptly on request and must publish the charges and timings that apply. KVB publishes no withdrawal timetable at all.

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

  • Only applies after Exhibit 16The hold on your money bites once KVB opens a verification review, and nothing limits when it may open one.
05

You get one business day to object to a trade confirmation. After that the client agreement treats KVB's record as conclusive. KVB's separate terms document sets the same clock at 48 hours, so the two disagree.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Miss the day and you cannot argue the price or the size of that trade again. Raising a dispute also lets KVB cancel or reverse the position instead of correcting it.

Exhibit 4CriticalHarder than usual1 working days

The content of our confirmations will, in the absence of a clear error, be deemed conclusive and binding on you unless you object in writing to us as soon as possible, and at latest within one Business Day of dispatch.
Clause 17.1 in Client Agreement, p.11
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must let a retail client bring a complaint months after the event, and must answer it in writing within a set period. This contract closes the point after one business day.

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

  • Worse together with Exhibit 2The one day runs out while KVB still holds an open power to void the same trades and return only your deposits.
06

KVB can treat your trading as suspicious on its own view, and the contract says it does not have to tell you. Holding a buy and a sell on the same market at similar times is on its list. So is anything else it considers suspicious.

Why this matters

Hedging two positions is ordinary practice, and here it is written down as a ground for action against you. The catch-all at the end means no list of safe trading exists.

Exhibit 3CriticalHarder than usual

Suspicious Trading Activity means any belief or decision of KVB, in its sole discretion, regardless of whether it has been communicated to the Client or not, that the Client has, either acting alone or with other persons, used the Online Service in a way which affects the integrity or effective functioning of the Online Services
Clause 21.4 in Client Agreement, p.13
Read from the broker's site on Archived copyOpen the reference

Every KVB account page promises protection no clause delivers

Four KVB account types list negative balance protection as a feature, in 12 languages, and no clause in either agreement grants it. Clause 33 of the client agreement says your liability to KVB can pass any limit on your account. The same page set calls client money ring-fenced while clause 31.2 pays it into KVB's own bank accounts.

Promise and paper1 clause flagged

KVB runs its site in 12 languages, and its Arabic page tells you to review and accept the legal documents before opening an account. Every one of those links opens the same English PDF. The terms say the English version prevails over any translation.

Why this matters

You are asked to accept a contract in a language the rest of the page is not written in. No translated version exists for you to compare it against.

Exhibit 17WarningHarder than usual12

The English version of this Agreement will take precedence over any other translated version.
Clause 3 in Terms & Conditions, p.5
Read from the broker's site on Open the reference
Our own capture of kvbplus.com, taken on Sep 4, 2026The claim, on Arabic legal documents page, where all twelve links open the English filesVisit this page on the broker's siteDownload the full size image file

A $7 commission, and 0.01% a trade when KVB publishes no rate

Clause 25.5 lets KVB charge a $7 commission without saying per what. Clause 8.4 charges 0.01% of the value of every trade you open and close if KVB never notifies you of a rate. KVB's account comparison page lists spreads and shows no commission at all.

Cost disclosure1 clause flagged

KVB can charge you a $7 commission under the client agreement, with no line saying per trade, per lot or per month. If it never tells you a rate, the contract charges 0.01% of the value of every trade you open and close.

Why this matters

The account comparison page lists spreads and shows no commission at all. That silence is what triggers the 0.01% fallback, on both ends of every trade.

Exhibit 8WarningHarder than usual$7

You acknowledge and agree that we may charge a USD 7 commission.
Clause 25.5 in Client Agreement, p.15
Read from the broker's site on Archived copyOpen the reference

What it costsA $100,000 position costs $10 to open and $10 to close under the 0.01% fallback. That is $20 a round trip, on top of the spread.

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

Firms licensed by the FCA and CySEC must tell a retail client the costs and charges of a trade before they place it. This contract sets a default rate that applies precisely because no rate has been published.

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

KVB advertises a $2,000 bonus with no terms in any document

KVB advertises a switch bonus of up to $2,000, a prize draw and a loyalty scheme redeemable for cars and property. The word bonus appears in none of its eight readable legal documents. All four promotion pages are blank, and the swap-free offer names eligibility criteria KVB publishes nowhere.

Unwritten offers1 clause flagged

KVB advertises a switch bonus of up to $2,000, a prize draw and a loyalty scheme redeemable for cars and property. The word bonus appears in none of its eight readable legal documents. All four promotion pages are blank.

Why this matters

No document tells you what you must trade before a bonus is yours, or whether taking one locks up your deposit. The swap-free offer names eligibility criteria that KVB publishes nowhere.

Exhibit 10WarningHarder than usual$2000

A Daily Financing Fee debit/credit will be made to your account if you hold a Transaction open from one trading session to the next.
Clause 32 in Client Agreement, p.19
Read from the broker's site on Archived copyOpen the reference

KVB can reach your balance for another company's debt

Clause 16.1 lets KVB take what you owe it or any company in its group out of your balance, at any time and without notice. Clause 31.5 lets it move your client money to another company in the group. Its terms also require an open position to stay open for a minimum period KVB sets and never states.

Unilateral powers2 clauses flagged

KVB can take what you owe it, or any company in its group, out of what it owes you, at any time and without telling you. It can also move your client money to another company in the group.

Why this matters

A balance you never disputed can be cut to settle a claim from a company you never dealt with. You find out afterwards, because the clause requires no notice.

Exhibit 12WarningRarely 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 Group Company
Clause 16.1 in Client Agreement, p.10
Read from the broker's site on Archived copyOpen the reference

Our readingSet-off between two parties is ordinary. Extending it across a group of companies means a claim by an entity you never contracted with can reach your trading balance.

The terms say an open position must stay open for a minimum period that KVB decides, and that you cannot close it during that time. No length is given anywhere in the document.

Why this matters

You may be unable to take a profit or cut a loss while that clock runs. The contract does not tell you how long the clock is.

Exhibit 13WarningRarely seen

An Open Position must remain open for a minimum period as determined by us and cannot be Closed Out by you during this period.
Clause 3 in Terms & Conditions, p.5
Read from the broker's site on Open the reference

Our readingA retail trading agreement normally lets a client close a position whenever the market is open. A lock-in whose length the firm sets, and never states, removes the main way you control a losing trade.

One business day and a KVB trade confirmation becomes conclusive

Clause 17.1 gives you one business day to object to a confirmation before KVB's record is treated as conclusive, and its terms document sets the same clock at 48 hours. Complaints go to KVB's own compliance team, with no ombudsman or compensation scheme named anywhere. On refunds, KVB's decision is final and binding.

Complaint window1 clause flagged

A complaint goes to KVB's own client services or compliance team. No independent scheme, ombudsman or compensation fund is named in any document. On refunds, KVB's decision is final and binding, and you have 7 days to ask.

Why this matters

If KVB turns your complaint down, the only route the contract leaves is a court in the Comoros. The escalation the refund policy offers sends you back to the same support team.

Exhibit 11WarningHarder than usual7 days

If you have a complaint about our Services, you should direct that complaint to our client services department or to our Compliance Department, who will investigate the nature of the complaint to try to resolve it.
Clause 35 in Client Agreement, p.20
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client access to an independent complaints service, and both regimes back it with a compensation scheme if the firm fails. Neither is named in any KVB document.

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

Comoros courts only, under terms that omit their own law

Clause 48 puts your KVB contract under the law of the Autonomous Island of Anjouan and gives its courts exclusive jurisdiction. KVB's separate terms document says a Governing Legislation overrides the agreement, then never identifies it. That document stops part way through, at clause 6, with no schedules and no definitions.

Where you sue1 clause flagged

Your contract runs under the law of the Autonomous Island of Anjouan, in the Comoros, and its courts alone can hear a claim. KVB's separate terms document says a Governing Legislation overrides the agreement, then never says which law that is.

Why this matters

Suing KVB means going to a court in the Comoros, wherever you live. The terms document also stops part way through, at clause 6, with no schedules and no definitions.

Exhibit 14WarningStandard wording

These Terms and any non-contractual disputes or claims arising under them and all transactions under or pursuant to them are governed by and shall be construed in accordance with the laws of Autonomous Island of Anjouan, and the courts of Autonomous Island of Anjouan have exclusive jurisdiction.
Clause 48 in Client Agreement, p.24
Read from the broker's site on Archived copyOpen the reference
  • Worse together with Exhibit 11KVB's internal decision is the last word in the contract, and the only appeal named is a court most clients cannot reach.

KVB can ask for anything and hold your money until it arrives

Clause 2.3 lets KVB withhold any money due to you until it has received all requested due diligence documents. Its KYC policy sets no deadline and no closed list of what can be demanded. Its AML policy adds a freeze on suspicion and says no information about the investigation will be disclosed.

Verification holds1 clause flagged

KVB can keep any money due to you until it has received every due diligence document it asks for. Its KYC policy sets no deadline and no closed list of what can be demanded. Its AML policy adds a freeze on suspicion.

Why this matters

A check can begin when you ask to withdraw rather than when you open the account. While it runs, the AML policy says nothing about the investigation is disclosed to you.

Exhibit 16WarningHarder than usual

Failure to meet KYC requirements will result in the suspension or termination of the business relationship. If there are any discrepancies or issues during the verification process, services may be withheld until the matter is resolved.
Quoted in Know Your Customer (KYC) Policy, p.2
Read from the broker's site on Open the reference

KVB's Regulations page denies what both its agreements state

KVB's terms say it acts as principal in transactions with you, which makes it the other side of your trade. Its Regulations page says it acts only as a mediator and strictly does not trade against clients. The conflicts policy that clause 34.2 describes is not among the documents KVB publishes.

Who you trade against1 clause flagged

KVB's Regulations page says it acts only as a middleman and never trades against clients. Both of its agreements say it deals with you as principal, which makes it your counterparty. The same contract also promises straight-through processing and no speculative positions.

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

When KVB is your counterparty, your loss can be its gain on the same trade. The contract, not the marketing page, is the document you sign.

Exhibit 7WarningStandard wording

We will act as principals in Transactions with you and not as agents on your behalf.
Clause 2 in Terms & Conditions, p.2
Read from the broker's site on Open the reference

KVB makes your account dormant at 180 days, fee amount blank

Clause 26.1 deems your KVB account inactive after 180 calendar days without a trade, a deposit or an open position. Clause 26.3 then allows a monthly fee and never states the amount. Clause 31.7 lets KVB stop treating your balance as client money after six years without movement.

In plain words

Dormancy means an account left unused.

Dormancy chain1 clause flagged

Your account is dormant after 180 calendar days without a trade, a deposit or an open position. A monthly fee can then start. The contract never says how much it is.

Why this matters

You cannot work out what going quiet costs you, because no amount is written down. After six years without movement, KVB can stop treating your balance as client money.

Exhibit 9WarningHarder than usual180 days

Where no activity has occurred on your account for 180 calendar days or more ("qualifying charging period"), your account will be deemed inactive.
Clause 26.1 in Client Agreement, p.16
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
180 calendar daysKVB deems your account inactive.26.1
After thatA monthly inactivity fee may start, in your account currency, with the amount not stated.26.3
Six years without movementKVB may stop treating your remaining balance as client money.31.7.2

The licence on KVB's site belongs to a different company

KVB's Regulations page leads with an FSC Mauritius licence held by KVB Plus (MU) Ltd, and the footer gives a Mauritius address. Every contract document KVB publishes names KVB Prime Limited, incorporated in the Comoros under company number 15626. The four licence and incorporation files on the same page are picture scans with no readable text.

Who you contract with1 clause flagged

KVB's Regulations page leads with an FSC Mauritius licence held by KVB Plus (MU) Ltd, and the footer gives a Mauritius address. Every contract document KVB publishes names KVB Prime Limited in the Comoros. That is the company you contract with.

Why this matters

The Mauritius licence sits with a different company from the one in your agreement, so its protections do not follow you. The four licence files on the same page are picture scans nobody can read.

Exhibit 15WarningHarder than usual

This Client Agreement provides for the terms and conditions (Terms) that will govern the services that KVB Prime Limited (“we, our or us”), which is a registered trading name, will provide to you.
Clause 1.1 in Client Agreement, p.1
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 page says your losses stop at your balance, and clause 33 says your liability to KVB can pass any limit on the account.

Said in public, in English

Negative Balance Protection means that your trading losses cannot exceed the funds on your account and protects retail clients' accounts.

Negative Balance Protection marketing page, English

In the contract · clause 33

You acknowledge and agree that your financial liability to us may exceed the level of any credit or other limit placed on your account.

02

KVB tells Arabic readers they can never owe it money, while the English terms they must accept say losses can exceed everything they paid in.

Said in public, in Arabic

لذلك، حتى إذا خسرت جميع أموالك في حسابك، فلن تكون مدينًا لنا بأموال.

Word for word in English: Therefore, even if you lose all your money in your account, you will not owe us money.

Arabic Negative Balance Protection page

In the contract · clause 3

Dealing in Contracts for Difference is highly speculative, and you may incur losses exceeding your Initial Margin, Variation Margin, and other payments made to us.

03

The page promises separate ring-fenced accounts, and the contract pays your money into KVB's own accounts, pooled with other clients.

Said in public, in English

All client funds deposited with KVB are fully segregated from the company's own funds and are kept in separate ring-fenced client money bank accounts with top-tier banking institutions.

Regulations page, Segregation of Client Funds section

In the contract · clause 31.2

In relation to Client Money unless you notify us in writing or otherwise we will promptly pay any Client Money received to our bank accounts.

04

Two hours is promised on the website, while the only clause on the subject lets KVB hold your money with no end date.

Said in public, in English

Withdrawals are typically processed within 2 hours.

Deposit and Withdrawal page, Withdrawing Funds FAQ

In the contract · clause 2.3

You agree that we may withhold any monies due to you until we have received all requested CDD documentation.

05

KVB says it never trades against clients, and its terms make it the principal on the other side of every trade.

Said in public, in English

We act only as a mediator and strictly do not trade against our clients.

Regulations page, True STP & NDD Practice section

In the contract · clause 2

We will act as principals in Transactions with you and not as agents on your behalf.

06

An overnight fee waiver is advertised against criteria KVB publishes nowhere, while clause 32 charges the fee on every position held overnight.

Said in public, in English

Enjoy lower trading costs with KVB's Swap-Free Program — trade without overnight swap fees when you meet the eligibility criteria.

Swap-free Program page description in the served HTML; the page itself carries no text

In the contract · clause 32

A Daily Financing Fee debit/credit will be made to your account if you hold a Transaction open from one trading session to the next.

07

Arabic readers are told to understand and accept documents that exist only in English, and the terms give that English text priority.

Said in public, in Arabic

ابحث عن جميع المعلومات القانونية اللازمة التي يجب مراجعتها وفهمها وقبولها قبل فتح حساب.

Word for word in English: Find all the necessary legal information that must be reviewed, understood and accepted before opening an account.

Arabic legal documents page, where all twelve links open the English files

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

In the contract · clause 3

The English version of this Agreement will take precedence over any other translated version.

What changed quietly

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

  • ADDEDClause

    KVB's document shelf grew from five files to twelve, adding the KYC, AML and refund policies and four licence scans.

    KYC Policy AML Policy Refund Policy Approval Letter Global Business Licence Investment Dealer Licence Certificate of Incorporation

  • REWRITTENClause

    One named company used to provide everything on the site; now which company you deal with varies and you have to find it in your own paperwork.

    Clients contract only with the specific KVB entity identified in their account opening documents, client agreement and applicable terms. Products, services, contracting entities and regulatory protections vary by jurisdiction.

  • ADDEDClause

    A Mauritius licensed company was added to the page, although the published contract is still with the Comoros company.

    KVB Plus (MU) Ltd is authorized and regulated by the Financial Services Commission of Mauritius (“FSC Mauritius”) and holds a Global Business License and an Investment Dealer (Full Service Dealer, excluding Underwriting) Licence under Licence No. GB26206294.

  • REWRITTENClause

    The customer service address moved from the Comoros to Mauritius, while the contract's registered address and courts stayed in the Comoros.

    2nd Floor, Suite 201, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, Mauritius

The documents this reading is based on

13 files, all published by KVB. 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 KVB publishes.

How this reading was done

Every clause above was read out of a document KVB publishes itself

This reading was published on .

Documents
9 of 13downloaded from the broker's site, and 9 read in full
Pages opened
80pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
AR vs ENthe language it advertises in, against the language it contracts in

Who the contract is with

KVB Prime Limited

KVB Prime Limited is the company named in the client agreement, the terms, the cookie policy and the risk disclosure. The client agreement places it in Mutsamudu, Autonomous Island of Anjouan, Union of Comoros. Clause 48 gives the Comoros courts exclusive jurisdiction. It is not KVB Plus (MU) Ltd, the separate company holding the FSC Mauritius licence the Regulations page leads with. It is also not KVB Group LTD, which the footer says provides no regulated services itself.

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

KVB puts twelve legal documents on one page and links them from every language version of its site. Clause 31.4 of the client agreement makes a promise most offshore brokers leave out: KVB hedges with its own money, does not pass client money to hedging counterparties, does not use it as working capital, and does not take speculative positions. Clause 26.3 promises advance notice before any inactivity fee starts. The client agreement is numbered clause by clause, which is more than the terms document manages.

Four of the twelve files on KVB's document shelf are picture scans with no text. They are the approval letter, the two Mauritius licences and the certificate of incorporation. We could not read any of them. We read the other eight in full, and every quotation comes from those files or from pages we opened ourselves. The only earlier copy available is the legal documents page as it stood on 15 July 2024, so we cannot say which clauses of the client agreement are new. KVB's four promotion pages carry no text at all, so the offers quoted come from the page titles served with them.

How to check any of this yourself

Every quote above links to the KVB 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 KVB 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 KVB 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 Sep 4, 2026.

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

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