Wikilix
Contract reading

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

Every clause below is published by MERCADOS 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: SmartServe Ltd

hidden feewithdrawalsbonus lockforum waiverprofit voidingsole discretioncomplaint windowcounterpartydeemed acceptancejoint liability

SmartServe Ltd trades as MercadosInvest and sells to Mexico in Spanish. Its Spanish fees page promises deposits and withdrawals with no extra charges. The English contract lets it charge deposit and withdrawal fees, rewrite its fee list without notice, and refuse a withdrawal at its own discretion. Take a trading credit and any withdrawal wipes out the credit and the profit it earned.

Back to MERCADOS

Contract risk

Money at risk
8.4/10

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.
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.
10
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

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.

Critical6
Warning12
Notice2

section 323 of 369is where the deepest clause sits, 88% of the way into the document it is in

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

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

Critical5 working daysWithdrawal limit. Jump to the clause this comes from.SmartServe can refuse or delay any withdrawal at its discretionCritical50000Bonus requirement. Jump to the clause this comes from.Trading credit needs 50,000 times its value in volumeCritical2 working daysTime to complain. Jump to the clause this comes from.Two business days to object or the trade stands1%Fee you were not shown. Jump to the clause this comes from.Late payments to SmartServe carry 1% a month

What the documents say

20 clauses worth knowing about, worst first, each quoted from MERCADOS's own files

01

SmartServe can refuse or delay your withdrawal, in whole or in part, under clause 11.3.2. One listed ground is making what it alone judges an unusually high number of requests in a day. No clause sets a deadline for paying you.

Why this matters

You have no date by which your money must arrive. Asking again is itself a listed reason to hold the payment. The clause also lets SmartServe keep back money it thinks may fall due within the next five working days.

Exhibit 1CriticalHarder than usual5 working days

We may, in our sole and reasonable discretion, refuse or delay the execution of your request to withdraw money from your Account (in whole or in part), including as a result of any request to close that Account, if applicable.
Clause 11.3.2 in Terms and Conditions, p.17
Read from the broker's site on Open the reference

Where it sits: section 106 of 369 in the Terms and Conditions, 29% of the way through.

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

Firms licensed by the FCA and CySEC must pay a retail client's money out promptly on request and give a reason for any refusal. This contract sets no payment deadline and lists frequent requests as a ground to refuse.

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

  • Worse together with Exhibit 9One clause lets SmartServe hold the payment, the other decides where it is allowed to go.
02

The MercadosInvest fees page tells you that deposits and withdrawals carry no additional charges. Clause 5.3 says SmartServe may charge bank deposit and withdrawal fees. Clause 11.3.7 adds that fees may apply to a withdrawal.

Why this matters

The page you read before depositing and the contract you agreed to say opposite things about the same money. To learn what a withdrawal costs you must email compliance, because no fee list is published anywhere.

Exhibit 2CriticalHarder than usual

The Company may charge incidental banking-related fees, such as bank deposit/withdrawal fees and returned check fees.
Clause 5.3 in Terms and Conditions, p.10
Read from the broker's site on Open the reference

Where it sits: section 58 of 369 in the Terms and Conditions, near the start.

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

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before that client trades. This contract publishes no fee schedule and points you to an email address instead.

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

  • Worse together with Exhibit 6One clause allows the fees the page denies, the other lets SmartServe add new ones without telling you.
03

Once you hold a trading credit, making any withdrawal lets SmartServe remove the credit and the profit earned with it. The credit terms say this happens immediately and without prior notice. Once removed, it is never reinstated.

Why this matters

Withdrawing part of your balance can cost you the rest of it. You get no warning before the deduction, and the terms say it cannot be reversed under any circumstances.

Exhibit 3CriticalRarely seen

In the event of any withdrawal of funds from the account, the company reserves the right to remove, either partially or in full, any credits and/or bonuses given by the Company to the related accounts, as well as any profits generated with the related credits and/or bonuses
Clause Withdrawal Policy 3.i in Terms and Conditions, Trading Credit Plan, p.7
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), ASIC (Australia), ESMA (EU)

The FCA, ASIC and ESMA restrict or ban trading bonuses for retail CFD clients, because the attached conditions tend to keep the client trading. This contract ties the loss of the credit and the profit to the moment you ask for your money.

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

Our readingMost bonus terms claw back the unearned credit. This one also takes the profit your own trading produced, triggered by the ordinary act of withdrawing your own money, with no notice step in between.

  • Worse together with Exhibit 5The turnover target keeps the credit on your account, and holding the credit is what puts your profit at risk when you withdraw.
04

If SmartServe decides your trading abused its platform, clause 17.2.9 lets it hand back what you put in and keep the profit. Clause 17.2.5 lets it cancel trades it labels latency arbitrage. SmartServe decides what counts, and its ruling is final.

Why this matters

Winning trades can be reversed after they settle, and the money you gained can be taken off your balance. The contract never defines abuse or arbitrage, so you cannot check whether your strategy crosses the line.

Exhibit 4CriticalHarder than usual

You agree that we may, in our sole discretion, consider such trading to be an abuse or manipulation of our Trading Platform and that we may, in our sole discretion, return your investments without profit or terminate your right to trade on our Trading Platform.
Clause 17.2.9 in Terms and Conditions, p.28
Read from the broker's site on Open the reference

Where it sits: section 196 of 369 in the Terms and Conditions, 53% of the way through.

  • Worse together with Exhibit 10SmartServe can reverse a trade long after the two day window you had to object to it has closed.
05

Before you can withdraw profit made with a special credit, you must trade 50,000 times the credit amount. A recovery credit sets the bar at 100,000 times. Miss the deadline and SmartServe can take the profit.

Why this matters

A $100 credit locks your profit behind $5,000,000 of trading volume. Reaching a target that size means paying the spread thousands of times over, and that cost is yours whether you get there or not.

Exhibit 5CriticalRarely seen50000

The client must engage in trading activities equivalent to 1:50,000, e.g., the total bonus amount multiplied by 50,000, before being eligible to withdraw any profits generated after receiving the credit.
Clause Special Credit 1.ii in Terms and Conditions, Trading Credit Plan, p.5
Read from the broker's site on Open the reference

What it costsA $100 special credit requires $5,000,000 of trading volume before the profit it made can be withdrawn. The credit terms' own example puts a $100 recovery credit at $10,000,000.

Our readingRetail bonus terms usually set turnover at a multiple in the tens, sometimes the low hundreds, of the credit. A multiplier of 50,000 pushes the required volume into millions of dollars for a credit worth a few hundred.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Credit allocatedThe credit reaches your account within 48 hours of you qualifying.General Terms 2
Within 60 calendar daysYou must trade 100,000 times a recovery credit to unlock it.Recovery Credit iii
Day 60, target metThe credit becomes withdrawable and you keep the profit.Turnover conditions Explained, Example 1
Day 60, target missed, no depositSmartServe takes the credit and the profit it made.Turnover conditions Explained, Example 3
Day 90, volume not metThe bonus and the profits are cancelled.Cancelation 3
06

You get two business days to object in writing to a trade confirmation. Miss that window and clause 12.6 makes the confirmation conclusive and binding on you. The clock starts on the confirmation date, not the day you spot the problem.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A pricing error you notice in week two is already settled against you. Your silence over two business days counts as agreement, and the contract then gives you nothing to argue with.

Exhibit 10CriticalHarder than usual2 working days

Each confirmation, in the absence of a Manifest Error, will be conclusive and binding on you unless we receive any written objection from you within two Business Days from the date of the relevant confirmation or we notify you of an error in the confirmation within same period.
Clause 12.6 in Terms and Conditions, p.19
Read from the broker's site on Open the reference

Where it sits: section 132 of 369 in the Terms and Conditions, 36% of the way through.

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

Firms licensed by the FCA and CySEC give retail clients months, not days, to raise a complaint, and must route unresolved ones to an independent scheme. This contract closes the point in two business days.

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

The Spanish sales pages and the English contract disagree about fees

MercadosInvest sells in Spanish to Mexico and contracts in English. Its Spanish fees page promises deposits and withdrawals with no additional charges, while clause 5.3 of the English contract allows bank deposit and withdrawal fees. The same English pages also name two other brands, Mercados24 and Ventury investment, so the company you are dealing with is not stated consistently.

Language arbitrage1 clause flagged

The complaints document opens by naming the brand UsMercados24, not MercadosInvest. Its complaint form goes to an address at mercados24.com. The English fees page invites you to trade with Ventury investment and quotes the lowest spreads at Mercados24.

Why this matters

You cannot tell from the paperwork which company you are dealing with. That matters most when something goes wrong, because a complaint has to reach the right name at the right address to count.

Exhibit 16WarningRarely seen

UsMercados24 is operated by SmartServe Ltd., an international trading company,
Clause SmartServe Ltd, CUSTOMER COMPLAINTS PROCEDURE in Complaints, p.1
Read from the broker's site on Open the reference
Our own capture of mercadosinvest.com, taken on Sep 6, 2026The claim, on English fees page, closing call to action above the client testimonialsVisit this page on the broker's siteDownload the full size image file

Where it sits: section 2 of 23 in the Complaints, near the start.

Our readingBrokers commonly run one legal entity behind several brands. Naming two unrelated brands inside the live pages and the complaints procedure of a third is unusual, and it leaves the client with no single name to address.

SmartServe can change its charges at any time and need not say what it took

Clause 5.3 lets SmartServe change its fee structure at any time without prior notice, and lists charges it may add later. Clause 8.2 removes any duty to tell you what commission or benefit it made from your trades. Late payment to SmartServe costs 1% a month, while the cash it holds for you earns nothing.

Cost disclosure3 clauses flagged

SmartServe can change its fee structure at any time without telling you first, under clause 5.3. The same clause names charges it does not levy today but may add later. Clause 8.2 removes any duty to tell you what it earned from your trades.

In plain words

Remuneration means payments it receives.

Why this matters

A cost that did not exist when you deposited can appear later, and nothing obliges SmartServe to announce it. You cannot ask what commission it took either, because the contract says it does not have to say.

Exhibit 6WarningHarder than usual

The Company reserves the right to change its fee structure and/or parameters at any time without prior notice.
Clause 5.3 in Terms and Conditions, p.10
Read from the broker's site on Open the reference

Where it sits: section 58 of 369 in the Terms and Conditions, near the start.

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

Firms licensed by the FCA and CySEC must give retail clients the costs of a service before they use it, and must tell them about changes. This contract reserves the right to change the fee structure without prior notice.

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

If you owe SmartServe money and pay late, clause 11.3.1 charges you 1% a month on the overdue amount. It runs from the due date until the money reaches SmartServe. Money it holds for you earns you nothing.

Why this matters

Interest runs one way only. Clause 11.1.3 says your cash balance earns none, and clause 13 asks you to waive any right to it.

Exhibit 7WarningHarder than usual1%

we will be entitled to charge interest on the overdue amount (before and after judgment) at the rate of 1% per month from the due date of payment until the actual date of receipt by us
Clause 11.3.1 in Terms and Conditions, p.16
Read from the broker's site on Open the reference

Where it sits: section 104 of 369 in the Terms and Conditions, 28% of the way through.

What it costsAn overdue $1,000 costs $10 a month at 1%. Left for a year that is $120 on top of what you already owed.

Deposit in a currency other than your account currency and SmartServe converts it at a rate it designates, under clause 11.2.2. Clause 5.4 says it is not liable for any loss you take on that conversion. No margin over the market rate is ever stated.

Why this matters

A Mexican peso deposit into a dollar account is converted at a rate you cannot check against the market. The gap between that rate and the real one is a cost, and no clause caps it.

Exhibit 8WarningHarder than usual

Any amount deposited into your Account, if in a Currency other than the Account Base Currency, may be converted into that Account Base Currency at the prevailing conversion rate as designated by us, unless we accept alternative instructions On your part.
Clause 11.2.2 in Terms and Conditions, p.16
Read from the broker's site on Open the reference

Where it sits: section 100 of 369 in the Terms and Conditions, 27% of the way through.

Every withdrawal is a decision SmartServe can decline

Clause 11.3.2 lets SmartServe refuse or delay any withdrawal at its own discretion, and asking too often is itself a listed ground. No clause anywhere sets a deadline for paying you. Clause 11.3.5 then limits where the money may go, back only to the source it came from, and a change of bank details needs SmartServe's approval.

Exit conditions1 clause flagged

SmartServe processes a withdrawal only when the destination matches where your deposit came from, under clause 11.3.5. Changing your bank details needs written notice and its prior approval. It says it departs from this only in exceptional circumstances.

Why this matters

If the card or account you deposited from is closed, the only route your money is allowed to take no longer exists. Approving a new one is SmartServe's decision, on no deadline.

Exhibit 9WarningStandard wording

withdrawals from your account will only be processed by us when the destination of the money being withdrawn is the same as the origin of your payments made. , unless (and subject to our prior approval) you have notified us in writing that your payment details have changed. We will only deviate from this policy in exceptional circumstances.
Clause 11.3.5 in Terms and Conditions, p.18
Read from the broker's site on Open the reference

Where it sits: section 110 of 369 in the Terms and Conditions, 30% of the way through.

A losing account can end up owing SmartServe money

SmartServe warns at 80% margin and closes your largest positions at 50%, but says it does not guarantee your account stays above zero. Clause 11.3.3 turns any shortfall into a debt payable immediately, and clause 6 lets SmartServe take it from other balances without notice. In the credit plan, a shared IP address can disqualify you outright.

Exposure limits2 clauses flagged

SmartServe does not promise you negative balance protection, the guarantee that you cannot lose more than you put in. If your account closes below zero, clause 11.3.3 turns the shortfall into a debt it can call in immediately.

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 move can leave you owing SmartServe money on top of losing your deposit. Clause 6 then lets it take that amount from any other balance it holds for you, without notice.

Exhibit 13WarningHarder than usual50%

However, please note that we do not guarantee that your account will not have a negative balance, especially in adverse market conditions.
Clause Annex 2, 2.2.2 in Terms and Conditions, p.46
Read from the broker's site on Open the reference

Buried at section 323 of 369 in the Terms and Conditions, 88% of the way through.

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

The FCA, ASIC and ESMA require negative balance protection for retail CFD clients, so a client can never owe the firm more than the account holds. This contract gives no such guarantee and treats the shortfall as a debt.

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

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Margin below 80%You get a warning notification on the MetaTrader 4 platform.Annex 2, 2.2.2
Equity below 50% of required marginSmartServe closes your largest open positions at market price.Annex 2, 2.2.2
Balance below zero at closureThe shortfall becomes a debt SmartServe can demand immediately.11.3.3

If your registration or trading data matches another credit plan participant's, including the IP address, SmartServe can disqualify you at once. The same rule bars family members, listing brothers, sisters and spouses. Nothing requires SmartServe to show you acted together.

Why this matters

Two people in one household on the same home connection meet this test without doing anything wrong. Disqualification then feeds the cancellation clause, which annuls the credits and the profits made with them.

Exhibit 14WarningHarder than usual

If the registration and/or trading data of a participant in the "Bonus Plan" corresponds with the registration and/or trading information, including but not limited to IP address, of another participant in the "Bonus Plan", the Company reserves the right to regard this matching as a reason for immediate disqualification.
Clause Restrictions in Terms and Conditions, Trading Credit Plan, p.4
Read from the broker's site on Open the reference
  • Worse together with Exhibit 3Sharing a connection with a relative is enough to trigger a disqualification that takes the profit with it.

Two business days to object, and one email address that accepts it

Clause 12.6 gives you two business days to object to a trade confirmation before it becomes conclusive and binding. SmartServe accepts complaints only on its own form by email, sent to an address at mercados24.com rather than the domain you signed up on. Stay silent for three months and it closes the case.

Complaint windows1 clause flagged

SmartServe accepts a complaint only on its own form, sent by email. The complaints document tells you to email it to compliance@mercados24.com, a different domain from the site you signed up on. No other method is accepted.

Why this matters

Phoning gets you nowhere, and emailing the address on the website you used may not count either. Go quiet for three months and SmartServe closes the investigation and the complaint with it.

Exhibit 11WarningHarder than usual3

Please note that the Company cannot accept complaints submitted by any other means or method (i.e. telephone, etc.).
Clause 1. Submitting your complaint in Complaints, p.1
Read from the broker's site on Open the reference

Where it sits: section 10 of 23 in the Complaints, 43% of the way through.

  • Same clause as Exhibit 16The same document introduces the brand name that the complaint address belongs to.

Mexican clients are contracted under the law of an island in the Comoros

Clause 4.5.1 governs the agreement by the laws of Mwali, and clause 4.4.2 sends unresolved complaints to the Mwali Financial Services Commission. The sentence giving that regulator's website ends with a colon and no address. SmartServe will answer you only in English, under clause 4.4.3, though it markets in Spanish.

Distant forum1 clause flagged

Clause 4.5.1 puts your agreement under the laws of Mwali, an island in the Comoros. Clause 4.4.2 sends an unresolved complaint to the Mwali Financial Services Commission. The sentence that should give you that regulator's website ends with a colon and nothing after it.

Why this matters

The escalation route exists on paper but the contract never tells you where it leads. SmartServe will also answer you only in English, under clause 4.4.3, though it sold to you in Spanish.

Exhibit 12WarningHarder than usual

Subject to the immediately preceding sentence, this Agreement and all Transactions shall be governed by and construed in accordance with the laws of Mwali.
Clause 4.5.1 in Terms and Conditions, p.8
Read from the broker's site on Open the reference

Where it sits: section 43 of 369 in the Terms and Conditions, near the start.

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

Firms licensed by the FCA and CySEC must give retail clients access to an independent ombudsman and must name it. This contract names a commission but leaves the address blank.

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

SmartServe can demand any document from you at any point

The AML document lets SmartServe request any additional documentation it deems necessary at any time in the relationship, with no list and no limit. The privacy policy allows sharing your personal information with third parties at any time. Asking for a copy of the data held on you can carry a fee under clause 19.

Open-ended checks1 clause flagged

SmartServe can ask you for any additional document it considers necessary, at any point in the relationship. The privacy policy says it may share your personal information with third parties at any time. Asking for a copy of what it holds on you can carry a fee.

Why this matters

A document request can arrive years after you opened the account, with no limit on what can be asked. Clause 11.3.2 lets an unresolved check hold your withdrawal while it runs.

Exhibit 17WarningHarder than usual

The Company reserves the right to request any additional documentation it deems necessary at any time during the business relationship.
Quoted in LBC and KYC, p.1
Read from the broker's site on Open the reference
  • Worse together with Exhibit 1An open document request and a discretionary withdrawal hold work on the same money at the same time.

SmartServe quotes your price and may take the other side of it

Clause 4.3.1 describes an execution-only broker passing orders to liquidity providers, and clause 4.8.3 says SmartServe may act as market maker and principal. Clause 12.3.1 gives no warranty that its quoted prices represent prevailing market prices. It can also change liquidity provider without notifying you, under clause 12.2.2.

In plain words

Liquidity providers are outside banks and brokers.

Both sides of the trade1 clause flagged

Clause 4.3.1 tells you SmartServe passes your orders straight to liquidity providers. Clause 4.8.3 then says it may act as market maker and principal, which means taking the other side of your trade. Clause 12.3.1 gives no warranty that its quoted prices are market prices.

Why this matters

The company quoting your price can also be the party that profits when you lose. You have no outside benchmark to check a quote against, because the contract says its prices need not match the market.

Exhibit 15WarningHarder than usual

we or any of our Affiliates involved in doing business with you or for you may act as market marker and broker, principal and agent
Clause 4.8.3 in Terms and Conditions, p.9
Read from the broker's site on Open the reference

Where it sits: section 72 of 369 in the Terms and Conditions, near the start.

SmartServe Ltd sits in Saint Lucia under a Comoros licence

SmartServe Ltd is registered in Saint Lucia and names licence T2023384 from the Mwali International Services Authority in the Comoros, while clause 13 places client money at a bank in Australia. No compensation scheme is named anywhere in the document set. The contract also binds you to a Best Execution Policy and a conflict of interest policy that SmartServe does not publish.

Who you contract with2 clauses flagged

Clause 1 says a Best Execution Policy and a conflict of interest policy form part of your agreement. Clause 12.8.2 says signing up binds you to an Order Execution Policy too. SmartServe publishes five documents on its legal page, and none of them is any of these.

Why this matters

You are bound by terms you cannot read before you deposit. How your orders are priced and filled sits inside the policy that is missing.

Exhibit 20WarningHarder than usual

The Best Execution Policy explains certain aspects of how our Platform quotes Prices and handles Orders, Forex, CFDs and Spread Range Trading;
Clause 1 in Terms and Conditions, p.2
Read from the broker's site on Open the reference

Where it sits: section 8 of 369 in the Terms and Conditions, near the start.

You contract with SmartServe Ltd, registered in Saint Lucia, holding licence T2023384 from the Mwali International Services Authority in the Comoros. Clause 13 says client money sits in segregated accounts at a top tier bank in Australia. No compensation scheme is named anywhere.

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

Three countries stand between you and your money, and none of them is Mexico. If SmartServe reclassifies you as a Professional Client in writing, clause 13 lets it take full ownership of your funds and makes you a general creditor if it fails.

Exhibit 19NoticeHarder than usual

The client's money is held in "Segregated Accounts" at a top tier bank in Australia as a security measure to protect the client's money.
Clause 13 in Terms and Conditions, p.20
Read from the broker's site on Open the reference

Where it sits: section 144 of 369 in the Terms and Conditions, 39% of the way through.

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

Firms licensed by the FCA and CySEC belong to a statutory compensation scheme that pays retail clients up to a set limit if the firm fails. This document set names no scheme.

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

SmartServe charges nothing for an idle account, and waits six years

Clause 13 lets SmartServe release your balance from the segregated account after six years of no movement, and only if it cannot trace you after reasonable steps. A valid claim made later is still met. No monthly inactivity or dormancy fee appears in any of the five documents, which is better than many brokers offer.

In plain words

Dormancy means an account left unused.

Dormant money1 clause flagged

If nothing moves in your account for at least six years and SmartServe cannot trace you, clause 13 lets it release your balance from the segregated account. It must take reasonable steps to find you first. A valid later claim is still met.

Why this matters

Keeping your contact details current is what protects the money. No monthly inactivity fee appears anywhere in this document set, which is better than many brokers offer.

Exhibit 18NoticeStandard wording6

The Client agrees that if there has been no movement in the balance of the Client's Trading Account for a period of at least six years (regardless of any payment or receipt of charges, interest or similar items) and the Company is unable to trace the Client , despite having taken reasonable steps to do so, the company may release any Client's monetary balances from the segregated account.
Clause 13 in Terms and Conditions, p.21
Read from the broker's site on Open the reference

Where it sits: section 146 of 369 in the Terms and Conditions, 40% of the way through.

Where the marketing and the contract disagree

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

01

The fees page promises deposits and withdrawals free of extra charges, while clause 5.3 reserves the right to charge bank deposit and withdrawal fees.

Said in public, in Spanish

Realiza depósitos y retiros sin cargos adicionales, asegurando que puedas gestionar tus fondos de manera eficiente.

Word for word in English: Make deposits and withdrawals with no additional charges, ensuring that you can manage your funds efficiently.

Spanish fees page headed Tasas y promociones, in the section Depositos y retiros

In the contract · clause 5.3

The Company may charge incidental banking-related fees, such as bank deposit/withdrawal fees and returned check fees.

02

Immediate access to profits is promised in Spanish, while the English contract lets SmartServe refuse or delay the same payment with no deadline.

Said in public, in Spanish

Experimenta la eficiencia con nuestros retiros rápidos, proporcionándote acceso inmediato a tus ganancias.

Word for word in English: Experience the efficiency of our fast withdrawals, giving you immediate access to your profits.

Spanish page headed Por que MercadosInvest, under Retiros rapidos

In the contract · clause 11.3.2

We may, in our sole and reasonable discretion, refuse or delay the execution of your request to withdraw money from your Account (in whole or in part), including as a result of any request to close that Account, if applicable.

03

The home page promises no surprise fees, while clause 5.3 lets SmartServe change the fee structure at any time without prior notice.

Said in public, in Spanish

Sin tasas sorpresa y comisión fija

Word for word in English: No surprise fees and fixed commission

Spanish home page, benefits list under Negocia con el mejor soporte y condiciones personalizadas

In the contract · clause 5.3

The Company reserves the right to change its fee structure and/or parameters at any time without prior notice.

04

The fees page invites you to trade with Ventury investment, while the contract names SmartServe Ltd as the only party you deal with.

Said in public, in English

Reliable and secure, professional support, updated licenses only with Ventury investment!

English fees page, closing call to action above the client testimonials

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

In the contract · clause Terms and Conditions, opening

This document forms part of a wider agreement between you (also referred to as “our client”, “the customer”, “your” and “yourself”) and SmartServe Ltd

The documents this reading is based on

10 files, all published by MERCADOS. 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 MERCADOS publishes.

How this reading was done

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

This reading was published on .

Documents
5 of 10downloaded from the broker's site, and 5 read in full
Pages opened
26pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
EN vs ESthe language it advertises in, against the language it contracts in
Position measured
16clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

SmartServe Ltd

You contract with SmartServe Ltd. Its credit terms give the registered address as Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. The licence it names, number T2023384, comes from the Mwali International Services Authority in the Comoros, and clause 4.5.1 puts the agreement under the law of Mwali. The company sits in one country and answers to a regulator in another. The complaints document calls the brand UsMercados24 and sends your complaint to an address at mercados24.com, and the English fees page adds a third name, Ventury investment.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

All five legal documents are public, free to download, and published in Spanish as well as English. Clause 4.2.1 treats you as a Private Client by default, which is the more protective category. Clause 2.3.1 gives you at least 10 business days notice before a change takes effect, and clause 2.3.2 lets you close the account before it does. No monthly inactivity fee appears anywhere in the document set, and the six year dormancy rule in clause 13 matches normal practice. The credit terms also work three turnover examples through with real numbers, which most brokers never bother to do.

We read all five English documents end to end. SmartServe publishes Spanish versions of the same five files, and we could not open those, so every quotation here comes from the English set. Clause 10.1.1 says the English version prevails anyway. No earlier version of any document is available, so this is a first reading with nothing to compare against. None of the five files carries a version number or a date, so we cannot tell when any clause was last changed.

How to check any of this yourself

Every quote above links to the MERCADOS 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 MERCADOS 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 MERCADOS 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 6, 2026.

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

Back to the MERCADOS profile