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Contract reading

What N1CM legally published, but does not want you to read

Every clause below is published by N1CM 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: Number One Capital Markets LTD.

deemed acceptancedocument availabilityhidden feeprofit voidingwithdrawalsaccount closuremarketing gapsole discretionunilateral amendmentbonus lock

N1CM offers 13 legal documents for download and not one of them opens, the client agreement included. Clause 5.2 stretched the withdrawal wait from three business days to 15, and the document's date never moved. Profit can be removed from any trade you close inside 150 seconds. The home page promises protection against any negative balance, and the contract grants it only under normal market conditions.

Back to N1CM

Contract risk

Money at risk
8.2/10

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.
5
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
20
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
5
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
13

How the 20 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical5
Warning14
Notice1

section 111 of 128is where the deepest clause sits, 87% of the way into the document it is in

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

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

Critical10In the contract. Jump to the clause this comes from.Ten legal documents offered, none of them opensCritical150Profit at risk. Jump to the clause this comes from.Profit removed from any trade closed inside 150 secondsCritical12Account limit. Jump to the clause this comes from.Sign-up form accepts twelve countries the contract bars15 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawal wait stretched to fifteen business days

What the documents say

20 clauses worth knowing about, worst first, each quoted from N1CM's own files

01

N1CM's legal page offers 10 documents to download, including the client agreement, the risk disclosure and the complaints policy. No file arrives from any of the links.

Why this matters

You are asked to agree to terms you cannot obtain. If N1CM later removes your profit or refuses a payout, the document that sets out what it may do is not available to you.

Exhibit 2CriticalRarely seen10

At Number One Capital Markets, we are committed to full transparency. All of our legal documents are made available for your review.
Clause Important Legal Information in Legal Documents
Read from the broker's site on Open the reference
Our own capture of n1cm.com, taken on Oct 16, 2026Ten legal documents offered, none of them opens (clause Important Legal Information)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 terms of business in a durable form before providing the service. N1CM publishes a page offering ten such documents and delivers none of them.

N1CM is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingBrokers routinely bury terms inside long PDFs. A legal shelf where every file is missing, the client agreement included, leaves the contract unreadable rather than merely hard to read.

  • Worse together with Exhibit 3The shelf and the sign-up gate between them leave no readable copy of the contract you accept.
02

Close a position in under 150 seconds and N1CM can take the profit from it. Clause 4.8 applies the rule to every account type and to anything an automated system opens.

Why this matters

A fast exit, or a trade you close on a news spike, can have its gain removed. A loss over the same stretch stays with you, as N1CM states.

Exhibit 4CriticalHarder than usual150

All trades must remain open for at least 150 seconds (2 minutes and 30 seconds). If a position is closed in less than 150 seconds, the profit generated from that trade may be removed from the account.
Clause 4.8 in Terms of Service
Read from the broker's site on Open the reference
Our own capture of n1cm.com, taken on Oct 16, 2026Profit removed from any trade closed inside 150 seconds (clause 4.8)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 42 of 128 in the Terms of Service, 33% of the way through.

What it costsA $200 gain on a trade you held for just over two minutes can be removed. The same trade held past 150 seconds keeps it.

03

N1CM's home page says your account is protected against any negative balance in sudden market moves. The contract grants that protection only under normal market conditions, and never defines normal.

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 price gap or a trading halt is exactly when a balance falls below zero. The contract's wording lets N1CM leave that shortfall with you, and it warns elsewhere that your balance may become negative.

Exhibit 5CriticalHarder than usual

Subject to applicable regulatory requirements, we provide negative balance protection, meaning that your total loss will not exceed the total funds deposited in your trading account. This protection applies to losses incurred from trading activity under normal market conditions.
Clause 4.5 in Terms of Service
Read from the broker's site on Open the reference
Our own capture of n1cm.com, taken on Oct 16, 2026Negative balance protection promised flat, granted conditionally (clause 4.5)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 36 of 128 in the Terms of Service, 28% of the way through.

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

Firms licensed by the FCA, and firms under the ESMA product rules, must give retail CFD clients negative balance protection that market conditions cannot switch off. N1CM grants it subject to regulatory requirements, and says elsewhere that no regulator supervises it.

N1CM is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

04

The Legal Notice says N1CM does not serve residents of 12 named countries. Its new client portal lets you pick every one of them from the country list and register.

Why this matters

If you live in one of those places, your own use of the service is listed as a prohibited activity. N1CM can close the account later, and its terms let it strip profit obtained in breach.

Exhibit 6CriticalHarder than usual12

Number One Capital Markets LTD. does not offer services to residents of certain jurisdictions, including but not limited to Russia, Myanmar, the United States of America, Canada, the United Kingdom, Australia, North Korea, Sudan, Syria, Iran, Cuba, the United Arab Emirates (UAE), or any other jurisdiction where our services may conflict with local laws and regulations.
Clause Legal Notice in Terms of Service
Read from the broker's site on Open the reference
Our own capture of n1cm.com, taken on Oct 16, 2026Sign-up form accepts twelve countries the contract bars (clause Legal Notice)Visit this page on the broker's siteDownload the full size image file

Buried at section 111 of 128 in the Terms of Service, 87% of the way through.

  • Worse together with Exhibit 11Living in a barred country makes your own trading a breach, which is the trigger the profit removal clause needs.
05

To open an account you confirm you understand N1CM's risk warning, its terms and its privacy policy. All three links lead to nothing.

Why this matters

You tick a box saying you have read three documents that do not open. That tick is what N1CM relies on if you ever say you were not told.

Exhibit 3CriticalRarely seen3

All documents are provided in English. In the event of any discrepancy between translated versions and the English original, the English version shall prevail.
Clause Important Notice in Legal Documents
Read from the broker's site on Open the reference
Our own capture of register.n1cmpro.com, taken on Oct 16, 2026The claim, on Turkish sign-up form, mandatory acceptance line above the Join Now buttonVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Oct 16, 2026What the contract says, clause Important NoticeVisit this page on the broker's siteDownload the full size image file
Our own capture of register.n1cmpro.com, taken on Oct 16, 2026The claim, on English sign-up form, acceptance line linking three documentsVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Oct 16, 2026What the contract says, clause Important NoticeVisit this page on the broker's siteDownload the full size image file

Our readingA sign-up gate that demands acceptance of documents the site does not serve turns the consent box into a formality with nothing behind it.

06

Your money can take 15 business days to reach you under clause 5.2. The June 2026 version of the same clause said one to three.

Why this matters

Fifteen business days is three calendar weeks without access to your own money. The contract still carries its January 2025 date, so nothing signalled that the clock had changed.

Exhibit 1WarningHarder than usual15 working days

Withdrawals typically take between three (3) and fifteen (15) business days to reach you depending on the payment method used, and processing times may vary depending on compliance checks required.
Clause 5.2 in Terms of Service
Read from the broker's site on Open the reference
Our own capture of n1cm.com, taken on Oct 16, 2026The claim, on Fast & Secure Funding block on the home pageVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Oct 16, 2026What the contract says, clause Withdrawal MethodsVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Oct 16, 2026Withdrawal wait stretched to fifteen business days (clause 5.2)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 54 of 128 in the Deposits & Withdrawals, 42% of the way through.

What it costsA bank payout asked for on Thursday 1 October reaches you on Thursday 22 October at 15 business days. The same table promised 1 to 5 business days in June 2026.

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

Firms licensed by the FCA or CySEC must tell a retail client in advance, in a durable form, before a term that affects their money changes. N1CM's own clause 1.3 promises fourteen days' notice of material changes, and this clock moved with the document's date untouched.

N1CM is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 18The identity check N1CM runs at your first withdrawal happens before the clock that clause 5.2 already measures in weeks.
  • Worse together with Exhibit 7A payout can be both slow and charged, and the charge has no published amount.

N1CM promises documents that do not open and protection the contract qualifies

Ten documents on N1CM's legal page offer a download and deliver nothing, including the client agreement it calls primary. The sign-up form asks you to accept three more that behave the same way, in eight languages. Its home page promises protection against any negative balance, and the contract grants that only under normal market conditions.

Promise against contract1 clause flagged

N1CM tells you client funds sit in segregated accounts at top-tier banks. No clause in any document you can read says so, and the contract cancels every promise made outside it.

In plain words

Supersedes means beats: where two documents disagree, that one wins.

Why this matters

The sentence you relied on is a website claim, not a term of your agreement. Nothing you signed requires N1CM to keep your money apart from its own.

Exhibit 19WarningHarder than usual

These Terms, together with our Privacy Policy, Cookie Policy, Order Execution Policy, and any other agreements or documents referenced herein, constitute the entire agreement between you and Number One Capital Markets with respect to the subject matter hereof and supersede all prior or contemporaneous communications, representations, and agreements, whether written or oral.
Clause 12.4 in Terms of Service
Read from the broker's site on Open the reference

Buried at section 94 of 128 in the Deposits & Withdrawals, 73% of the way through.

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

Firms licensed by the FCA, CySEC or ASIC must hold retail client money in segregated accounts and write that duty into the client terms. N1CM makes the promise on its website and its contract contains no segregation clause.

N1CM is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

A fee schedule N1CM points to and never publishes

Clause 5.3 reserves fees on deposits, withdrawals, currency conversions and account inactivity, all set out in a fee schedule that is nowhere on the site. The FAQ adds a processing fee for withdrawing funds you have not traded, and points at that same missing schedule. Two N1CM pages also price the Raw Spread commission at $5 a side and at $4.00 a round turn.

Cost disclosure2 clauses flagged

Ask for your deposit back without having traded it and N1CM may charge a processing fee. Its own payments page says it charges no withdrawal fees at all.

Why this matters

You cannot find out what this costs before you deposit. The contract names four kinds of charge and points at a fee schedule that is nowhere on the site.

Exhibit 7WarningHarder than usual4

If a withdrawal request is made without any trading activity on the account, a processing fee may apply. Please refer to our fee schedule for details.
Clause Are there any fees for withdrawals? in Frequently Asked Questions
Downloaded from the broker's site on Open the reference
Our own capture of n1cm.com, taken on Oct 16, 2026The claim, on Transparency, Our Core Values sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Oct 16, 2026What the contract says, clause Are there any fees for withdrawals?This 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

Where it sits: section 56 of 128 in the Frequently Asked Questions, 44% of the way through.

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

Firms licensed by the FCA or CySEC must disclose all costs and charges to a retail client before they trade. N1CM reserves four kinds of fee and sets their amounts in a schedule it does not publish.

N1CM is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The Raw Spread account page puts the commission at $5 a lot per side. The pricing page puts it at $4.00 for a round turn, which covers both sides.

Why this matters

You cannot work out what a trade costs before you fund the account. The same two pages set the minimum deposit for that account at $1,000 and at $10,000.

Exhibit 9WarningHarder than usual$5

Raw Spread Account: 0.0 pip spread ($0.00) + $4.00 commission = $4.00 total cost per round turn
Clause Spread Cost Calculation Example in Spreads & Commissions
Downloaded from the broker's site on Open the reference
Our own capture of n1cm.com, taken on Oct 16, 2026The claim, on Raw Spread Account product pageVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Oct 16, 2026What the contract says, clause Spread Cost Calculation ExampleVisit this page on the broker's siteDownload the full size image file

What it costsAt $5 a side, ten round-turn lots cost $100 in commission. At $4.00 a round turn, the same ten lots cost $40.

Profit can be removed for closing too fast or for trading N1CM calls unfair

Clause 4.8 lets N1CM take the profit from any trade closed inside 150 seconds, on every account type, including trades an automated system opens. Clause 4.12 adds a second route: profits, bonuses and other benefits can be removed where N1CM decides the trading was abusive or unfair. Neither clause was in the June 2026 version of the contract, and neither term is defined.

Profit at risk1 clause flagged

N1CM can investigate your trading and remove profits, bonuses or other benefits it says came from abusive or unfair practices. Neither term is defined in any document you can read.

Why this matters

The test is N1CM's own judgement, and no clause gives you an appeal or a deadline for its decision. A second clause lets it void every transaction on accounts it treats as duplicates.

Exhibit 11WarningHarder than usual

The Company reserves the right to investigate trading activity and to remove profits, bonuses, or other benefits obtained through violations of these Terms or through abusive or unfair trading practices.
Clause 4.12 in Terms of Service
Read from the broker's site on Open the reference

Where it sits: section 50 of 128 in the Terms of Service, 39% of the way through.

The bonus rules you would be bound by sit in a file that does not open

N1CM's legal page describes bonus terms covering eligibility, trading volume requirements and the circumstances in which a bonus may be revoked, and that document delivers nothing. What is readable is clause 4.11 and rule 1 of the trading rules: abuse of bonus margin can cancel the bonus and any profit made with it. The volume you must trade to keep a bonus is published nowhere.

Bonus conditions1 clause flagged

Trade with an N1CM bonus and the company can cancel both the bonus and any profit made with it. The document setting the volume requirements and the revocation rules does not open.

Why this matters

You cannot see what you must trade to keep a bonus, or what counts as abusing one, before you accept it. Both sit in a file that is not there.

Exhibit 12WarningHarder than usual

It covers eligibility criteria, bonus calculation methods, trading volume requirements, withdrawal conditions, and the circumstances under which bonuses may be modified or revoked.
Clause Bonus Terms & Conditions in Legal Documents
Read from the broker's site on Open the reference

The sign-up form accepts countries the Legal Notice shuts out

N1CM's Legal Notice names 12 countries it does not serve, and its new client portal offers every one of them in the country list. Clause 10.2 lets N1CM close any account at any time, with or without notice, for any reason. The 1:1000 leverage it advertises is capped at accounts holding under $1,000.

Who may trade3 clauses flagged

N1CM advertises leverage up to 1:1000 and shows $1,000 of margin opening a million dollar position. Its own tier table caps 1:1000 at accounts holding under $1,000.

Why this matters

Deposit $1,000 and your maximum leverage drops to 1:800 before your first trade. New accounts are held to 1:200 for the first 14 days, which the page mentions below the tables.

Exhibit 10WarningHarder than usual$1000

At Number One Capital Markets, we offer flexible leverage up to 1:1000, meaning you can open a position worth $1,000,000 with just $1,000 of margin.
Clause Understanding Leverage & Margin in Margin & Leverage
Downloaded from the broker's site on Open the reference

What it costsAt 1:800, the tier for an account holding $1,000, that same $1,000 of margin supports $800,000 of position, not $1,000,000.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Equity 0 to 999Maximum forex leverage 1000:1, with 0.1% minimum margin.Leverage by Account Equity
Equity 1,000 to 1,999Maximum leverage falls to 800:1.Leverage by Account Equity
Equity 10,000 to 29,999Maximum leverage falls to 400:1.Leverage by Account Equity
Equity 80,000 or moreMaximum leverage falls to 100:1, with 1% minimum margin.Leverage by Account Equity

N1CM can suspend, restrict or close your account at any time, with or without notice, for any reason. Prolonged inactivity is one of the grounds it lists.

Why this matters

Your open positions are closed at whatever the market shows that minute. What is left comes back after N1CM deducts any fees, charges or liabilities it decides you owe, by a method it chooses.

Exhibit 14WarningHarder than usual

We reserve the right to suspend, restrict, or terminate your account and access to our services at any time, with or without notice, for any reason, including but not limited to:
Clause 10.2 in Terms of Service
Read from the broker's site on Open the reference

Buried at section 80 of 128 in the Terms of Service, 63% of the way through.

N1CM can amend these terms at its sole discretion, with a promise of 14 days' notice of material changes. New clauses arrived and the withdrawal clock lengthened while the document kept its January 2025 date.

Why this matters

Your continued use counts as acceptance of whatever changed. With the date on the document untouched, you have no way to tell that anything did.

Exhibit 15WarningHarder than usual14 days

Material changes will be communicated to you via email or through a prominent notice on our website at least fourteen (14) days prior to taking effect. Your continued use of our services after such changes constitutes your acceptance of the revised Terms.
Clause 1.3 in Terms of Service
Read from the broker's site on Open the reference

Where it sits: section 10 of 128 in the Terms of Service, near the start.

  • Worse together with Exhibit 1The clause that lets N1CM rewrite the terms is how the withdrawal clock lengthened without a new date on the file.

The only appeal route N1CM names does not exist for its clients

Clause 11.2 sends an unresolved complaint to the financial ombudsman in N1CM's country of incorporation, and the Legal Notice on the same page says no regulator there supervises the company. N1CM gives itself 30 business days to answer a complaint. The complaints policy it describes on its legal page does not open.

If it goes wrong1 clause flagged

If N1CM cannot settle your complaint, the contract sends you to the financial ombudsman of the country where it is incorporated. The same page says no regulator supervises it there.

Why this matters

There is no independent body to take your case to. N1CM gives itself 30 business days to answer, and after that the only route it names does not exist for you.

Exhibit 13WarningHarder than usual30 working days

If your complaint is not resolved to your satisfaction through our internal complaints procedure, you may be eligible to refer the matter to the relevant financial ombudsman or alternative dispute resolution body in our jurisdiction of incorporation.
Clause 11.2 in Terms of Service
Read from the broker's site on Open the reference

Buried at section 86 of 128 in the Terms of Service, 67% of the way through.

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

Firms licensed by the FCA or CySEC must give retail clients access to an independent ombudsman at no cost to the client. N1CM points to an ombudsman in its country of incorporation and says on the same page that it is not supervised there.

N1CM is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The contract never names the law, the court, or the company

Clause 12.1 picks the law of wherever N1CM is incorporated, and the contract never says where that is. Clause 12.2 gives those unnamed courts exclusive jurisdiction while N1CM keeps the right to sue you anywhere. The contact section of the terms and of the privacy policy gives a London mailing address for a company the footer places in Saint Lucia.

Where you would sue1 clause flagged

The contract is governed by the law of wherever N1CM is incorporated, and it never says where that is. Its contact section gives a London mailing address, while the footer names a Saint Lucia company.

Why this matters

You cannot tell which court hears your claim or which law applies until you work the company's country out yourself. N1CM keeps the right to sue you in any court it likes.

Exhibit 16WarningHarder than usual

These Terms and any dispute or claim arising out of or in connection with them (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the jurisdiction in which Number One Capital Markets is incorporated.
Clause 12.1 in Terms of Service
Read from the broker's site on Open the reference

Buried at section 88 of 128 in the Terms of Service, 69% of the way through.

Identity checks stand between you and your money, not your deposit

N1CM's payments page requires identity checks before your first withdrawal, while clause 3.2 says it verifies clients before activating an account. Money can reach the account before either check is finished. Clause 3.2 also lets N1CM demand any additional document it wants, and clause 10.2 lets it suspend the account if you do not provide one.

Proving who you are1 clause flagged

N1CM's payments page says you must finish identity checks before your first withdrawal. The contract says it verifies you before the account is activated. Money can go in before either happens.

Why this matters

Your deposit can be taken from an unverified account, and the checks then stand between you and your money. N1CM can ask for more documents at any time and suspend the account if you do not supply them.

Exhibit 18WarningHarder than usual

Before your first withdrawal, you must complete identity verification (KYC).
Clause Verification Requirements in Deposits & Withdrawals
Read from the broker's site on Open the reference

Where it sits: section 20 of 128 in the Deposits & Withdrawals, near the start.

N1CM holds the other side of your trade and guarantees no price

Clause 4.1 says N1CM acts as principal and counterparty, which is ordinary for a CFD broker and is disclosed in the first line of its trading terms. The same clause says it does not guarantee your order will fill at the price you asked for, while the home page advertises a best price guarantee. The conflict of interest policy N1CM says it maintains does not open.

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

N1CM trades as principal and counterparty, so it holds the other side of your position. Its home page advertises a best price guarantee, and the contract says it does not guarantee your price.

Why this matters

When you lose, your counterparty gains, and the same company sets the quotes and may widen the spread. The policy meant to manage that conflict does not open.

Exhibit 17WarningStandard wording

We act as a principal and counterparty to your trades.
Clause 4.1 in Terms of Service
Read from the broker's site on Open the reference

Where it sits: section 28 of 128 in the Legal Documents, near the start.

Inactivity is both charged and punished, with no period named

Clause 5.3 lets N1CM charge an inactivity fee and clause 10.2 lets it close an account for prolonged inactivity. No document in the set says how long inactivity has to run before either applies, or what the charge is. Most brokers publish both the period and the amount.

Dormant accounts1 clause flagged

N1CM can charge you for account inactivity and can close your account for prolonged inactivity. No document says how long inactivity has to run, or what the charge is.

Why this matters

You cannot tell whether a quiet account costs you money next month or next year. Nothing in the contract makes N1CM warn you before either happens.

Exhibit 8WarningHarder than usual

We may charge fees for deposits, withdrawals, currency conversions, account inactivity, or other services as set out in our fee schedule. Any applicable fees will be disclosed to you prior to the transaction or in the relevant product documentation.
Clause 5.3 in Terms of Service
Read from the broker's site on Open the reference

Where it sits: section 56 of 128 in the Terms of Service, 44% of the way through.

  • Same clause as Exhibit 7The inactivity fee and the withdrawal fee both come from clause 5.3 and the schedule it points at.

No regulator supervises Number One Capital Markets LTD.

N1CM states in its own Legal Notice that it is not regulated, supervised or licensed by the Financial Services Regulatory Authority of Saint Lucia. The agreement you accept names only the brand: no company number, no legal form, no country. The word regulated was still in the site footer in June 2026 and has since been removed.

Who you contract with1 clause flagged

N1CM states that no financial regulator licenses or supervises it. The agreement you accept names only the brand, with no company number and no country, while the footer names a Saint Lucia company.

Why this matters

There is no regulator to complain to and no compensation scheme behind your deposit. Working out which company holds your money means reading the website footer, not the contract.

Exhibit 20NoticeStandard wording

Under the current laws of Saint Lucia, activities relating to foreign exchange (FX) and contracts for difference (CFDs) do not require a license from the FSRA.
Clause Legal Notice in Terms of Service
Read from the broker's site on Open the reference

Buried at section 109 of 128 in the Terms of Service, 85% of the way through.

Where the marketing and the contract disagree

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

01

N1CM says its client agreement and risk disclosure are freely available, and the contract binds you to documents whose download links deliver nothing.

Said in public, in English

Key legal documents, including our Client Agreement, Risk Disclosure, and Privacy Policy, are freely available on our website for review.

Our Commitment to Transparency, Compliance & Security page

In the contract · clause 1.1

you acknowledge that you have read, understood, and agree to be bound by these Terms of Service, together with our Privacy Policy, Cookie Policy, and any other legal documents referenced herein, all of which are incorporated by reference into this Agreement.

02

A Turkish speaker confirms understanding of three documents that exist only in English and do not open in any language.

Said in public, in Turkish

N1CM'in Risk Uyarısı, Hüküm ve Koşulları ve Gizlilik Politikasını anlıyorum ve kabul ediyorum.

Word for word in English: I understand and accept N1CM's Risk Warning, Terms and Conditions and Privacy Policy.

Turkish sign-up form, mandatory acceptance line above the Join Now button

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of register.n1cmpro.com

In the contract · clause Important Notice

All documents are provided in English. In the event of any discrepancy between translated versions and the English original, the English version shall prevail.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of n1cm.com

03

The sign-up gate takes your acceptance of three named documents, and all three links deliver nothing.

Said in public, in English

I accept and understand the N1CM terms and conditions Risk Warning,Terms and Conditions and Privacy Policy.

English sign-up form, acceptance line linking three documents

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of register.n1cmpro.com

In the contract · clause Important Notice

By opening an account with Number One Capital Markets, you acknowledge that you have read, understood, and agreed to the terms set forth in all applicable legal documents listed on this page.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of n1cm.com

04

The home page promises protection in sudden market moves, and the contract limits it to normal market conditions.

Said in public, in English

Your account is protected against any negative balance possibilities in case of sudden market moves.

Negative Balance Protection card on the home page

In the contract · clause 4.5

This protection applies to losses incurred from trading activity under normal market conditions.

05

One page says you can never lose more than you deposited, and the contract says your balance may become negative.

Said in public, in English

Number One Capital Markets offers negative balance protection for retail clients, meaning you can never lose more than your deposited amount.

Client Fund Protection section, Compliance & Security page

In the contract · clause 4.4

You acknowledge that in fast-moving or illiquid markets, positions may be closed at prices significantly different from the stop-out level, and your account balance may become negative.

06

The registration form offers all twelve countries the Legal Notice says N1CM does not serve.

Said in public, in English

United Arab Emirates United Kingdom United States

three consecutive selectable options in the Country list on the client portal registration form

In the contract · clause Legal Notice

Number One Capital Markets LTD. does not offer services to residents of certain jurisdictions, including but not limited to Russia, Myanmar, the United States of America, Canada, the United Kingdom, Australia, North Korea, Sudan, Syria, Iran, Cuba, the United Arab Emirates (UAE), or any other jurisdiction where our services may conflict with local laws and regulations.

07

The payments page says there are no deposit or withdrawal fees, and the contract reserves four kinds of fee under a schedule it never publishes.

Said in public, in English

Number One Capital Markets does not charge any fees for deposits or withdrawals.

Frequently Asked Questions on the Deposits & Withdrawals page

In the contract · clause 5.3

We may charge fees for deposits, withdrawals, currency conversions, account inactivity, or other services as set out in our fee schedule.

08

N1CM promises no hidden fees while an FAQ answer adds a processing fee whose amount is in a schedule nobody can read.

Said in public, in English

At Number One Capital Markets, there are no hidden fees, no surprise charges, and no fine print designed to catch you off guard.

Transparency, Our Core Values section

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In the contract · clause Are there any fees for withdrawals?

If a withdrawal request is made without any trading activity on the account, a processing fee may apply. Please refer to our fee schedule for details.

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09

The home page promises instant withdrawals and the payments table gives bank payouts 10 to 15 business days.

Said in public, in English

Deposit and withdraw funds instantly with zero commission.

Fast & Secure Funding block on the home page

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In the contract · clause Withdrawal Methods

Bank Wire Transfer $100 Unlimited 10 – 15 Business Days Free (bank fees may apply)

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10

The home page advertises a best price guarantee that the trading terms expressly withhold.

Said in public, in English

Orders executed in under 50ms with minimal slippage and best price guarantee.

Instant Execution card on the home page

In the contract · clause 4.1

We do not guarantee that your orders will be executed at the exact price requested, as prices may change between the time you place an order and the time it is executed (slippage).

11

Segregation is promised on the website and nowhere in the contract, which supersedes every representation made outside it.

Said in public, in English

All client funds are held in segregated bank accounts with top-tier international banks. This means your deposits are kept entirely separate from the company's operational funds.

Segregated Accounts, Client Fund Protection section

In the contract · clause 12.4

These Terms, together with our Privacy Policy, Cookie Policy, Order Execution Policy, and any other agreements or documents referenced herein, constitute the entire agreement between you and Number One Capital Markets with respect to the subject matter hereof and supersede all prior or contemporaneous communications, representations, and agreements, whether written or oral.

12

N1CM promises access to dispute resolution and names an ombudsman in a country where it says no regulator supervises it.

Said in public, in English

Clients have access to a formal complaint handling and dispute resolution procedure if any issues arise.

What This Means for You, Compliance & Security page

In the contract · clause 11.2

you may be eligible to refer the matter to the relevant financial ombudsman or alternative dispute resolution body in our jurisdiction of incorporation.

13

Two N1CM pages price the same account's commission at $5 a side and at $4.00 a round turn.

Said in public, in English

While the commission is $5/lot, the near-zero spreads mean your total trading cost is often the lowest of all account types for high-volume trading.

Raw Spread Account product page

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In the contract · clause Spread Cost Calculation Example

Raw Spread Account: 0.0 pip spread ($0.00) + $4.00 commission = $4.00 total cost per round turn

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What changed quietly

The four documents from the last review have not changed: same clauses, same wording, same January 2025 date. New to this page: clause 5.2 now gives N1CM 15 business days to pay you, where the June 2026 copy of the same clause said three. Also new are the FAQ's processing fee for withdrawing funds you have not traded, and a sign-up form that accepts 12 countries the Legal Notice bars. We no longer flag the Persian targeting we reported in September, because the sign-up page now offers eight languages and Persian is not one of them. The score moves from 7.5 to 8.2 on those findings.

  • REWRITTENClause 5.2 · as published 8 June 2026 to 1 January 2025

    The withdrawal clause went from one to three business days to three to fifteen, with no change to the document's date.

    Withdrawals typically take between three (3) and fifteen (15) business days to reach you depending on the payment method used, and processing times may vary depending on compliance checks required.

  • REWRITTENClause Withdrawal Methods · as published 8 June 2026 to current

    Bank payouts moved from 1 to 5 business days to 10 to 15, and e-wallet and crypto payouts moved from same day to 3 to 5.

    Bank Wire Transfer $100 Unlimited 10 – 15 Business Days Free (bank fees may apply)

  • ADDEDClause 4.8 · as published 8 June 2026 to 1 January 2025

    The minimum holding time and its profit removal were not in the June 2026 contract, which ended section 4 at clause 4.7.

    All trades must remain open for at least 150 seconds (2 minutes and 30 seconds). If a position is closed in less than 150 seconds, the profit generated from that trade may be removed from the account.

  • ADDEDClause 4.12 · as published 8 June 2026 to 1 January 2025

    The power to investigate and remove profit was added after June 2026.

    The Company reserves the right to investigate trading activity and to remove profits, bonuses, or other benefits obtained through violations of these Terms or through abusive or unfair trading practices.

  • ADDEDClause 4.11 · as published 8 June 2026 to 1 January 2025

    The bonus margin restrictions and the cancellation of profit made with a bonus were added after June 2026.

    When trading with a promotional bonus, the use of 130% full margin is not permitted, and hedging is not permitted on bonus margin. Any abuse of bonus margin may result in the cancellation of the bonus and any profits generated from it.

  • REWRITTENClause Preamble · as published 8 June 2026 to 1 January 2025

    The counterparty was renamed from N1CM to Number One Capital Markets, and neither name carries a legal form.

    These Terms of Service ("Terms", "Agreement") constitute a legally binding agreement between you ("Client", "you", "your") and Number One Capital Markets ("Company", "we", "us", "our").

  • REWRITTENClause Footer · as published 8 June 2026 to current

    The word regulated came out of the site footer, which had carried it two paragraphs above the notice saying the company is not regulated.

    Number One Capital Markets is a global Forex and CFD broker providing access to 1000+ instruments with competitive trading conditions and award-winning platforms.

The documents this reading is based on

5 files, all published by N1CM. 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 N1CM publishes.

How this reading was done

Every clause above was read out of a document N1CM publishes itself

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

Documents
2 of 5downloaded from the broker's site of the 13 we found, and 2 read in full
Pages opened
80pages walked to find those documents, footer links included
Older copies
6earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
EN vs TRthe language it advertises in, against the language it contracts in
Position measured
15clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Number One Capital Markets LTD.

The agreement names your counterparty as Number One Capital Markets, with no legal form, no company number and no country. The footer of the same page names Number One Capital Markets LTD., an International Business Company registered in Saint Lucia under number 2026-00218. The contact section of the agreement gives a mailing address in London, United Kingdom, a country the Legal Notice says N1CM does not serve. In the June 2026 version of the same document the counterparty was named N1CM.

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 N1CM’s documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Sep 18, 2026

The counts below are about our own list of clauses. A clause can join it because the broker added it, or because this reading found something the last one missed.

New on our list
9 clauses
Off our list
3 clauses
We rate critical
5 now, 3 then
Our risk score
7.5 to 8.2 out of 10

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 8.2/1020 clauses5 critical
  2. Risk 7.5/1014 clauses3 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 trading rules page states the 150-second rule in a table and says that only profits are removed, never losses. The leverage tiers are published with exact equity bands, which most offshore brokers keep to themselves. The Legal Notice says in one sentence that no regulator licenses or supervises the company, and it names the countries N1CM will not serve. The contract sets no deadline for you to complain, and promises an acknowledgement within five business days. The word regulated has come out of the site footer since June 2026.

Ten of the documents on N1CM's legal page could not be read. The missing files include the client agreement, the risk disclosure, the AML policy, the complaints policy and the bonus terms, and none of the download links delivers a file. The three documents the sign-up form asks you to accept behave the same way. Every quoted clause comes from the four legal pages N1CM publishes as web pages, covered in full on its own site, and from its marketing pages. The version comparison rests on one earlier copy of the terms and of the payments page as they stood on 8 June 2026. The review does not cover the client portal behind the login, so any fee schedule or bonus document shown to a logged-in client is outside its scope.

How to check any of this yourself

Every quote above links to the N1CM 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 N1CM 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 N1CM 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 16, 2026.

If you represent N1CM 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 N1CM. Whether its licence is real and current is a separate check on the broker profile.

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