This is an archived reading from Sep 21, 2026. It is not the current one, and MILES CAPITAL may have changed these documents since.Read the current report

Wikilix
Contract reading

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

Every clause below was published by MILES CAPITAL itself, on its own website, on the day we read it. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. This is what they said on .

Contracting entity: Miles Capital Limited

sole discretionwithdrawalsdeemed acceptancehidden feeentity mismatchexecutionforum waiverkyc freezemarketing gapcomplaint deadline

Miles Capital makes you tick We agree with Customer Agreement to open an account. It does not publish that agreement anywhere. Its payment terms are a picture of the words, so you cannot search them for the word fee. The site promises withdrawals in under 6 hours, while the payment terms set no deadline and accept no liability for delay. Miles Capital names 13 countries it will not serve, then lets all 13 register.

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.
4
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
12
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.
5

How the 12 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.

Critical4
Warning7
Notice1

section 19 of 23is where the deepest clause sits, 83% 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.

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

Critical13Account limit. Jump to the clause this comes from.Thirteen refused countries can all open an accountCritical500In the contract. Jump to the clause this comes from.Leverage sold as affordability, losses without a floor10 working daysTime to complain. Jump to the clause this comes from.Complaints end at the regulator, and silence costs you

What the documents say

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

01

Miles Capital makes you tick We agree with Customer Agreement before it opens your account. That agreement is not on the site, not in the footer, and not linked from the box you tick. Its own Swap Free T&C calls it the document that governs the whole trading relationship.

Why this matters

You agree to terms you have never seen and cannot get. Everything that decides your money sits in that document: when Miles Capital pays you, what it charges, and what happens to your profit.

Exhibit 1CriticalRarely seen

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.
Quoted in Swap Free T&C, p.1
Downloaded from the broker's site on Open the reference
Our own capture of my.milescapitals.com, taken on Sep 21, 2026The claim, on Consent checkbox on the Miles Capital account registration form, shown as plain text with no linkVisit this page on the broker's siteDownload the full size image file
Our own capture of milescap.com, taken on Sep 21, 2026What the contract saysThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the client agreement before that client is bound by it. Miles Capital asks for agreement to a document it does not supply.

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

Our readingBrokers routinely bury the client agreement in a footer link. Publishing every supporting policy while withholding the master contract, and still asking for consent to it, is a different thing. The supplements are all here and the document they supplement is not.

  • Worse together with Exhibit 2The withdrawal rules defer to the same unpublished agreement, so the terms on getting your money out point at a document you cannot read.
02

Miles Capital sets no date by which your withdrawal must be paid. The payment terms say requests are handled on a best endeavours basis, list what may delay yours, then say Miles Capital is not liable for any of those delays.

Why this matters

You have no deadline to hold Miles Capital to, and no claim when it misses one. It can also park your request and investigate, with nothing saying when that investigation ends.

Exhibit 2CriticalHarder than usual

Deposit and withdrawal requests will be processed as soon as possible, on a best endeavours basis. There are several factors that may delay the processing of a request, including verification checks, the processing time of the third-party payment service provider and technical issues. We will not be liable for any such delays.
Clause 1.3 in Payment T&C, p.1
Read from the broker's site on Open the reference
Our own capture of milescap.com, taken on Sep 21, 2026The claim, on Record Breaking Financial Performance panel on the Miles Capital forex product pageVisit this page on the broker's siteDownload the full size image file
Our own capture of web.archive.org, taken on Sep 21, 2026What the contract says, clause 1.3Visit this page on the broker's siteDownload the full size image file

Where it sits: section 8 of 23 in the Payment T&C, 35% of the way through.

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

Firms licensed by the FCA or CySEC must pay client money out promptly and cannot disclaim responsibility for their own delay. These terms set no timetable and exclude liability for delay.

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

03

Miles Capital lists 13 countries it says it does not serve, including Iran, India and the United States. Its account opening form offers every one of them in the country list. No published document contains that list at all.

Why this matters

You can register from a country Miles Capital says it refuses, pass verification and deposit. The refusal is a line in a website footer, so it can be rewritten the day you ask to withdraw.

Exhibit 3CriticalHarder than usual13

Our site is ONLY for users in countries that are able to use our products and services.
Clause 5.2 in Website T&C, p.2
Downloaded from the broker's site on Open the reference
Our own capture of milescap.com, taken on Sep 21, 2026The claim, on Restricted Regions notice in the footer of the Miles Capital account comparison pageVisit this page on the broker's siteDownload the full size image file
Our own capture of milescap.com, taken on Sep 21, 2026What the contract says, clause 5.2Visit this page on the broker's siteDownload the full size image file
04

Miles Capital advertises leverage up to 500 to 1 as a way to make trades affordable. Its Risk Management Policy says you may have to pay more than everything you put in, and names no cap on what you can owe.

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 bad run can leave you owing Miles Capital money on top of losing your deposit. Nothing in the published documents writes off a negative balance for you.

Exhibit 4CriticalHarder 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 Policy, p.5
Downloaded from the broker's site on Open the reference
Our own capture of milescap.com, taken on Sep 21, 2026The claim, on Leverage panel on the Miles Capital forex product pageVisit this page on the broker's siteDownload the full size image file
Our own capture of milescap.com, taken on Sep 21, 2026What the contract says, clause 4.14Visit this page on the broker's siteDownload the full size image file

What it costsAt 500 to 1, a $1,000 deposit controls a $500,000 position. A 0.2% move against you wipes out the deposit, and clause 4.14 leaves you liable beyond it.

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

Firms licensed by the FCA, CySEC or under ESMA rules must give retail clients negative balance protection, and cap leverage on major currency pairs at 30 to 1. These documents offer neither.

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

05

Miles Capital publishes its Payment T&C as a picture of the words. Across all three pages only the clause numbers are real text, so you cannot search the document for fee, withdrawal or charge. The June 2024 version of the same file was fully searchable.

Why this matters

You cannot check what Miles Capital charges without reading three pages of images by eye. A screen reader gets nothing, and nothing in it can be copied into a complaint.

Exhibit 5WarningRarely seen

These payment terms and conditions relate to deposits and withdrawals, associated fees and charges, and prepaid cards (the Payment Terms).
Quoted in Payment T&C, p.1
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Sep 21, 2026The payment terms cannot be searched or copiedVisit this page on the broker's siteDownload the full size image file

Our readingLegal PDFs are normally text, and the other eight documents here are. One document, the one covering deposits, withdrawals and fees, is the exception.

  • Worse together with Exhibit 7A fee whose percentage is never stated now sits in the one document you cannot search for the word fee.
06

The Miles Capital forex page promises 0% slippage. Its Risk Management Policy describes gapping, says a stop loss will not necessarily limit your losses to the amount you set, and warns the executed price may differ from the one you were quoted.

Why this matters

Your stop can fill worse than the level you chose, and the risk policy already says so. The promise on the product page is the one you see before you deposit.

Exhibit 6WarningHarder 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 Policy, p.4
Downloaded from the broker's site on Open the reference
Our own capture of milescap.com, taken on Sep 21, 2026The claim, on The Complete Transparency panel on the Miles Capital forex product pageVisit this page on the broker's siteDownload the full size image file
Our own capture of milescap.com, taken on Sep 21, 2026What the contract says, clause 4.7Visit this page on the broker's siteDownload the full size image file

Miles Capital charges a percentage it never prints, in a file you cannot search

Miles Capital charges a currency conversion fee described only as a fixed percentage of the transaction, and the percentage appears nowhere. That clause sits at paragraph 19 of 23 in the payment terms. The current payment terms are published as a picture of the words, so the body cannot be selected, copied or searched at all.

Cost disclosure2 clauses flagged

Miles Capital charges a currency conversion fee on deposits, withdrawals and internal transfers. The clause calls it a fixed percentage of the transaction and never says what that percentage is. Miles Capital can also vary it at its own discretion.

Why this matters

Money is taken off every transfer at a rate you cannot look up before you send it. Accepting the quoted exchange rate counts as accepting the fee inside it.

Exhibit 7WarningHarder than usual

you accept the quoted exchange rate and the currency conversion fee (which is a fixed percentage of the value of the transaction) and agree that the currency conversion fee will be deducted from the amount deposited, withdrawn or transferred
Clause 2.2 in Payment T&C, p.2
Read from the broker's site on Open the reference

Buried at section 19 of 23 in the Payment T&C, 83% of the way through.

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

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before that client trades. This clause names a fee and withholds its rate.

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

Miles Capital can refuse or revoke a swap free account without giving you a reason. It can also widen the minimum spread and raise the commission on that account. A swap payment you were owed can disappear when an account is converted.

Why this matters

The cost of the same trade can rise after you open the account, and the saving you chose the account for can be removed. Your only stated remedy is to close the account.

Exhibit 8WarningHarder than usual

Refuse to process a request for a Swap Free Account.
Clause 1.5.1 in Swap Free T&C, p.1
Downloaded from the broker's site on Open the reference

You agree to a Miles Capital contract that Miles Capital does not publish

Miles Capital publishes nine policies and not the contract they all supplement. Its registration form asks you to tick agreement to a Customer Agreement that appears on no page of the site. If a complaint is passed to another company and you stay silent for 10 business days, Miles Capital can decide it on the paperwork it already holds, and the only escalation named is the Mauritius regulator.

Consent and redress1 clause flagged

Miles Capital aims to resolve a complaint within eight weeks, which matches the usual standard. If it passes your complaint to another company and you do not reply within 10 business days, it can decide the complaint on whatever paperwork it already holds.

Why this matters

Miss that reply window and your case is settled without your side of it. The only escalation named is the Mauritius regulator, and no independent ombudsman or compensation scheme appears anywhere.

Exhibit 10WarningHarder than usual10 working days

In the event that the complainant refuses referral or does not respond within a period of not more than (10) business days, the complaint shall be considered within the limits of the available documents and information
Clause 6 in Complaint Handling Policy, p.3
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA give retail clients access to an independent ombudsman that can order redress. Here the only route past the firm is the regulator itself.

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

Miles Capital takes the other side of every trade you place

Miles Capital deals as principal and counterparty on each trade, and its order execution policy says it is the only venue you can reach through it. Positions can be closed only with Miles Capital and cannot be transferred. Placing an order counts as consent to that policy, read or not.

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, and it is the only place those trades can be closed. Placing an order counts as your consent to its execution policy, whether or not you read it.

Why this matters

Your loss is the firm's gain on the same trade, and its own quote is the only price you can deal on. You cannot move a position to another broker to close it.

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)

Firms licensed by the FCA or CySEC must disclose when they deal as principal against a client, and manage the conflict. Miles Capital does disclose it, in the order execution policy rather than on the product pages.

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

Miles Capital prints its regulated entity's licence number as three asterisks

The Miles Capital Risk Management Policy names Miles Financial Broker LLC as the regulated company and gives its licence number as ***. Eight other documents name Miles Capital Financial Broker under Mauritius licence GB22201008. The Privacy Policy claims no licence at all. The scam investigation covers whether any of these licences is worth anything.

Which company1 clause flagged

The Risk Management Policy says Miles is a trading name of Miles Financial Broker LLC, authorised and regulated by the FSC, and prints its licence number as ***. The other documents name a different company and a real number. The Privacy Policy claims no licence at all.

Why this matters

You cannot tell from these documents which company holds your money or which licence covers it. Checking a regulator's register needs a name and a number that agree.

Exhibit 11WarningRarely seen

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 Policy, p.1
Downloaded from the broker's site on Open the reference

Our readingAn unfilled placeholder in a published regulatory disclosure is not a drafting style. It means the sentence was never completed before the file went up.

  • Worse together with Exhibit 12An unnamed governing law and an unidentified counterparty leave you with no country and no company to bring a claim against.

No Miles Capital document says which country's law governs your account

None of the nine published Miles Capital documents contains a governing law or jurisdiction clause. The only statute named anywhere in the set is the Crimes Act 1961, which is New Zealand legislation. One page of the conflict of interest policy still prints a Dubai telephone number while every other page prints a Mauritius one.

Where you would sue1 clause flagged

None of the nine published documents says which country's law governs your account or which courts hear a dispute. The only statute named anywhere is the Crimes Act 1961, which is New Zealand legislation. One page of the conflict policy still prints a Dubai phone number.

Why this matters

You cannot tell where you would have to sue Miles Capital, or under whose law. The borrowed text suggests these documents were adapted from another firm's set.

Exhibit 12NoticeRarely seen

commit a criminal under the Crimes Act 1961. We will report any such breach to the relevant law enforcement
Clause 13.3 in Website T&C, p.5
Downloaded from the broker's site on Open the reference

Our readingA client facing document set with no governing law clause at all is unusual. It is normally the one clause a broker is careful to include.

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 agree to a Customer Agreement that Miles Capital never publishes, while its own policies treat that agreement as the document governing everything.

Said in public, in English

I agree with Customer Agreement

Consent checkbox on the Miles Capital account registration form, shown as plain text with no link

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

In the contract

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).

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

02

The product page guarantees withdrawal inside 6 hours while the payment terms give no deadline at all and disclaim liability for delay.

Said in public, in English

Miles capital is consistently giving withdrawals of over 5 million $ and making sure that the withdrawal time is been always less then 6 hrs.

Record Breaking Financial Performance panel on the Miles Capital forex product page

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 1.3

Deposit and withdrawal requests will be processed as soon as possible, on a best endeavours basis. There are several factors that may delay the processing of a request, including verification checks, the processing time of the third-party payment service provider and technical issues. We will not be liable for any such delays.

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

03

Leverage is sold as making trades affordable, while the risk policy says you may owe more than everything you 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.

Leverage panel on the Miles Capital forex product page

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 4.14

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.

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

04

The forex page promises zero slippage while the risk policy describes gapping and warns a stop loss may not hold the level you set.

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.

The Complete Transparency panel on the Miles Capital forex product page

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 4.7

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.

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

05

Miles Capital names 13 countries it refuses on its website, publishes no such list in any legal document, and offers all 13 in the registration country menu.

Said in public, in English

Restricted Regions: Miles Capital Limited does not provide services for citizens/residents of the United States, Cuba, Iraq, Myanmar, North Korea, Sudan,India,UAE, Iran, Somalia, Syrian Arab Republic, Yemen, Republic of Congo.

Restricted Regions notice in the footer of the Miles Capital account comparison page

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 5.2

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

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

What changed quietly

First reading of Miles Capital, so there is nothing to compare it against yet.

  • REWRITTENClause 1.3

    The clause numbering survived into the current payment terms as text and the wording did not, leaving a document that cannot be searched or copied.

    1.3.

  • REWRITTENClause

    Miles Capital moved its published contact number from Dubai to Mauritius across the document set, but page 4 of the conflict policy still carries the Dubai number.

    +230 245 6703

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 .

Documents
1 of 9downloaded from the broker's site, and one read in full
Pages opened
44pages walked to find those documents, footer links included
Older copies
8earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Position measured
2clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Miles Capital Limited

The documents name four versions of this company. Eight of them head themselves Miles Capital Limited and say the services come from Miles Capital Financial Broker, under Mauritius licence number GB22201008. The Risk Management Policy instead calls Miles a trading name of Miles Financial Broker LLC, and leaves that company's licence number as three asterisks. The same page also calls it Miles Capital Financial broker LLC. Nothing published tells you which one you contract with, because the Customer Agreement that would settle it is not published.

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

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

In fairness, and what we could not check

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

The client money section goes further than most brokers bother to. Miles Capital states it hedges with its own funds only, passes no client money to hedging counterparties, and takes no speculative positions itself. All nine policies download free, with no login and no email wall. The complaint policy sets an eight week resolution target, the same clock UK regulated firms work to, and names the regulator as the place to escalate.

We could not read the payment terms. Miles Capital publishes that file as a picture of the words. Nothing in the body can be selected, copied or searched, and only the clause numbers are real text. Where we quote payment terms below, the words come from the June 2024 version of the same file. We say so each time. Words are also missing from the text of the other eight PDFs, so we quote only passages that read complete. The Customer Agreement is published nowhere, so the contract governing your account was not read. The Acceptable Use Policy, named four times in the Website T&C, is not published either. The earlier copies of eight documents all date from 2024.

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 Sep 21, 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.

Back to the MILES CAPITAL profile