Wikilix
Contract reading

What MILES CAPITAL legally published, but does not want you to read

Every clause below is published by MILES CAPITAL 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 . We have read it 2 times.

Contracting entity: Miles Capital Limited

hidden feemissing documentsole discretioncomplaintscountry restrictioncredentialsdata sharingdeemed acceptanceentity mismatchexecution

Miles Capital asks you to accept a Customer Agreement it does not publish. Nine policies are online, and the one that governs the account is not among them. Its payment rules are three pages of pictures, so no fee and no payout deadline can be read. Its own pages promise 0% slippage, 500:1 leverage and six hour withdrawals that the published policies do not support.

Back to MILES CAPITAL

Contract risk

Money at risk
8.0/10

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

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
3
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
13
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
9
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 13 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.

Critical3
Warning9
Notice1

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.

Critical9Time to complain. Jump to the clause this comes from.The agreement you tick to accept is not publishedCritical13Account limit. Jump to the clause this comes from.Barred countries can still open an accountCritical500In the contract. Jump to the clause this comes from.Leverage sold at 500:1, and losses with no floor19Fee you were not shown. Jump to the clause this comes from.The payment rules are published as pictures

What the documents say

13 clauses worth knowing about, worst first, each quoted from MILES CAPITAL's own files

01

Miles Capital publishes nine legal documents and asks you to accept a tenth one that nobody can read. The sign-up form carries a tick box for the Customer Agreement, with no link and no copy anywhere on the site.

Why this matters

You agree to terms you have never seen. The fees, the withdrawal rules and the grounds for closing your account all live in that document. Miles Capital calls it an integral part of your contract, so it binds you before you can read a word of it.

Exhibit 1CriticalHarder than usual9

These swap-free trading account terms and conditions (the Swap Free Terms) are a supplement to the client agreement which governs our trading relationship with you (the Terms). The Terms are an integral part of these Swap Free Terms.
Clause preamble in Swap Free Accounts Terms and Conditions, p.1
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the client agreement before they trade and keep it available afterwards. Miles Capital asks you to accept that agreement at sign-up and publishes nine other documents instead.

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

  • Worse together with Exhibit 10The unpublished agreement is also the only place a governing law or a court could be named, and nothing published names either.
  • Worse together with Exhibit 4The agreement is unpublished and the one payment document is pictures, so no cost and no payout rule can be read before you deposit.
02

The small print at the bottom of Miles Capital's pages bars residents of up to 13 countries. The list changes from page to page. The sign-up form then offers five of them, with India already selected for you.

Why this matters

You can live in India, the United Arab Emirates, the United States, Iraq or Yemen and still fund an account. Other pages of the same site say Miles Capital does not serve you. Whether that matters becomes its decision, after your money has arrived.

Exhibit 2CriticalRarely seen13

Our site is ONLY for users in countries that are able to use our products and services.
Clause 5.2 in Website Terms and Conditions, p.2
Read from the broker's site on Open the reference

Our readingA restricted country list is ordinary. Three different versions of one list on one brand is not. The home page names five countries, 18 inner pages name 13, and the form defaults to a country two of those pages exclude.

03

Miles Capital's product pages advertise leverage of up to 500:1 as a way to make trades affordable. Every account page caps it at 1:200 for currencies. The risk policy says you may owe more than you ever paid in.

Why this matters

A 500:1 position loses your whole margin on a 0.2% move. Miles Capital does not promise to write off the rest. Clause 4.14 lets it ask you for more than you put in.

Exhibit 3CriticalHarder than usual500

Even if a transaction is not marginalized, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered into the contract.
Clause 4.14 in Risk Management Disclosure, p.5
Read from the broker's site on Open the reference

What it costsAt 500:1, $200 of margin controls a $100,000 position. A move of 0.2% against you is a $200 loss, and the margin is gone.

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

Firms licensed by the FCA, or in the EU under ESMA rules, cannot give a retail client more than 30:1 on major currency pairs, and they must write off a negative balance. Miles Capital advertises up to 500:1 and promises no write off.

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

  • Worse together with Exhibit 6The highest advertised leverage sits beside a stop out level the website and the risk policy do not agree on.
04

Miles Capital's Payment T&C runs to 19 numbered clauses across three pages, and every word of them is an image. You can read the clause numbers and nothing else. No other page on the site lists a deposit or withdrawal fee.

Why this matters

You cannot find out what a deposit or a withdrawal costs before you send money. A translation tool cannot translate the document. A screen reader cannot read it aloud. You cannot copy a line of it to ask someone about.

Exhibit 4WarningRarely seen19

Costs and charges: Our costs and charges are set out on our website www.milescap.com/en.
Clause 2.3 in Risk Management Disclosure, p.1
Read from the broker's site on Open the reference

Our readingLegal PDFs are normally text. Scanning the payment terms into pictures while leaving the clause numbers as text means the only searchable part of the document is its numbering.

05

Five of Miles Capital's product pages promise that a withdrawal always takes less than six hours. Nothing in the documents you can read sets a deadline, a minimum, a fee, or a ground for refusing you.

Why this matters

A promise on a product page is not a term of your contract. Miles Capital says it holds your money in trust, and no clause says when it has to send any of it back.

Exhibit 5WarningHarder than usual

These swap-free trading account terms and conditions (the Swap Free Terms) are a supplement to the client agreement which governs our trading relationship with you (the Terms).
Clause preamble in Swap Free Accounts Terms and Conditions, p.1
Read from the broker's site on Open the reference
  • Only applies after Exhibit 4The payout rules would sit in the Payment T&C, and that is the document published as pictures.
06

Two Miles Capital pages say your positions close when equity falls to 50% of the margin you are using. The Risk Management Disclosure works the same example and starts closing only past a $940 loss.

Why this matters

On the policy's own numbers, $40 more of a $1,000 deposit can go before anything closes. At the 50% the pages advertise, the policy only sends you a margin call.

Exhibit 6WarningHarder than usual50%

greater than 940$-, then the trading system would start to automatically close out your positions.
Clause 4.9 in Risk Management Disclosure, p.4
Read from the broker's site on Open the reference

What it costsThe policy's example has a $1,000 deposit with $200 of margin in use. Equity of $100 is the 50% level the pages promise. The policy closes out past a $940 loss, which leaves $60.

Miles Capital's product pages promise 0% slippage and 500:1 leverage its own risk policy contradicts

Leverage of up to 500:1 is sold as affordability on five Miles Capital product pages, while every account page caps it at 1:200 for currencies. The risk policy says you may be asked for further payments above anything you paid in. The same policy describes gapping, and a close out deeper than the 50% stop out the website advertises.

Marketing against the policy1 clause flagged

Five product pages say Miles Capital works on 0% slippage. Its own Risk Management Disclosure says prices gap, with nothing quoted in between. It also says your executed price can differ from the quote.

Why this matters

Slippage is the gap between the price you clicked and the price you got. Miles Capital promises none of it on five pages, and warns you about it in the document that governs your trades.

Exhibit 7WarningHarder than usual

Various factors can lead to gapping (for example, economic events or market announcements) and gapping can occur either when the underlying market is open or when it is closed.
Clause 4.7 in Risk Management Disclosure, p.4
Read from the broker's site on Open the reference

Miles Capital publishes its payment rules as 19 clauses you cannot read

The Payment T&C is three pages of pictures, and only the 19 clause numbers come out as text. No other Miles Capital page lists a deposit or withdrawal fee. The Swap Free T&C, which is readable, lets Miles Capital widen spreads, raise commission and charge a daily fee on the swap free accounts every page advertises.

Cost disclosure1 clause flagged

Every Miles Capital account page says Swap Free: Yes, and the home page offers an Islamic Account whose button goes nowhere. The Swap Free T&C says the standard account is swap enabled, and that Miles Capital can refuse your request without giving a reason.

Why this matters

A daily fee starts once a position passes the grace period. Miles Capital may also widen the spread and raise the commission on a swap free account. It can take the status away at any time, and your swap credit can be lost on conversion.

Exhibit 8WarningHarder than usual

Our standard account type is a swap enabled account. We may agree to make a Swap Free Account available to you upon request.
Clause 1.1 in Swap Free Accounts Terms and Conditions, p.1
Read from the broker's site on Open the reference
Our own capture of milescap.com, taken on Oct 12, 2026The claim, on Classic Account page, which also lists Commission 0 and Swap Free YesThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

The document that governs your account is the one Miles Capital does not publish

Miles Capital publishes nine legal documents, and the Customer Agreement you tick at sign-up is not one of them. Its own Swap Free T&C calls that agreement an integral part of the relationship. The complaints policy then gives Miles Capital eight weeks to answer and points only to its regulator.

Unseen contract1 clause flagged

Miles Capital gives itself eight weeks to resolve a complaint. After that, the only place it points you to is the Financial Services Commission in Mauritius, which supervises firms rather than paying compensation to clients.

Why this matters

Go quiet for 10 business days after Miles Capital offers to pass your complaint on, and it can decide the case on the papers it holds. No independent complaints scheme is named anywhere.

Exhibit 12WarningStandard wording10 working days

All endeavours will be made to resolve the complaint within eight weeks of receipt of the claim.
Clause 4.2 in Complaint Handling Policy, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC have eight weeks to give a final answer, and the client can then take the complaint to a free, independent scheme that can order money back. Miles Capital names its regulator and no independent scheme.

MILES CAPITAL 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
Eight weeksMiles Capital aims to resolve your complaint and send a final response.4.2
After eight weeksMiles Capital explains the delay and tells you that you may go to the Financial Services Commission.4.11
10 business daysIf you do not answer a referral, Miles Capital decides on the documents it has or hands the complaint back to you.6

No law and no court is named in anything Miles Capital publishes

None of Miles Capital's nine documents names a governing law or a court. The only statute cited is New Zealand's Crimes Act 1961, in the website terms. The complaints policy lets Miles Capital refer your complaint to another legal entity.

Where you would sue1 clause flagged

Nothing Miles Capital publishes names the law that governs your account or the court that would hear a dispute. The only statute named in the nine documents is the Crimes Act 1961, which is a New Zealand law.

Why this matters

If Miles Capital keeps your money, its documents do not tell you where to sue or under which law. The Complaint Handling Policy also lets it pass your complaint to another legal entity.

Exhibit 10WarningRarely seen

In the event of such a breach, your right to use our site will cease immediately
Clause 13.3 in Website Terms and Conditions, p.5
Read from the broker's site on Open the reference

Our readingA distant governing law clause is ordinary and most agreements carry one. Having none at all in the published set, next to a New Zealand criminal statute, reads as a template borrowed from another firm.

Miles Capital is the counterparty to every trade you place

Miles Capital deals as principal and counterparty on each trade, which its Order Execution Policy says in one line. Positions can be closed only with Miles Capital and cannot be transferred to anyone else. No product page mentions it.

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.

Who you trade against1 clause flagged

Miles Capital deals with you as principal and counterparty on every trade, as its Order Execution Policy states. Your contract can be closed only with Miles Capital, at prices Miles Capital sets.

Why this matters

Your loss is its gain on the same ticket. You cannot move the position elsewhere, and there is no exchange price to check the quote against.

Exhibit 9WarningStandard wording

we will deal with you as principal and counterparty to each trade
Clause 2.2 in Order Execution Policy, p.1
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Dealing as principal is normal for a broker of this kind. The FCA and CySEC require their firms to tell a retail client so before they trade, and to manage the conflict. Miles Capital discloses it inside the order execution policy, and no product page mentions it.

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

Four company names share one brand, and one licence number is printed as three asterisks

Miles Capital Limited, Miles Capital Financial Broker, Miles Capital Financial broker LLC and Miles Financial Broker LLC all appear across the same nine documents. The website claims Mauritius FSC licence GB22201008. The Risk Management Disclosure puts License No. *** beside the fourth name.

Who you contract with1 clause flagged

Miles Capital's documents name four different companies: Miles Capital Limited, Miles Capital Financial Broker, Miles Capital Financial broker LLC and Miles Financial Broker LLC. The Risk Management Disclosure prints the licence number of the last one as ***.

Why this matters

You cannot tell which company takes your money or which licence covers it. The website prints licence GB22201008 next to Miles Capital Limited. The risk policy puts a different company beside a licence number it leaves blank.

Exhibit 11WarningHarder than usual4

Miles is a trading name of Miles Financial Broker LLC, is a registered limited company, (License No. ***), which is authorized and regulated by Financial Services Commission FSC
Clause 1.3 in Risk Management Disclosure, p.1
Read from the broker's site on Open the reference

Miles Capital's own cookie policy says the login box saves your password

The Cookies Policy says the keep us logged in box saves your email and password. The Privacy Policy lets Miles Capital pass your data to credit reference agencies for a credit score.

Your data1 clause flagged

Miles Capital's Cookies Policy says the keep us logged in box saves your email and password in a cookie. The Privacy Policy also lets Miles Capital send your data to credit reference agencies to score you.

Why this matters

Anyone who gets your browser session stays inside your trading account until you sign out. A password kept in a cookie is a password you did not choose to store.

Exhibit 13NoticeRarely seen

Some of our prefrences cookies remember your username, such as the “keep me logged in” box when you log in which saves your email and password and will keep you logged into your account until you sign out.
Clause 3.C in Cookies Policy, p.2
Read from the broker's site on Open the reference

Our readingCookie policies normally describe a session token, which cannot be read back as a password. This one says the box saves your email and password.

Where the marketing and the contract disagree

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

01

The form asks you to accept an agreement that the other documents treat as binding and that Miles Capital publishes nowhere.

Said in public, in English

I agree with Customer Agreement

Tick box on the client portal sign-up form, with no link on the words

In the contract · clause preamble

These swap-free trading account terms and conditions (the Swap Free Terms) are a supplement to the client agreement which governs our trading relationship with you (the Terms). The Terms are an integral part of these Swap Free Terms.

02

The home page names five barred countries, 18 inner pages name 13 including India and the United Arab Emirates, and the only clause on eligibility names none and leaves it to you.

Said in public, in English

Restricted Regions: Miles Capital Limited does not provide services for citizens/residents of the Iran, Somalia, Syrian Arab Republic, Yemen Republic of Congo.

Home page footer notice, set in text under 10 pixels tall

In the contract · clause 5.2

Our site is ONLY for users in countries that are able to use our products and services.

03

Leverage is sold as affordability while the risk policy keeps the right to ask you for more money than you ever paid in.

Said in public, in English

With up to 500:1 leverage, users can increase their buying power, making a difference to the affordability of their trades.

Forex product page, leverage section

In the contract · clause 4.14

Even if a transaction is not marginalized, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered into the contract.

04

The page puts the stop out at 50% of used margin, and the policy's own example closes out only past a $940 loss on $200 of margin.

Said in public, in English

Miles Capital trading platforms are set to automatically close open positions when the stop-out level is reached. For all accounts, when the equity in the trading account falls below 50% of the required margin, the stop-out level will be reached.

Trading Conditions page, Stop-out Level section

In the contract · clause 4.9

greater than 940$-, then the trading system would start to automatically close out your positions.

05

Five pages promise 0% slippage while the risk policy describes prices jumping with nothing quoted in between.

Said in public, in English

Miles Capital Group entities works on complete transparency, 0% slippage and fast execution speed making the trader showcasing the complete transparency of the actual trading world. Easy and fast speed of withdrawal and deposit process.

Forex product page, transparency panel, repeated on four other product pages

In the contract · clause 4.7

Various factors can lead to gapping (for example, economic events or market announcements) and gapping can occur either when the underlying market is open or when it is closed.

06

The account is sold as commission free and swap free, and the swap free terms let Miles Capital raise that commission and widen the spread.

Said in public, in English

A commission-free account that is ideal for new traders initiating their investment journey.

Classic Account page, which also lists Commission 0 and Swap Free Yes

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

In the contract · clause 4.1.2

the minimum spread for the instruments listed above may be widened and the commission charged may be increased for a Swap Free Account.

The documents this reading is based on

9 files, all published by MILES CAPITAL. 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 MILES CAPITAL publishes.

How this reading was done

Every clause above was read out of a document MILES CAPITAL publishes itself

This reading was published on . It is the newest of 2 readings we keep of these documents. See every reading.

Documents
5 of 9downloaded from the broker's site, and 5 read in full
Pages opened
44pages walked to find those documents, footer links included
Older copies
8earlier versions downloaded, 4 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says

Who the contract is with

Miles Capital Limited

A client contracts with a company the documents cannot agree on. Six of them open with the same line: the services are provided by Miles Capital Financial Broker, a company incorporated with limited liability under the Financial Services Commission of Mauritius under licence number GB22201008, company number 194281. The Privacy Policy drops the licence and names only the laws of Mauritius. Clause 1.3 of the Risk Management Disclosure then names Miles Financial Broker LLC and leaves its licence number as three asterisks, while clause 1.2 of the same document calls the trading name Miles Capital Financial broker LLC. Every page title block says MILES CAPITAL LIMITED and every footer is signed Miles Capital, Inc. The address all nine documents give for the service, milescap.com/en, does not open.

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.

Every time we have read this contract

We keep 2 readings of MILES CAPITAL’s documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Sep 21, 2026

The broker's documents are word for word the same as the ones we read on Sep 21, 2026. What changed below is our own reading of them.

New on our list
7 clauses
Off our list
6 clauses
We rate critical
3 now, 4 then
Our risk score
8 out of 10, unchanged

No change: this broker's legal documents are byte-for-byte identical to those reviewed on 2026-09-21.

The counts above are the totals each reading published. They show that a total moved. They do not yet say which single clause was added or dropped.

  1. CurrentRisk 8/1013 clauses3 critical
  2. Risk 8/1012 clauses4 criticalReplaced

We keep every past reading so you can check what we said before, and when we said it. Those pages are archived snapshots of an older contract, so search engines are asked not to index them.

In fairness, and what we could not check

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

The Risk Management Disclosure is blunt and detailed, and its trading risk section alone runs to 22 clauses. One of them says Miles Capital holds retail client money in trust in segregated bank accounts. The same clause says it hedges with its own funds and takes no speculative positions. The Complaint Handling Policy sets no deadline for you to complain, which is rarer than it sounds, and it promises a final answer in eight weeks. The Cookies Policy is complete, readable and clear about what each kind of cookie does.

The Payment T&C is not covered. Its 19 numbered clauses are published as pictures, so only the numbering comes out as text, and nothing in it can be searched or copied. Miles Capital's other PDFs do not copy out cleanly either: in five of them some words are missing from the file's own text, and in most of them the words run together. Every quotation is a complete sentence from the document itself, and incomplete clauses are described rather than quoted. The four earlier copies from 2024 are covered only as far as those files allow. No document carries a version number or a date except the Swap Free T&C. The Customer Agreement that the sign-up form asks you to accept needs an account, so it is not covered. No version of the site or the client portal was found in any language other than English.

How to check any of this yourself

Every quote above links to the MILES CAPITAL 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 MILES CAPITAL 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 MILES CAPITAL 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 12, 2026.

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

What traders say about MILES CAPITAL

Comments on MILES CAPITAL are posted on its profile

Nobody has commented on MILES CAPITAL yet. If you have traded with them, your experience helps the next reader decide.

Write the first comment
Back to the MILES CAPITAL profile