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Contract reading

What Morfin FX legally published, but does not want you to read

Every clause below is published by Morfin FX 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: Morfin FX LLC

withdrawalssole discretionhidden feecomplaint deadlinedeemed acceptanceforum waiverkyc freezeprofit voidingaccount closuremargin close out

Morfin FX can reject your entire profit withdrawal if more than 10% of the account's profit came from trades closed faster than its minimum holding time. It can decline any withdrawal without giving a reason, and not one fee amount appears in any of its six documents. The governing law clause still carries the template's placeholder, so no country's law is named. The footer bars nine countries that the sign-up form offers.

Back to Morfin FX

Contract risk

Money at risk
8.5/10

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

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
12
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
28
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
6
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
8

How the 28 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.

Critical12
Warning14
Notice2

section 19 of 21is where the deepest clause sits, 90% 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.

4 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.

Critical10%Profit at risk. Jump to the clause this comes from.Whole profit withdrawal refusable over short tradesCritical30 daysFee you were not shown. Jump to the clause this comes from.Swap free account charges swap back to day oneCritical2 working daysTime to complain. Jump to the clause this comes from.Two business days to object, then silence is agreementCritical9In the contract. Jump to the clause this comes from.Nine barred countries are offered at sign-up

What the documents say

28 clauses worth knowing about, worst first, each quoted from Morfin FX's own files

01

Close trades faster than Morfin FX's minimum holding time and it calls the profit scalping. If scalping makes up more than 10% of the profit in your account, the firm can reject your entire profit withdrawal. The minimum is three minutes on metals and currency pairs, five minutes on everything else.

Why this matters

One quick trade can disqualify the profit from every slow one. Morfin FX decides what counts, and the policy it says it will act under next is not on its website.

Exhibit 1CriticalRarely seen10%

Scalping and High-Frequency Trading (HFT) are permitted only under the Company’s defined conditions whereby the minimum trade duration must be three (3) minutes for metals and currency pairs and five (5) minutes for cryptocurrencies and all other asset classes; however, if profits generated through scalping exceed ten percent (10%) of the total profits earned in the account, the Company reserves the right to reject the entire profit withdrawal request and proceed with further actions on the account in accordance with Policy No. 35
Clause Scalping and HFT in Client Agreement
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Our own capture of morfinfx.com, taken on Oct 5, 2026Whole profit withdrawal refusable over short trades (clause Scalping and HFT)Visit this page on the broker's siteDownload the full size image file

What it costsOn $10,000 of total account profit, $1,001 earned from short trades is over 10%. That is enough for Morfin FX to reject the whole $10,000 profit withdrawal.

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

Firms licensed by the FCA or CySEC must hold retail client money so it can be returned on request, and must set out any condition on a payout before the client trades. This clause makes the payout depend on a test applied afterwards.

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

Our readingA minimum holding time is common. Tying the whole profit payout to a percentage test on how the profit was earned is not, because trades that broke no rule are refused along with the ones that did.

  • Worse together with Exhibit 6A payout that needs no reason to be refused, plus a test that disqualifies a whole profit withdrawal, means the money moves only when Morfin FX agrees twice.
02

Morfin FX can turn down a withdrawal request and does not have to tell you why. It can refuse any order or instruction at its discretion, without notice or explanation, and you cannot claim damages or compensation when it does.

Why this matters

Nothing in the contract tests the refusal or limits how long it lasts. Money you can see in the account is money Morfin FX still has to agree to send.

Exhibit 6CriticalHarder than usual

The Company reserves the right to decline withdrawal requests and may request additional information if deemed necessary.
Clause 24 (Decline Withdrawals) in Client Agreement
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Our own capture of morfinfx.com, taken on Oct 5, 2026Withdrawals can be declined with no reason given (clause 24 (Decline Withdrawals))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 keep retail client money available to return on request and must explain a decision that affects it. This contract gives Morfin FX a refusal that needs no reason, no notice and no appeal.

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

03

A swap free account pays no swap for the first 30 calendar days a trade is open. Hold the trade longer and Morfin FX charges swap from the day you opened it, not from day 31. It can take the money from your balance, equity or margin without telling you first.

Why this matters

The cost is worked out after you have already held the position, so you cannot price it when you open. A charge you did not expect can push the account towards an automatic close out.

Exhibit 3CriticalRarely seen30 days

All eligible Morfin FX swap-free accounts shall enjoy zero swap charges for the first thirty (30) calendar days from the date a trade is opened.
Clause 11 (Swap-Free Period) in Client Agreement
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Our own capture of morfinfx.com, taken on Oct 5, 2026Swap free account charges swap back to day one (clause 11 (Swap-Free Period))Visit this page on the broker's siteDownload the full size image file

What it costsA position held for 40 days is charged swap for all 40 days, not for the 10 days past the window.

Our readingSwap free offers normally end the benefit and charge from that date forward. Charging back to day one turns a benefit you already used into a debt on a position you still hold.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Days 1 to 30No swap is charged while the trade stays open.11 (Swap-Free Period)
Day 31Swap becomes payable on the position.11 (Trades Held Beyond 30 Days)
Retroactive chargeMorfin FX charges swap back to the first day the position was opened.11 (Retroactive Swap Adjustment)
Any time afterMorfin FX takes the swap from your balance, equity or margin with no notice.11 (Automatic Deduction)
04

Morfin FX never says which country's law governs your contract. The clause reads that the laws of the Republic of [Country's Name] apply, with the template's placeholder still in place. The Terms and Conditions send you to that clause for the detail, and name the platform's owner as [Your Forex Broker Company].

Why this matters

You cannot tell which law protects you. The arbitration clause leaves the seat, the language and the number of arbitrators to be settled later, and every legal page still carries the template's filler paragraph.

Exhibit 7CriticalRarely seen

The Agreement and all Transactions entered into with the Client are governed by and construed under the laws. This means that the laws and regulations of the Republic of [Country’s Name] apply to the Agreement and any related transactions.
Clause 16 (Governing Law) in Client Agreement
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Our own capture of morfinfx.com, taken on Oct 5, 2026Governing law clause names no country (clause 16 (Governing Law))Visit this page on the broker's siteDownload the full size image file

Our readingNaming the law that applies is the one job a governing law clause has. This one leaves the country as a placeholder and sends disputes to an arbitration centre whose seat and language the contract has not chosen.

05

You get two business days to object in writing to a trade confirmation. After that Morfin FX treats the confirmation as conclusive and binding, whatever went wrong. The same clause lets the firm correct its own errors in your account, whether they produce a profit or a loss.

Why this matters

A wrong fill you notice in week two is agreed, not disputed. You have two business days from receiving the confirmation, and the first step the contract gives you after that is a complaints procedure Morfin FX does not publish.

Exhibit 4CriticalHarder than usual2 working days

Trade confirmations are considered conclusive and binding unless the client notifies the Company in writing to the contrary within two (2) business days following the receipt of the trade confirmation.
Clause 12 (Review and Notification) in Client Agreement
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must handle a retail complaint under a published procedure and point the client to an independent ombudsman afterwards. This contract sets a two business day window and treats silence as acceptance.

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

06

Run a trade through an expert advisor, an algorithm or an AI system and Morfin FX can reject the withdrawal of what it earned. Without the firm's prior approval of your software, the contract says it is not liable for the resulting profits or losses, including your capital.

Why this matters

Automated trading runs on the platform Morfin FX gives you, and the money it makes can be stopped on the way out. You still carry the loss when the same trades go wrong.

Exhibit 2CriticalHarder than usual

The broker reserves the right to reject any withdrawal requests resulting from trades executed through these methods.
Clause 8 (EA/Algorithmic/AI Trading Policy) in Client Agreement
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Our own capture of morfinfx.com, taken on Oct 5, 2026Profits from automated trading can be refused (clause 8 (EA/Algorithmic/AI Trading Policy))Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 12One clause refuses the payout of automated profit and the other lets the firm take back profit it calls price abuse, with neither term defined.

Morfin FX can suspend the account without giving a reason

Morfin FX can suspend your account at any time, with or without a reason and with no written notice. Leverage opens at the maximum of 1:400, margin can change on positions you already hold, and everything is closed out at 20% of required margin with the shortfall left to you. Moving house without telling the firm is an event of default.

Control of the account5 clauses flagged

Morfin FX can close all your positions once your equity falls to 20% of the margin you need, and it has no duty to warn you first. Any deficit left after that is yours to pay.

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

You can end a bad day owing Morfin FX money, not simply losing your deposit. The Risk Warning says so plainly, and nothing in the contract writes that debt off.

Exhibit 9CriticalStandard wording20%

If, at any time, the client’s Equity falls below 20% of the Necessary Margin, the Company has the right to close any or all of the client’s open positions without their consent or prior written notice.
Clause 10 (Equity vs. Necessary Margin) in Client Agreement
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Our own capture of morfinfx.com, taken on Oct 5, 2026Close out at 20% of margin, and the shortfall is yours (clause 10 (Equity vs. Necessary Margin))Visit this page on the broker's siteDownload the full size image file

What it costsOn an account that needs $500 of margin, Morfin FX can close everything once your equity touches $100.

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

Firms licensed by the FCA or CySEC, and firms following the ESMA measures, must give a retail client negative balance protection so a loss cannot take the account below zero, and must close positions at 50% of required margin. This contract closes at 20% and leaves the shortfall with the client.

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

  • Worse together with Exhibit 15Leverage of 1:400 by default makes the 20% close out easier to reach, and the deficit that follows is still the client's.

Morfin FX can suspend your account at any time, with or without a reason, and without written notice or a court order. It can also withdraw its services permanently at its discretion and give you no notice of that either.

Why this matters

A suspended account still holds your balance, and the contract sets no deadline for lifting the suspension. You are told nothing, so you have nothing to answer.

Exhibit 11CriticalHarder than usual

The Company has the discretion to suspend the Client Account at any time, with or without providing a reason and without the need for written notice or court order.
Clause 14 (Suspension of Client Account) in Client Agreement
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Our own capture of morfinfx.com, taken on Oct 5, 2026Account suspension at any time, with no reason (clause 14 (Suspension of Client Account))Visit this page on the broker's siteDownload the full size image file

Your account opens at 1:400 leverage, the highest Morfin FX offers, unless you ask for less. The firm can change margin requirements without notice, including on positions you already hold, and can change your leverage if it thinks you are exploiting margin.

Why this matters

The riskiest setting is the one you get without asking for it. Morfin FX can also raise the margin behind a trade you have already opened, at no notice.

Exhibit 15WarningHarder than usual400

The default leverage rate is set at 1:400 at the opening of the client account.
Clause 9 (Leverage) in Client Agreement
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What it costsAt 1:400, $250 of margin supports a $100,000 position. A move of 0.25% against that position equals the whole margin.

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

Firms licensed by the FCA, and firms following the ESMA measures, may not give a retail client more than 1:30 leverage on major currency pairs. Morfin FX sets 1:400 as the opening default.

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

Morfin FX can change the contract at any time on two business days' written notice. A notice posted on its web page counts as delivered to you one hour later, and your next trade after a change counts as your acceptance of it.

Why this matters

Terms you read can be different by the time you trade again, and the trade itself is treated as consent. Changes made to follow a law or a regulation take effect immediately.

Exhibit 19WarningHarder than usual2 working days

The company has the right to amend the terms of the agreement at any time, but it must provide the client with at least two business days of written notice before such changes become effective.
Clause Notice of Amendments in Client Agreement
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Changing your physical location without telling Morfin FX is an event of default under the Client Agreement. On a default the firm can close your positions, debit your accounts, combine them and end the agreement.

Why this matters

An administrative slip is treated like a failure to pay. The same list covers collateral the firm decides is inadequate and being abusive to its staff.

Exhibit 26WarningRarely seen

Change of Location: If the client changes their physical location without notifying the Company, it is considered an Event of Default.
Clause 33 (Change of Location) in Client Agreement
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Our readingDefault clauses normally cover money, insolvency and false statements. Putting a change of a client's home address among them means a routine life event sits beside a payment failure.

Nine countries are barred in the footer and offered at sign-up

Morfin FX says it does not serve residents of nine countries, including India, the UAE and the UK, in a line at the bottom of every legal page. Its sign-up form offers India, Iraq, Myanmar, Sudan and the UAE in the country list, and its homepage publishes testimonials from clients in the UK and the UAE. The About Us page says it has helped traders from around the world for over 9 years.

Who may open an account1 clause flagged

Nine countries sit on Morfin FX's own restricted list, including India, the UAE and the UK. Its sign-up form offers India, Iraq, Myanmar, Sudan and the UAE as your country of residence, and its homepage carries testimonials from clients in the UK and the UAE.

Why this matters

Open an account from a country on that list and Morfin FX can say at any point that it should never have served you. The restriction sits in the last lines of the page footer, below the risk statement.

Exhibit 8CriticalHarder than usual9

Restricted Region : Morfin FX LLC does not provide services for citizens/residents of the United States, UK, UAE, India, Cuba, Iraq, Myanmar, North Korea, Sudan.
Clause Restricted Region (page footer) in Risk Warning
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Our own capture of morfinfx.com, taken on Oct 5, 2026What the contract says, clause Restricted Region (page footer)Visit this page on the broker's siteDownload the full size image file

Buried at section 19 of 21 in the Risk Warning, 90% of the way through.

Every Morfin FX withdrawal is a request the firm can decline

Morfin FX reserves the right to decline a withdrawal request and does not have to give a reason. You cannot ask at all while a position is open, every request passes internal verification and approval, and the money must leave by the method it arrived. If the firm's own bank account is frozen, the contract says your funds are frozen too and it takes no responsibility.

Exit conditions4 clauses flagged

If Morfin FX's own bank account is frozen, the Client Agreement says your funds are frozen too and the firm takes no responsibility. Your money can sit in one account with other clients' money, held by third parties the firm is not liable for.

Why this matters

A problem between Morfin FX and its bank becomes your problem, with no end date and nobody to claim against. The same clause does promise segregation into a Segregated Client Account, which is the part that works for you.

Exhibit 10CriticalRarely seen

If the Company’s bank account is frozen, the Company assumes no responsibility, and the client’s funds will also be frozen.
Clause 26 (Client Money) in Client Agreement
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Our own capture of morfinfx.com, taken on Oct 5, 2026Your funds freeze if the firm's bank account freezes (clause 26 (Client Money))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 hold client money in segregated accounts and keep it available to the client. Morfin FX promises segregation and then says a freeze on its own bank account freezes your balance.

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

Our readingClient money clauses normally promise to keep client funds reachable. This one states the opposite outcome and removes the firm's responsibility for it in the same sentence.

Morfin FX accepts a withdrawal request only when there is no ongoing trading and no open position in your account. Every request then goes through internal verification and approval.

Why this matters

Cash you need this week means closing a trade you wanted to keep, possibly at a loss. The free margin in the account is out of reach while you trade.

Exhibit 13WarningRarely seen

There should be no ongoing trading activities or open positions in your account.
Clause 1 (Eligibility) in Withdrawal & Refund Policy
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Our own capture of morfinfx.com, taken on Oct 5, 2026What the contract says, clause 1 (Eligibility)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 5 of 47 in the Withdrawal & Refund Policy, near the start.

Our readingBrokers normally let a client take out free margin while positions stay open. Barring any withdrawal while trading is open turns every cash need into a trading decision.

  • Worse together with Exhibit 6You must close your trades to qualify for a payout that Morfin FX can then decline without giving a reason.

Everything in your account stands as security for anything you owe Morfin FX. The firm can combine your accounts to settle a balance, pledge or reinvest what it holds for you, and keep the interest your money earns.

Why this matters

Your funds are collateral for the firm's claims, and equity produced by credit it granted can be taken back. You give up the interest while the money sits there.

Exhibit 17WarningRarely seen

All Financial Instruments, funds, securities, and other property in the Client’s account(s) or held elsewhere by the Company are subject to a security interest and general lien in favour of the Company.
Clause 21 (Security Interest and General Lien) in Client Agreement
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Our readingA general lien with a right to pledge or rehypothecate client property is a commercial lending device. In a retail trading agreement it means your balance can be used elsewhere while you cannot touch what it earns.

Morfin FX aims to pay a withdrawal within five business working days, after the internal approval step, and warns that outside delays can add to that. Money must leave by the method it arrived, and you must take out the full amount of a deposit that way before using another.

Why this matters

The five days are a target, not a promise, and the approval before them has no deadline. If your original card or bank is gone, Morfin FX decides whether your circumstances are satisfactory and can charge you for the alternative.

Exhibit 21WarningStandard wording5 working days

Morfin FX processes withdrawal requests promptly, aiming to complete the transaction within 5 (five) business working days.
Clause 3 (Processing Timeframe) in Withdrawal & Refund Policy
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Where it sits: section 12 of 47 in the Withdrawal & Refund Policy, 26% of the way through.

Morfin FX can refuse a whole profit withdrawal over how the profit was made

If more than 10% of your account's profit comes from trades closed inside three minutes, Morfin FX can reject the entire profit withdrawal. The same contract lets it refuse any withdrawal from automated trading and take back profits it decides came from abusing its prices. None of those tests is defined, and the policy the first one points to is not published.

Profit at risk1 clause flagged

Morfin FX can take back profits it decides came from abusing its prices, and end the relationship at the same time. It can also adjust prices, cancel transactions and delete quotes it calls spikes, along with any order executed on them.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Abuse of prices is not defined anywhere in the contract, so Morfin FX decides what it means. Profit already sitting in your balance can be reversed after the fact.

Exhibit 12CriticalHarder than usual

The Company has the right to retrieve historic trading profits gained through the abuse of prices and terminate the client relationship.
Clause 9 (Order Placement) in Client Agreement
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Two business days to object, under procedures Morfin FX does not publish

You have two business days to dispute a trade confirmation before Morfin FX treats it as conclusive and binding. Every dispute must start with Complaint Handling Procedures the contract calls binding and the site does not carry, and you have three months to bring any action. Liability is capped at the fees you paid in the previous six months.

Route to a complaint4 clauses flagged

Morfin FX makes four policies part of your contract and publishes none of them: the Complaint Handling Procedures, the Summary Order Execution Policy, the Conflict of Interest Policy and the Third-Party Disclosure Policy. The sign-up form has you confirm you have read them.

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

Your first step in any dispute is a complaints procedure you cannot read, and the contract calls it binding. The legal shelf on the site holds six documents and none of them is it.

Exhibit 5CriticalHarder than usual4

This CFDs Client Agreement shall include, without limitation, the Complaint Handling Procedures, the Withdrawal & Refund Policy, Summary Order Execution Policy, Risk Warning, Conflict of Interest Policy, Privacy Notice, Website Terms and Conditions, Third-Party Disclosure Policy, and any other document published on the Company’s Website under the title ‘Legal Documents,’ which shall all be incorporated by reference and amended from time to time.
Clause 2 (Agreement) in Client Agreement
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  • Worse together with Exhibit 4Two business days to object, under a complaints procedure nobody outside the firm can read, leaves no usable route at all.

Card deposits are non-refundable and irrevocable under the Client Agreement, and chargebacks are not permitted in most cases. Dispute one anyway and you are liable for the firm's costs, legal expenses and the value of the time it spent.

Why this matters

Asking your bank to reverse a card payment can bring you a bill from Morfin FX for its own time. The contract also lets it hold the disputed money in a reserve until the dispute ends.

Exhibit 18WarningHarder than usual

Credit card transactions (deposits) are non-refundable and irrevocable.
Clause 24 (Non-Refundable Transactions) in Client Agreement
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Morfin FX caps what it can owe you at the charges you paid it in the six months before the claim. It says it is not liable for losses from trading or from technical failures.

Why this matters

A platform failure that costs you thousands is answered by a refund of your recent fees, at most. The refund route beside it is discretionary, and the policy says refunds are not guaranteed.

Exhibit 20WarningStandard wording

Our liability to you for any claims arising from your use of our services is limited to the amount of charges paid by you to us during the six months preceding the claim.
Clause 7 in Terms and Conditions
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You have three months from the day a cause of action arises to start one against Morfin FX. Disputes go to arbitration in St. Vincent and the Grenadines, and you waive any objection to it happening there.

Why this matters

Three months is far shorter than the limitation period a court would normally give you. By the time a problem is clear, your window may already be shut.

Exhibit 24WarningHarder than usual

The Client must initiate any such action within three months from the day the cause of action arose.
Clause 16 (Time Limit for Bringing Actions) in Client Agreement
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Not one fee amount appears in any Morfin FX document

Morfin FX can raise transfer fees at any time with no notice, and the deposit and withdrawal page its contract names for those amounts is not on the site. A swap free account pays nothing for 30 days, then swap is charged back to the day the trade was opened. No deposit fee, withdrawal fee, swap rate or inactivity fee is quantified in the six published documents.

Cost disclosure1 clause flagged

Morfin FX can raise transfer fees at any time, for any reason, with no notice and without your consent. The deposit and withdrawal page its contract points to for those amounts is not on the site, and no fee is quantified in any published document.

Why this matters

You cannot work out what a deposit or a withdrawal costs before you make it. Withdrawal fees are told to you while you are asking to withdraw, when the money is already with the firm.

Exhibit 14WarningHarder than usual

The Client acknowledges and confirms that the Company may, at its discretion and at any time and/or for whatsoever reason and/or without any prior notification to the Client and/or without the prior consent of the Client, increase the amount of transfer fees which is demonstrated at the Company’s Website-Trading – Deposit & withdrawal page to any other amount the Company believes necessary.
Clause 25 in Client Agreement
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the costs and charges of a service before they trade. Morfin FX reserves the right to raise its transfer fees with no notice and publishes no amount for any of them.

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

  • Same clause as Exhibit 16The same list of charges in the Terms is the only mention of an inactivity fee, and it carries no amount.

The governing law clause names no country at all

Morfin FX's Client Agreement says the laws of the Republic of [Country's Name] apply, with the placeholder still in the text. Arbitration goes to the SVG International Arbitration Centre with the seat, the language and the number of arbitrators left to be decided. The client money, notice and default clauses run on Mauritius rules, the company is registered in St. Vincent and the Grenadines, and the office is in Georgia.

Unfinished contract1 clause flagged

Client money in your account sits under the rules of Mauritius and the EEA, and breaking Mauritius law is an event of default. Trading hours are set in Mauritius Time. The company is registered in St. Vincent and the Grenadines, and its office address is in Georgia.

Why this matters

Three countries appear in one contract and none is named as the governing law. If you need to enforce something, the document does not tell you where to start.

Exhibit 25WarningRarely seen

Client money may be held with third parties such as intermediaries, banks, clearing houses, or OTC counterparties. The legal and regulatory regime applicable to these entities will be according to the rules and laws of Mauritius and the EEA, and the Company will not be liable for any bankruptcy or insolvency of these third parties.
Clause 26 (Client Money) in Client Agreement
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Our readingA contract normally belongs to one jurisdiction. This one carries another country's rules through its client money, notice and default clauses, which is what happens when a template is reused without being rewritten.

Approved documents gate every Morfin FX withdrawal

Morfin FX requires identity and money laundering documents to be submitted and approved before it considers a withdrawal. Its published AML policy names fifteen sections and describes what they would contain, with no document list, no deadline and no appeal. The privacy policy sets no retention period and allows sharing with affiliates for marketing.

Checks before payout2 clauses flagged

Morfin FX will not consider a withdrawal until your identity and money laundering documents are submitted and approved. Its published policy names fifteen sections and describes what each would contain, without listing one document you must provide.

Why this matters

The checks standing between you and your money are not written anywhere you can read. There is no deadline on the review and no appeal from it.

Exhibit 22WarningHarder than usual

All required Know Your Customer (KYC) and Anti-Money Laundering (AML) documentation must be submitted and approved.
Clause 1 (Eligibility) in Withdrawal & Refund Policy
Read from the broker's site on Open the reference

Where it sits: section 4 of 47 in the Withdrawal & Refund Policy, near the start.

Morfin FX shares your personal information with its affiliates for marketing and sets no retention period. The privacy policy says data is kept for a specified period without saying what that period is.

Why this matters

You cannot find out how long your identity documents and trading history are held. The Client Agreement promises not to use your information for anyone else's benefit, and the next line allows affiliate marketing.

Exhibit 27NoticeStandard wording

We retain user data for a specified period, which may vary depending on legal requirements and business needs.
Clause Data Retention in Privacy Policy
Read from the broker's site on Open the reference

Morfin FX may be your counterparty and hold the opposite position

The Client Agreement says Morfin FX may act as principal, be the client's counterparty and take positions opposite to yours. It also says the firm need not disclose differences between the price it quotes you and the price it is quoted. The Conflict of Interest Policy the agreement makes part of itself is not published, and the same document calls the firm an STP and ECN broker.

Both sides of the trade1 clause flagged

Morfin FX may act as principal, which means it can be the other side of your trade. The contract says the firm, its associates and its staff may hold positions opposite to yours, and that it need not tell you when its own quotes differ from what it is quoted.

Why this matters

When the firm is your counterparty, your loss can be its gain. The conflict of interest policy that is supposed to govern this is named in the contract and is not on the website.

Exhibit 23WarningStandard wording

When the Company is acting as a principal, it may act as the Client’s counterparty in transactions, potentially creating a conflict of interest.
Clause Company as Principal in Client Agreement
Read from the broker's site on Archived copyOpen the reference
Our own capture of morfinfx.com, taken on Oct 5, 2026The claim, on Client Agreement, inside the EA and algorithmic trading policy in clause 8Visit this page on the broker's siteDownload the full size image file
Our own capture of morfinfx.com, taken on Oct 5, 2026What the contract says, clause Taking PositionsVisit this page on the broker's siteDownload the full size image file

Six months without a trade freezes a Morfin FX account

Morfin FX treats an account with no trading for six months as dormant, one at twelve months as closed, and freezes both immediately. To use it again you pass the identity checks again, deposit money and place at least one trade. After six years of no activity the firm may release your balance from the segregated client account.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Six months with no trading makes your account dormant and twelve months makes it closed, and Morfin FX freezes both immediately. To use it again you redo the identity checks, put money in and place at least one trade.

Why this matters

Your balance is frozen by a calendar, not by anything you did wrong. Reaching it again starts with a fresh deposit, and after six years of no activity the firm may move your money out of the segregated client account.

Exhibit 16WarningRarely seen

Accounts that have no trading activity and remain non-operational for six (6) months are considered Dormant accounts. After twelve (12) months of dormancy, such accounts are considered Closed. Both Dormant and Closed accounts will be frozen immediately.
Clause 14 (Dormant and Closed Accounts) in Client Agreement
Read from the broker's site on Archived copyOpen the reference

Our readingDormancy rules are ordinary. Requiring a new deposit and a trade before a frozen balance becomes reachable again is not, because recovering your own money starts with paying more in.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
6 months with no tradingMorfin FX treats the account as dormant.14 (Dormant and Closed Accounts)
12 months of dormancyMorfin FX treats the account as closed.14 (Dormant and Closed Accounts)
Immediately on eitherMorfin FX freezes the account.14 (Dormant and Closed Accounts)
To reactivateYou pass the identity checks again, fund the account and place at least one trade.14 (Reactivation)
6 years with no activityMorfin FX may release your money from the Segregated Client Account.26 (Client Money)

Morfin FX LLC names a country, not a regulator

Your contract is with Morfin FX LLC in Kingstown, St. Vincent and the Grenadines, which the Client Agreement says is authorized and regulated by St. Vincent and the Grenadines under License number 1539LLC2021. No financial regulator is named in any of the six documents, and the only one mentioned anywhere is an unidentified FSC. The firm's bank account may sit in a different country from the one it says regulates it.

Who you contract with1 clause flagged

Your contract is with Morfin FX LLC in Kingstown, St. Vincent and the Grenadines. The Client Agreement says the company is authorized and regulated by St. Vincent and the Grenadines and holds License number 1539LLC2021, and it names no financial regulator anywhere.

Why this matters

There is no named supervisor to complain to and no compensation scheme mentioned in any document. The firm's bank account may sit in a different country from the one it says regulates it.

Exhibit 28NoticeStandard wording

The Company is authorized and regulated by ST. VINCENT AND THE GRENADINES and holds License number 1539LLC2021.
Clause 1 (Introduction) in Client Agreement
Read from the broker's site on Archived copyOpen the reference

Where the marketing and the contract disagree

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

01

The page promises no commission and no hidden charges while the Terms reserve commissions, deposit, withdrawal and inactivity fees, none of them quantified.

Said in public, in English

Zero commission and no hidden charges – full transparency at every step

About Us page, under the heading Our Guarantee

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

In the contract · clause 5

We may charge fees for using our services, such as spreads, commissions, and swap fees. We may also charge fees for deposits and withdrawals, as well as for inactivity or account maintenance.

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

02

Traders from around the world are claimed on the About Us page, while the footer bars residents of nine countries and the allowed list names seven places.

Said in public, in English

For over 9 years, we have been helping traders from around the world access the international stock market with clarity, transparency, and confidence.

About Us page, opening paragraph under Who We Are

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

In the contract · clause Restricted Region (page footer)

Restricted Region : Morfin FX LLC does not provide services for citizens/residents of the United States, UK, UAE, India, Cuba, Iraq, Myanmar, North Korea, Sudan.

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

03

The homepage presents satisfied clients in the UK and the UAE, two of the countries the footer says Morfin FX does not serve.

Said in public, in English

Morfin FX’s manual trading feature has been a game changer for me. This has significantly boosted my profits, and I highly recommend it to anyone looking to benefit from forex.

Homepage testimonial published under the name Dr. Vinod K, UK

In the contract · clause Restricted Region (page footer)

Restricted Region : Morfin FX LLC does not provide services for citizens/residents of the United States, UK, UAE, India, Cuba, Iraq, Myanmar, North Korea, Sudan.

04

The sign-up form lets you register with India, Iraq, Myanmar, Sudan or the UAE as your country of residence, all of them on the restricted list.

Said in public, in English

India (भारत)

Country list on the Morfin FX sign-up form, which also offers Iraq, Myanmar, Sudan and the United Arab Emirates

In the contract · clause Restricted Region (page footer)

Restricted Region : Morfin FX LLC does not provide services for citizens/residents of the United States, UK, UAE, India, Cuba, Iraq, Myanmar, North Korea, Sudan.

05

Quick withdrawal is promised on the homepage, while the policy accepts a request only when nothing is open and only after internal approval.

Said in public, in English

Easy Deposit & Quick Withdrawal

Homepage service promise beside the Zero Commission heading

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

In the contract · clause 1 (Eligibility)

There should be no ongoing trading activities or open positions in your account.

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

06

The same document calls Morfin FX a pass-through broker and allows it to be your counterparty and hold the opposite position.

Said in public, in English

As a Straight Through Processing (STP) and ECN broker, we maintain transparency and are fully regulated.

Client Agreement, inside the EA and algorithmic trading policy in clause 8

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

In the contract · clause Taking Positions

The Company, its associates, and employees may take positions that are opposite to the Client’s positions or may compete with the Client to acquire similar positions.

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

07

The office is in Georgia, the company is registered in St. Vincent and the Grenadines, and the client money clause applies the rules of Mauritius and the EEA.

Said in public, in English

Office no. 47, Merani Business Center, 31a Alexander Griboedov St, Tbilisi, Georgia

Contact page, under the heading Physical Address

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

In the contract · clause 26 (Client Money)

The legal and regulatory regime applicable to these entities will be according to the rules and laws of Mauritius and the EEA, and the Company will not be liable for any bankruptcy or insolvency of these third parties.

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

08

You confirm you have read an order execution policy, a conflict of interest policy and a third party disclosure policy, and the site has no Legal Documents page and none of those three.

Said in public, in English

I have read, understood, and agreed to Morfin FX’s client agreement which includes order execution policy, conflict of interest policy, privacy policy , 3rd party disclosure policy and any other terms in the client agreement.

Consent you must tick on the Morfin FX sign-up form

In the contract · clause 2 (Agreement)

and any other document published on the Company’s Website under the title ‘Legal Documents,’ which shall all be incorporated by reference and amended from time to time.

What changed quietly

First reading of Morfin FX, so there is nothing to compare it with.

  • REWRITTENClause Restricted Region (page footer) · 2026-05-08 to none stated

    Morfin FX added the UK to the countries it says it does not serve, so a UK client who opened an account before May now sits on the restricted list.

    Restricted Region : Morfin FX LLC does not provide services for citizens/residents of the United States, UK, UAE, India, Cuba, Iraq, Myanmar, North Korea, Sudan.

  • ADDEDClause Allowed Region (page footer) · 2026-05-08 to none stated

    A new line names the regions Morfin FX intends to operate in, which is far narrower than the worldwide reach its About Us page claims.

    Allowed Region : Morfin FX is intended to operate in African countries, Mauritius, Uzbekistan, Kazakhstan, Seychelles, St. Lucia, and St. Kitts.

The documents this reading is based on

6 files, all published by Morfin FX. 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 Morfin FX publishes.

How this reading was done

Every clause above was read out of a document Morfin FX publishes itself

This reading was published on .

Documents
6 of 6downloaded from the broker's site, and 6 read in full
Pages opened
25pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
4public pages set against what the contract says
Position measured
4clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Morfin FX LLC

Your counterparty is Morfin FX LLC, Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines. The Client Agreement says the company is authorized and regulated by St. Vincent and the Grenadines. It gives License number 1539LLC2021 and no other number. No financial regulator is named in any of the six documents, and the only one mentioned anywhere is an unidentified FSC. The contact page labels the same number as a licence number and gives a physical office in Tbilisi, Georgia. There is one entity, and no second company appears in the documents.

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 six legal documents sit on morfinfx.com as plain web pages, free to read with no download and no login. The Client Agreement promises client money goes into a Segregated Client Account, with daily reconciliation against the firm's own records. The Risk Warning says in its own words that you can lose more than you deposited. The manifest error clause commits Morfin FX to act reasonably before it voids a trade. The same-method withdrawal rule also carries a written exception for a closed bank or a change of citizenship.

Five documents the contract makes part of itself are not on Morfin FX's website. We could not read its Complaint Handling Procedures, order execution policy, conflict of interest policy or third party disclosure policy. The Client Categorization section the contract refers to is not published either. The deposit and withdrawal page the fee clause points to is not on the site, so no fee amount could be checked. Policy No. 35, named in the scalping clause, is not published. Morfin FX sells MAM, PAMM, copy trading and an introducing broker programme, and publishes no terms for any of them. The only earlier copy we had was the Risk Warning as it stood in May 2026, so we cannot say when the Client Agreement's clauses were written. The country list we checked sits inside the sign-up form, so you see it only after you start creating an account.

How to check any of this yourself

Every quote above links to the Morfin FX 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 Morfin FX 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 Morfin FX 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 5, 2026.

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

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