This is an archived reading from Sep 18, 2026. It is not the current one, and N1CM may have changed these documents since.Read the current report

Wikilix
Contract reading

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

Every clause below was published by N1CM itself, on its own website, on the day we read it. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. This is what they said on .

Contracting entity: Number One Capital Markets LTD.

sole discretiondisclosureforum waiverhidden feemarketing gapprofit voidingwithdrawalsaccount closurecomplaintscountry restriction

N1CM asks you to accept three legal documents before opening an account. None of the three links opens. Ten more documents on its own legal page are dead too, including the Client Agreement it calls your primary contract. The terms you can still read let N1CM strip profit from trades closed inside 150 seconds and charge fees from a schedule it never publishes. No regulator supervises the company.

Back to N1CM

Contract risk

Money at risk
7.5/10

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.
3
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
14
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
4
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 14 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical3
Warning8
Notice3

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.

Critical13In the contract. Jump to the clause this comes from.Thirteen legal documents N1CM links do not openCritical4Fee you were not shown. Jump to the clause this comes from.Four types of fee set by a schedule N1CM never publishesCritical150Profit at risk. Jump to the clause this comes from.Profit removed from any trade closed inside 150 seconds15 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals can take fifteen business days to arrive

What the documents say

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

01

Three documents stand between you and an account, and none of them opens. N1CM's signup form asks you to accept its Risk Warning, Terms and Conditions and Privacy Policy, and all three links return a file not found page. Ten more documents on its legal page fail the same way.

In plain words

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

Why this matters

You agree to terms you cannot read. Among the 13 dead links is the Client Agreement, which N1CM's own page calls the primary contractual document between you and the company.

Exhibit 1CriticalRarely seen13

By accessing or using our website, trading platforms, or any services provided by Number One Capital Markets, 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.
Clause 1.1 in Terms of Service
Read from the broker's site on Open the reference
Our own capture of register.n1cmpro.com, taken on Sep 18, 2026The claim, on Mandatory acceptance checkbox on the account registration form, followed by links to the Risk Warning, Terms and Conditions and Privacy PolicyVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Sep 18, 2026What the contract says, clause 1.1Visit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Sep 18, 2026The claim, on Opening paragraph of the Legal Documents page, above ten download linksVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Sep 18, 2026What the contract says, clause 12.4Visit this page on the broker's siteDownload the full size image file

Our readingBrokers routinely bury their terms in long PDFs. Publishing a signup form whose three acceptance links all fail, next to ten more dead document links, means the contract cannot be read at all before you sign it.

  • Worse together with Exhibit 2The fee schedule that sets your costs is one of the documents that will not open.
  • Worse together with Exhibit 6The complaints policy you would need to challenge a decision is also among the dead links.
02

N1CM can charge you for deposits, withdrawals, currency conversion and account inactivity. Clause 5.3 says the amounts are set out in its fee schedule. No fee schedule is published anywhere on the site.

Why this matters

You cannot find out what any of these four charges costs before you deposit. N1CM's own FAQ confirms one of them is live: a withdrawal on an account with no trading activity may carry a processing fee, and no amount is given.

Exhibit 2CriticalHarder than usual4

We may charge fees for deposits, withdrawals, currency conversions, account inactivity, or other services as set out in our fee schedule.
Clause 5.3 in Terms of Service
Read from the broker's site on Open the reference
Our own capture of n1cm.com, taken on Sep 18, 2026The claim, on FAQ answer under the question on deposit feesThis 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
Our own capture of n1cm.com, taken on Sep 18, 2026What the contract says, clause 5.3Visit 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 and CySEC must disclose costs and charges to a retail client before that client trades. This contract names four categories of fee and points to a schedule that is not published.

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

  • Only applies after Exhibit 1The missing fee schedule is part of the same document set that will not open.
03

Close a winning trade too quickly and N1CM can take the profit from it. Clause 4.8 sets a minimum holding time of 150 seconds, and it applies to trades you place by hand and to trades placed by software.

Why this matters

Your fastest winning trades are the ones at risk. N1CM removes the profit from a trade held under 150 seconds, and its own rules page confirms it does not adjust your losing trades the same way.

Exhibit 3CriticalHarder 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 Sep 18, 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

Our readingMinimum holding times appear at other offshore brokers. What makes this one harsh is the direction it runs: profit inside the window is removed, losses inside the same window stand.

  • Worse together with Exhibit 4One trigger is measured in seconds and the other is whatever N1CM calls abusive, so a trade held past 150 seconds can still lose its profit.
04

If N1CM turns your complaint down, clause 11.2 sends you to the financial ombudsman in its country of incorporation. That country is Saint Lucia, where N1CM states in its own footer that no financial regulator supervises it.

Why this matters

You have no outside body to appeal to. N1CM decides your complaint itself, and the escalation route its contract names does not cover a firm that answers to no regulator.

Exhibit 6WarningHarder than usual

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
Our own capture of n1cm.com, taken on Sep 18, 2026The claim, on Client protection list on the Compliance and Security pageVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Sep 18, 2026What the contract says, clause 11.2Visit 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 and CySEC must give retail clients access to an independent complaints scheme that can rule against the firm. This contract offers an ombudsman in a jurisdiction where the company says it is not supervised.

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

  • Worse together with Exhibit 9No regulator supervises the firm, so the complaints route it names has no body at the end of it.
05

N1CM states in its own footer that no financial regulator licenses or supervises it. You would be contracting with Number One Capital Markets LTD., a Saint Lucia International Business Company registered as No. 2026-00218.

Why this matters

No regulator can order N1CM to pay you, and no compensation scheme covers your deposit if the company fails. In 2023 its documents claimed a Vanuatu licence under company number 15035, and that claim is gone.

Exhibit 9NoticeStandard wording

Number One Capital Markets LTD. is incorporated as an International Business Company (IBC) under the laws of Saint Lucia and is not regulated, supervised, or licensed by the Financial Services Regulatory Authority (FSRA) of Saint Lucia.
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 Sep 18, 2026No regulator supervises the company you contract with (clause Legal Notice)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 and CySEC must keep client money in segregated accounts subject to regulatory inspection and belong to a compensation scheme. This company names no regulator and no compensation scheme.

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

Our readingOperating as an unlicensed offshore company is common among brokers of this type, which is why the plainness of N1CM's own statement matters more than the fact itself.

N1CM asks you to accept three documents that nobody can open

All 13 legal documents N1CM links from its own pages fail to open, including the three on the signup form and the Client Agreement it calls your primary contract. Its Legal Documents page opens by promising full transparency. The same gap runs through its other promises: an absolute pledge on negative balance protection that the contract makes conditional, and a Persian language option offered under an Iranian flag to a country the footer refuses to serve.

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.

Documents that vanish2 clauses flagged

N1CM offers its site in Persian, under the flag of Iran, while the footer on that same page lists Iran among the countries it refuses to serve. Choosing Persian flips the page to right to left but leaves the words in English.

Why this matters

If you are in Iran, the language button invites you in and the footer tells you that you will not be served. N1CM can rely on that footer later, after your money has arrived.

Exhibit 10WarningHarder than usual

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

N1CM's compliance page promises you can never lose more than you deposited. Clause 4.5 makes the same protection subject to applicable regulatory requirements, and clause 4.4 warns your balance may go negative.

Why this matters

The safety net is written as a condition, not a promise, and N1CM answers to no regulator whose requirements could switch it on. Negative balance protection means the broker absorbs a loss that takes you below zero.

Exhibit 12WarningHarder 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.
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 Sep 18, 2026The claim, on Client Fund Protection section of the Compliance and Security pageVisit this page on the broker's siteDownload the full size image file
Our own capture of n1cm.com, taken on Sep 18, 2026What the contract says, clause 4.5Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA and under ESMA rules must give retail CFD clients negative balance protection as a standing obligation. This contract grants it subject to regulatory requirements that the company says do not apply to it.

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

Getting your money out can take three calendar weeks

Clause 5.2 gives N1CM between three and fifteen business days to get your withdrawal to you, and lets compliance checks extend that with no stated limit. N1CM publishes per method timings in its FAQ that match the upper end for bank wires. The contract sets no deadline that N1CM can actually miss.

Exit conditions1 clause flagged

Your money can take up to 15 business days to reach you after you ask for it. Clause 5.2 sets the range at three to fifteen business days, and says compliance checks can stretch it further.

Why this matters

Fifteen business days is about three calendar weeks. N1CM also sets no outer limit on the compliance checks that clause 5.2 says may extend it.

Exhibit 5WarningHarder 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

What it costsA withdrawal requested on the first working day of a month can arrive on the fifteenth business day after it, roughly three calendar weeks later.

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

Firms licensed by the FCA and CySEC must return client money promptly once a valid request is made. This contract allows up to fifteen business days, plus unlimited extra time for compliance checks.

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

Trades closed inside 150 seconds can lose their profit

Clause 4.8 lets N1CM remove the profit from any trade you close inside 150 seconds, by hand or by software. Its own rules page confirms the asymmetry: only profit inside that window is taken, and losses are not adjusted. Clause 4.12 adds a second, undefined trigger, letting N1CM investigate and claw back profit it decides came from abusive or unfair trading.

Profit at risk1 clause flagged

N1CM can investigate your trading and take back profits, bonuses or other benefits it decides came from abusive or unfair practices. Clause 4.12 never defines either phrase, and sets no limit on how much can be taken.

Why this matters

You cannot tell in advance which of your trades qualifies. N1CM decides what counts as unfair after you have made the money, and the contract gives you no test to check your strategy against.

Exhibit 4WarningHarder 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

N1CM can close your account for any reason, without telling you first

Clause 10.2 lets N1CM suspend, restrict or terminate your account at any time, with or without notice, for any reason. Clause 10.3 then closes your open positions at whatever the market shows. A second restriction is quieter: the 1000:1 leverage N1CM advertises applies only below $1,000 of equity and steps down to 100:1 at $80,000.

Broker discretion2 clauses flagged

N1CM can suspend, restrict or close your account whenever it likes, for any reason, and it does not have to warn you first. Clause 10.3 then closes your open positions at whatever price the market is showing at that moment.

Why this matters

Your open trades can be closed at a loss you did not choose to take. N1CM sets no test it has to meet first and owes you no explanation afterwards.

Exhibit 8WarningHarder 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
Clause 10.2 in Terms of Service
Read from the broker's site on Open the reference

The 1000:1 leverage N1CM advertises only applies while your account holds under $1,000. Past that the cap steps down automatically, reaching 100:1 once you hold $80,000 or more.

Why this matters

A deposit that grows past each threshold shrinks the position you can hold. N1CM's FAQ ties leverage to your account type and asset class, and never mentions that your balance is what moves it.

Exhibit 13NoticeHarder than usual

The maximum forex leverage available on your account is determined by your account equity. As equity grows, the maximum leverage is stepped down and the minimum required margin increases accordingly.
Clause Leverage by Account Equity in Trading Rules & Bonus Conditions
Read from the broker's site on Open the reference
Our own capture of n1cm.com, taken on Sep 18, 2026The claim, on FAQ answer on maximum available leverageThis 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
Our own capture of n1cm.com, taken on Sep 18, 2026What the contract says, clause Leverage by Account EquityVisit this page on the broker's siteDownload the full size image file

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 is 1000:1, at 0.1% minimum margin.Leverage by Account Equity
Equity $2,000 to $9,999Maximum forex leverage drops to 500:1, at 0.2% minimum margin.Leverage by Account Equity
Equity $50,000 to $79,999Maximum forex leverage drops to 200:1, at 0.5% minimum margin.Leverage by Account Equity
Equity $80,000 or moreMaximum forex leverage drops to 100:1, at 1% minimum margin.Leverage by Account Equity

The governing law clause names no country

Clause 12.1 hands the contract to the law of wherever N1CM is incorporated and never says where that is. Clause 12.2 binds you to the exclusive jurisdiction of those unnamed courts while reserving N1CM's right to sue you in any court it likes. Only the website footer identifies Saint Lucia, and the 2023 version of these terms named Vanuatu.

Where you would sue1 clause flagged

You agree to the law and the courts of wherever N1CM happens to be incorporated, and clause 12.1 never says where that is. Clause 12.2 then locks you into those unnamed courts while leaving N1CM free to sue you in any court it chooses.

Why this matters

You cannot price the cost of suing N1CM before you sign, because the contract does not tell you which country you would sue in. Only the website footer names Saint Lucia, and a footer can be edited at any time.

Exhibit 7WarningRarely seen

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

Our readingRetail agreements normally name the governing country outright. This one defines it by reference to a fact stated nowhere in the contract, so the forum moves by itself if the company reincorporates elsewhere.

Inactivity costs money and can cost the account, with no period given

Clause 5.3 lets N1CM charge an account inactivity fee and clause 10.2 lists prolonged account inactivity as grounds to close your account. Neither clause defines how long inactivity must last, and the fee schedule holding the amount is not published. N1CM sets both the trigger and the price after the fact.

Dormant accounts1 clause flagged

N1CM can charge you an account inactivity fee under clause 5.3 and close your account for prolonged inactivity under clause 10.2. Neither clause says how long inactivity has to run, and neither gives the amount.

Why this matters

You cannot tell how many quiet months cost you money or your account. N1CM sets both the trigger and the charge after the fact, and no published schedule holds it to either.

Exhibit 14WarningHarder than usual

We may charge fees for deposits, withdrawals, currency conversions, account inactivity, or other services as set out in our fee schedule.
Clause 5.3 in Terms of Service
Read from the broker's site on Open the reference
  • Same clause as Exhibit 2The same clause 5.3 that sets the inactivity fee also points at the unpublished schedule holding its amount.

N1CM is your counterparty and sets your prices

Clause 4.1 states openly that N1CM acts as principal and counterparty to your trades, which means it gains when you lose. Clause 4.2 lets it widen spreads around volatile periods and news releases. The Conflict of Interest Policy that its compliance page promises would explain how it manages that is one of the documents that will 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.

Both sides of the trade1 clause flagged

N1CM is the counterparty to every trade you place, which clause 4.1 states openly. The policy that is supposed to explain how it manages that conflict is one of the documents that will not open.

Why this matters

Your loss is N1CM's gain on the same trade. It also sets the prices you trade at, and the conflict of interest policy that would tell you how it keeps those apart cannot be read.

Exhibit 11NoticeStandard 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
  • Worse together with Exhibit 1The one document that would explain how this conflict is managed is among those that do not open.

Where the marketing and the contract disagree

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

01

N1CM requires you to confirm you have read three documents, and all three links on that form return a file not found page.

Said in public, in English

I accept and understand the N1CM terms and conditions

Mandatory acceptance checkbox on the account registration form, followed by links to the Risk Warning, Terms and Conditions and Privacy Policy

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 1.1

By accessing or using our website, trading platforms, or any services provided by Number One Capital Markets, 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.

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

02

Every one of the ten documents offered under that promise fails to open, including the Order Execution Policy the contract folds into your agreement.

Said in public, in English

At Number One Capital Markets, we are committed to full transparency. All of our legal documents are made available for your review.

Opening paragraph of the Legal Documents page, above ten download links

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

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.

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 FAQ tells you deposits are free while the contract you sign reserves the right to charge for them.

Said in public, in English

Number One Capital Markets does not charge fees for deposits.

FAQ answer under the question on deposit fees

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

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.

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 promised route out of an internal decision leads to an ombudsman in a country where N1CM says no regulator supervises it.

Said in public, in English

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

Client protection list on the Compliance and Security page

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

In the contract · clause 11.2

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.

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

05

N1CM offers its site in Persian under an Iranian flag while the footer on the same page refuses service to residents of Iran.

Said in public, in Persian

فارسی

Word for word in English: Persian

Persian option, shown under the flag of Iran, in the site wide language switcher

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.

06

Marketing states the protection flatly while the contract makes it conditional on regulatory requirements the firm says do not reach it.

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 of the Compliance and Security page

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

In the contract · clause 4.5

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.

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

07

The FAQ ties leverage to account type and asset class, and the rules page ties it to how much money you hold.

Said in public, in English

Number One Capital Markets offers leverage up to 1:1000 on selected instruments, depending on your account type and the asset class being traded.

FAQ answer on maximum available leverage

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

In the contract · clause Leverage by Account Equity

The maximum forex leverage available on your account is determined by your account equity. As equity grows, the maximum leverage is stepped down and the minimum required margin increases accordingly.

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

What changed quietly

This is our first reading of N1CM, so there is nothing to compare it against yet.

  • REWRITTENClause Legal Notice · 2023-05-10 to 1 January 2025

    The company a client contracts with moved from a Vanuatu entity claiming a licence to a Saint Lucia entity stating it has none.

    Number One Capital Markets LTD. is incorporated as an International Business Company (IBC) under the laws of Saint Lucia and is not regulated, supervised, or licensed by the Financial Services Regulatory Authority (FSRA) of Saint Lucia.

  • REWRITTENClause 12.1 · 2023-05-10 to 1 January 2025

    The 2023 terms named Vanuatu law and the Vanuatu courts, and the current terms name no country at all.

    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.

  • REMOVEDClause 3.3 · 2023-05-10 to 1 January 2025

    The one working day deadline for reporting a trade error is gone, and the current terms give a complaints procedure with a five day acknowledgement instead.

The documents this reading is based on

4 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 .

Documents
3 of 4downloaded from the broker's site of the 13 we found, and 3 read in full
Pages opened
71pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
EN vs FAthe language it advertises in, against the language it contracts in

Who the contract is with

Number One Capital Markets LTD.

You contract with Number One Capital Markets LTD., an International Business Company registered in Saint Lucia under Reg. No. 2026-00218. The Terms of Service never name that entity or its country anywhere in the contract body: only the website footer does. The 2023 documents named a different company, Number One Capital Markets Limited, and said it was regulated by the Vanuatu Financial Services Commission under company number 15035.

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

N1CM puts its trading rules in one honest table: the 150 second minimum, the leverage tiers and the banned strategies, with the plain admission that only profit is removed and losses are not adjusted. Its pricing page lists spreads per instrument, commission per lot and the minimum deposit for each account type. Clause 1.3 gives you 14 days notice before amended terms take effect, which many offshore brokers do not. The footer states flatly that no regulator supervises the firm instead of hinting at a licence it does not hold.

Thirteen legal documents that N1CM links from its own pages do not open. They include the Client Agreement, the Risk Disclosure, the AML policy, the order execution policy, the conflict of interest policy, the complaints policy and the bonus terms. We read none of them. We read the Terms of Service, the Privacy Policy and the Trading Rules in full on N1CM's own website, and every quotation credited to those three comes from there. We read only the opening of the Cookie Policy. For earlier copies we read an archived 2023 Terms and Conditions and an archived 2022 Risk Warning. An archived Privacy Policy could not be read. Choosing Persian, Spanish or Korean on the site leaves the page text in English, so no non-English version of a marketing claim was available to compare.

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 Sep 18, 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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