Wikilix
Contract reading

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

Every clause below is published by NextTrade 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: NextTrade Ltd

hidden feemarketing gapdeemed acceptancesole discretionunilateral amendmentwithdrawalsdispute barrierjurisdictionabusive tradingcomplaint window

NextTrade publishes eight legal documents and calls one of them the Client Agreement. That document says on its first line that it is only a summary, and the binding version is not published. The site promises negative balance protection on all accounts, and the terms take it away from professional accounts and from anyone NextTrade decides broke its rules. NextTrade can also cancel trades and confiscate profits at its sole discretion.

Back to NextTrade

Contract risk

Money at risk
6.8/10

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.
17
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
10
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 17 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
Warning11
Notice1

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

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

Critical$25Withdrawal limit. Jump to the clause this comes from.Your money leaves the way it came in30 working daysTime to complain. Jump to the clause this comes from.Fifty working days before an outside body sees your complaint$1120In the contract. Jump to the clause this comes from.NextTrade profits when you lose and pays for your referral

What the documents say

17 clauses worth knowing about, worst first, each quoted from NextTrade's own files

01

What NextTrade puts on its legal page is a summary. The document that actually governs your account is not published, and you have to email the compliance team to ask for it. That unpublished version wins over everything else NextTrade does publish.

Why this matters

You agree to a contract you have not read when you open the account. The published summary is short. Nobody outside NextTrade knows what the full version adds to it.

Exhibit 1CriticalRarely seen

This is a summary of the Client Agreement between NextTrade Ltd and its clients.
Quoted in Client Agreement
Read from the broker's site on Archived copyOpen the reference
Our own capture of nexttrade.com, taken on Aug 26, 2026The claim, on Description of the Client Agreement on the legal documents index pageVisit this page on the broker's siteDownload the full size image file
Our own capture of nexttrade.com, taken on Aug 26, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Our readingBrokers normally publish the client agreement in full. Here the published file states that it is a summary, and clause 1.3 gives that same summary priority over every other document you are allowed to read.

  • Worse together with Exhibit 13The two documents you can read already disagree about notice of fee changes, and the tie is broken by the one you cannot read.
02

NextTrade tells you on its home page that negative balance protection covers all accounts, so you cannot lose more than your deposit. The terms limit it to eligible retail clients. You also lose it if NextTrade decides you violated its rules.

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

Negative balance protection is the promise that a bad trade cannot leave you owing money. If NextTrade rules that you broke a term, that promise is gone and the debt is yours.

Exhibit 2CriticalHarder than usual

NextTrade provides Negative Balance Protection for eligible retail clients.
Clause 6.5 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of nexttrade.com, taken on Aug 26, 2026The claim, on Fund safety panel on the home pageVisit this page on the broker's siteDownload the full size image file
Our own capture of nexttrade.com, taken on Aug 26, 2026What the contract says, clause 6.5Visit this page on the broker's siteDownload the full size image file
Our own capture of nexttrade.com, taken on Aug 26, 2026Negative balance protection has exclusions the site hides (clause 6.5)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 3Protection falls away on a violation of the terms, and NextTrade decides on its own what counts as a violation.
03

If NextTrade decides you used an abusive trading strategy, it can cancel your trades and take the profits. The contract never defines abusive. NextTrade makes that decision alone, and no appeal is written into the clause.

Why this matters

Your profit is only settled once NextTrade agrees it was fairly earned. The site sells scalping, hedging and automated trading. The clause reaches the profits from the activity, not the money you paid in.

Exhibit 3CriticalHarder than usual

If NextTrade determines, at its sole discretion, that a Client has engaged in prohibited activities, we reserve the right to: (a) void or cancel any affected Transactions; (b) confiscate any profits derived from prohibited activities; (c) restrict, suspend, or terminate the Client's Account; and/or (d) take any legal action deemed necessary.
Clause 10.2 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of nexttrade.com, taken on Aug 26, 2026NextTrade can confiscate profits at its sole discretion (clause 10.2)Visit this page on the broker's siteDownload the full size image file
04

The list of barred countries in NextTrade's footer does not name the United Kingdom, Singapore or Nepal. Its partner contract says it lacks the authorisations to accept clients from all three. The whole European Economic Area needs prior approval as well.

Why this matters

You can open an account from London, Singapore or anywhere in the EEA, and nothing on the site warns you off. NextTrade's own partner rules say it cannot take you without an authorisation it does not hold.

Exhibit 4CriticalRarely seen

The Company does not currently hold the regulatory authorisations required to accept Clients in the jurisdictions listed below, and the Partner shall not market into these jurisdictions without the Company's prior written approval, which may be conditional on a local legal opinion or regulator consent.
Clause Schedule 2, Part B in Partner Programme Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of nexttrade.com, taken on Aug 26, 2026The claim, on Restricted countries notice in the site footerVisit this page on the broker's siteDownload the full size image file
Our own capture of nexttrade.com, taken on Aug 26, 2026What the contract says, clause Schedule 2, Part BVisit this page on the broker's siteDownload the full size image file

Our readingBrokers usually keep one restricted country list. NextTrade publishes a shorter one to clients and a longer one to the partners it pays to go and find those clients.

05

NextTrade pays withdrawals back to the method you deposited with. Its help pages say cards and bank wires are still coming soon, so crypto is the route most clients actually get. Profit above your deposit goes out by bank wire, at $25 a transfer.

Why this matters

You get paid into the wallet you funded from, not the account you would choose. Moving the profit to a bank costs $25 every time.

Exhibit 5CriticalHarder than usual$25

Withdrawals will be processed to the same payment method used for the original deposit, where possible, in compliance with AML regulations (the "return to source" policy). Any profits exceeding the deposit amount may be withdrawn to a bank account in the Client's name.
Clause 5.5 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of nexttrade.com, taken on Aug 26, 2026Your money leaves the way it came in (clause 5.5)Visit this page on the broker's siteDownload the full size image file

What it costsYou deposit $1,000 in crypto and withdraw $1,500. The first $1,000 goes back to your wallet, and sending the $500 profit to a bank costs $25.

  • Worse together with Exhibit 14The route out is fixed by how you paid in, and a fresh document check can hold that payment with no deadline on it.
06

NextTrade's terms send you to a fee schedule on the website. The website has no such page, and the help pages say the schedule and the commission rates are in your client area. You have to register before you can read what trading costs.

In plain words

Dormancy means an account left unused.

Why this matters

Clause 7.1 says the fee list is not complete. NextTrade can change fees whenever it likes, and carrying on trading counts as your agreement to the new ones.

Exhibit 6WarningHarder than usual

NextTrade's fees and charges include, but may not be limited to: Spreads, commissions, Swap (overnight financing) charges, currency conversion fees, deposit and withdrawal fees, and Account dormancy fees. Full details are available in our fee schedule on the website.
Clause 7.1 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of nexttrade.com, taken on Aug 26, 2026The claim, on Transparency First panel under Our MissionVisit this page on the broker's siteDownload the full size image file
Our own capture of nexttrade.com, taken on Aug 26, 2026What the contract says, clause 7.1Visit 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. NextTrade's clause 7.1 names a fee schedule that is not on the public site.

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

  • Worse together with Exhibit 7The dormancy fee is set by the same schedule nobody outside the client area can open.

The page you read and the contract you sign are different documents

NextTrade publishes a Client Agreement that says on its first line that it is only a summary. The home page promises negative balance protection on all accounts. Clause 6.5 removes it from professional accounts and from anyone NextTrade decides broke its terms. The About page promises no re-quotes, and three legal documents allow them.

Promise and contract1 clause flagged

NextTrade's About page says there are no re-quotes. The Order Execution Policy, the Terms and the Risk Disclosure all say otherwise. Each one tells you a new price may be offered when the one you asked for has gone.

Why this matters

A re-quote in a fast market means your order does not fill at the price you saw. You either accept the new price or lose the entry.

Exhibit 16WarningStandard wording

The Company reserves the right to requote an order if the requested price is no longer available at the time of execution. In such cases, the Client will be offered the next best available price.
Clause 4.3 in Order Execution Policy
Read from the broker's site on Open the reference
Our own capture of nexttrade.com, taken on Aug 26, 2026The claim, on Execution Without Compromise panel under Our MissionVisit this page on the broker's siteDownload the full size image file
Our own capture of nexttrade.com, taken on Aug 26, 2026What the contract says, clause 4.3Visit this page on the broker's siteDownload the full size image file

NextTrade publishes every fee except the schedule that lists them

Clause 7.1 says NextTrade's charges include but may not be limited to the ones it names, then points to a fee schedule on the website. That schedule lives in the client area, behind registration. The About page says every fee is published and visible before you trade.

Cost disclosure1 clause flagged

The home page tells you there are no hidden markups. NextTrade's partner contract lists mark-ups among the trading revenue it earns from your account, alongside spreads, commissions and swap charges.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

A markup is added to the price you trade at, so it costs you money without ever showing up as a fee. NextTrade does not say which instruments carry one or how large it is.

Exhibit 12WarningStandard wording

"Trading Revenue" means in respect of a Client, the gross trading revenue received by the Company from that Client, comprising spreads, mark-ups, commissions, financing and swap charges received by the Company (net of pass-through liquidity provider costs), and any other revenue received by the Company from the Client's trading activity, calculated on a closed-trade basis.
Clause 2, Trading Revenue in Partner Programme Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of nexttrade.com, taken on Aug 26, 2026The claim, on Transparent Pricing panel on the home pageVisit this page on the broker's siteDownload the full size image file
Our own capture of nexttrade.com, taken on Aug 26, 2026What the contract says, clause 2, Trading RevenueVisit this page on the broker's siteDownload the full size image file

The barred country list clients see is shorter than the one partners get

NextTrade's footer bars twenty jurisdictions and does not name the United Kingdom, Singapore or Nepal. Its partner contract says it lacks the authorisations to accept clients from those three, and needs prior approval across the European Economic Area. Clause 4.4 also lets NextTrade change leverage, spreads and trading hours with or without notice.

Who can trade2 clauses flagged

The Client Agreement promises you advance notice before fees change. The Terms and Conditions say NextTrade can change the fee schedule at any time, and that trading on counts as your acceptance. The Client Agreement claims priority, and it is the one you cannot read in full.

Why this matters

You cannot tell which rule governs your account. Under the version you can read, a fee can rise with no warning and no action from you.

Exhibit 13WarningHarder than usual

The Company reserves the right to amend its fee schedule at any time. Clients will be notified of material changes in advance.
Clause 4.4 in Client Agreement
Read from the broker's site on Archived copyOpen the reference

NextTrade advertises leverage up to 1:1000. It can adjust leverage, spreads, trade sizes and trading hours with or without prior notice. Margin and stop-out levels are on the same list.

Why this matters

A margin change while your positions are open can push you toward a stop-out you did not plan for. Stop-out is the automatic closing of your trades at 50% of required margin.

Exhibit 15WarningStandard wording

NextTrade reserves the right to set minimum and maximum transaction sizes, adjust Leverage levels, modify Spreads, and change trading hours for any instrument, with or without prior notice, as market conditions or regulatory requirements dictate.
Clause 4.4 in Terms & Conditions
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Margin level 100%NextTrade sends a margin call notification, which is an alert only.6.3
Margin level 50%NextTrade starts closing your positions, largest loss first.6.4

Fifty working days inside NextTrade before anyone outside looks

The Complaint Handling Procedure gives NextTrade five working days to acknowledge, thirty to answer and fifteen more for a senior review. Clause 11.3 then caps what it can owe you at the fees and commissions you paid in the previous twelve months. On a Standard account the advertised commission is $0.

Complaint route2 clauses flagged

Whatever goes wrong, NextTrade limits what it owes you to the fees and commissions you paid it in the previous twelve months. On a Standard account the advertised commission is $0.

Why this matters

A platform failure that costs you thousands is answered by a refund of your commissions. NextTrade does keep full liability for fraud and for personal injury, which clause 11.4 preserves.

Exhibit 8WarningHarder than usual

In any event, NextTrade's total aggregate liability under this Agreement shall not exceed the amount of fees and commissions paid by the Client to NextTrade during the twelve (12) months preceding the event giving rise to the claim.
Clause 11.3 in Terms & Conditions
Read from the broker's site on Open the reference

What it costsA Raw account trading 10 lots in a year pays $70 in commission at the advertised $7 per lot. That $70 is the ceiling on any claim for that year.

  • Worse together with Exhibit 9The internal complaint process runs for weeks and what it can award you at the end is capped at your own commissions.

NextTrade acknowledges a complaint in five working days, answers it in thirty, and takes another fifteen if you ask for a senior review. Only then can you go to the regulator in Mauritius.

Why this matters

That is roughly ten weeks with your money in dispute. The next step is the regulator itself, not an independent service that can order NextTrade to pay you.

Exhibit 9WarningHarder than usual30 working days

Upon receipt of your complaint, we will send a written acknowledgement within 5 business days.
Clause 3.1 in Complaint Handling Procedure
Read from the broker's site on Open the reference

What it costsFive working days to acknowledge, thirty to answer and fifteen more to review add up to fifty working days. That is about ten weeks.

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

Firms licensed by the FCA and CySEC must give retail clients access to an independent ombudsman that can make an award against the firm. NextTrade's procedure ends at the Financial Services Commission of Mauritius.

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

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Within 5 working daysNextTrade acknowledges your complaint in writing and gives you a reference number.3.1
Within 30 working daysNextTrade aims to send its final response, and can extend by telling you why.4.2
A further 15 working daysA senior compliance officer reviews the outcome if you ask in writing.5.2
After the internal processYou can take the complaint to the Financial Services Commission of Mauritius.6.1

You sue in Mauritius, NextTrade sues wherever you are

Clause 15.4 sends your disputes to the courts of Mauritius alone. Clause 15.5 lets NextTrade bring proceedings in any country where you live or hold assets. The duty to travel runs one way.

Forum1 clause flagged

Every dispute you raise goes to the courts of Mauritius. NextTrade keeps the right to start proceedings wherever you live or hold assets. The clause runs one way only.

Why this matters

Bringing a claim means hiring lawyers in Mauritius and travelling there. NextTrade carries no equivalent cost when it is the one suing you.

Exhibit 10WarningHarder than usual

This Agreement is governed by and shall be construed in accordance with the laws of the Republic of Mauritius. Any disputes arising out of or in connection with this Agreement shall be submitted to the exclusive jurisdiction of the courts of the Republic of Mauritius.
Clause 15.4 in Terms & Conditions
Read from the broker's site on Open the reference

NextTrade can ask for documents again at any time

Clause 2.3 makes document checks an ongoing duty rather than a one off at signup. Clause 5.8 lets NextTrade refuse or delay a withdrawal that fails those checks. Neither clause puts a deadline on how long a review may take.

Verification1 clause flagged

NextTrade can ask you for identity and address documents at any point, not only when you join. It can refuse or delay a withdrawal while it runs those checks. No deadline on the check appears in the contract.

Why this matters

A withdrawal request can set off a fresh document review. Nothing in the contract says how long NextTrade may hold your money while that runs.

Exhibit 14WarningStandard wording

As part of the account opening process, and on an ongoing basis, you are required to provide valid identification documents and proof of address in accordance with our Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
Clause 2.3 in Terms & Conditions
Read from the broker's site on Open the reference

NextTrade is the other side of your trade and says so once

The Conflict of Interest Policy states that NextTrade profits when a client loses, because it is the counterparty to every trade. No marketing page repeats it. The partner programme pays up to $1,120 for a trader who trades and withdraws nothing for 30 days.

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.

Whose side1 clause flagged

NextTrade takes the other side of your trades, so it gains when you lose, and its Conflict of Interest Policy says so. It also pays partners up to $1,120 for each trader they send, and only if that trader leaves the deposit untouched for 30 days.

In plain words

Remuneration means payments it receives.

Why this matters

Whoever recommended NextTrade to you was paid more if you traded often and withdrew nothing early. Nothing obliges them to tell you the amount.

Exhibit 11WarningHarder than usual$1120

Counterparty Relationship: As the Company acts as the counterparty to client trades, it may profit when a client incurs a loss and vice versa. This creates an inherent conflict between the Company's financial interest and the client's interest.
Clause 1.2 in Conflict of Interest Policy
Read from the broker's site on Open the reference

What it costsA partner introducing ten qualified traders earns up to $11,200. None of it is paid on a client who withdraws inside the first 30 days.

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

Firms licensed by the FCA and CySEC must manage inducements paid for client referrals so they do not damage the client's interests, and must disclose them. NextTrade discloses the conflict in its policy and publishes the rates on its partner pages.

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

Six idle months start a fee nobody has published

Clause 3.6 makes an account dormant after six months without a trade and allows a dormancy fee set by the fee schedule. The published fee table does not carry one. NextTrade undertakes only to attempt to notify you before it charges.

Dormancy1 clause flagged

Stop trading for six months and NextTrade can charge your account a dormancy fee. The clause points to a fee schedule for the amount. That schedule is not on the public site, so the figure is not published anywhere you can reach.

Why this matters

You cannot work out what leaving an account idle will cost you. NextTrade also undertakes only to attempt to notify you before the charging starts.

Exhibit 7WarningStandard wording

Dormant Accounts (Accounts with no trading activity for a continuous period of 6 months) may be subject to a dormancy fee as specified in our fee schedule. NextTrade will attempt to notify you before applying such fees.
Clause 3.6 in Terms & Conditions
Read from the broker's site on Open the reference

A Mauritius licence with no compensation scheme behind it

NextTrade Ltd holds licence GB25204563 from the Financial Services Commission of Mauritius, and every document names that single entity. NextTrade says it belongs to no investor compensation scheme. The Risk Disclosure says you may rank as an unsecured creditor if the firm fails.

Who holds the money1 clause flagged

You contract with NextTrade Ltd in Mauritius, licensed by the Financial Services Commission there. Its own help pages say it belongs to no investor compensation scheme. If the firm fails, the Risk Disclosure says you may rank as an unsecured creditor.

Why this matters

Segregated accounts keep your money apart from company money. They do not pay you back if NextTrade becomes insolvent, and no scheme stands behind that gap.

Exhibit 17NoticeStandard wording

In the event of NextTrade's insolvency, you may become an unsecured creditor and may not recover the full value of your funds, notwithstanding segregation arrangements.
Clause 7.3 in Risk Disclosure Statement
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC belong to a statutory compensation scheme that pays retail clients up to a set limit if the firm fails. NextTrade states that it is not a member of any such scheme.

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

Where the marketing and the contract disagree

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

01

The legal index calls the file the full Client Agreement and the file itself opens by calling it a summary.

Said in public, in English

The full Client Agreement governing the relationship between NextTrade Ltd and its clients, including terms of service, account conditions, and obligations.

Description of the Client Agreement on the legal documents index page

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

In the contract

This is a summary of the Client Agreement between NextTrade Ltd and its clients.

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

02

The home page says all accounts are covered and the contract excludes professional accounts and any client it judges to be in breach.

Said in public, in English

NextTrade offers Negative Balance Protection on all accounts, meaning clients cannot lose more than the funds available in their trading account.

Fund safety panel on the home page

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

In the contract · clause 6.5

Negative Balance Protection does not apply to professional or institutional clients, or where the negative balance results from fraudulent activity, system abuse, or violation of these Terms.

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

03

The public list leaves out the United Kingdom, Singapore, Nepal and the European Economic Area, which the partner contract puts beyond reach.

Said in public, in English

The services of NextTrade and the information on this site are not directed at or intended for access by persons in: Australia, Belgium, Canada, Crimea, Cuba, Democratic People's Republic of Korea (North Korea), Donetsk, India, Indonesia, Iran, Japan, Luhansk, Myanmar, Russia, Somalia, South Sudan, Syria, United States of America, Vietnam, Yemen, or any other jurisdiction where the offering of such products or services would be unlawful.

Restricted countries notice in the site footer

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

In the contract · clause Schedule 2, Part B

The Company does not currently hold the regulatory authorisations required to accept Clients in the jurisdictions listed below, and the Partner shall not market into these jurisdictions without the Company's prior written approval, which may be conditional on a local legal opinion or regulator consent.

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

04

The mission page says every fee is visible before you trade and the contract keeps the list open ended and points to a schedule the public site does not carry.

Said in public, in English

Every spread, every commission, every fee is published and visible before you trade.

Transparency First panel under Our Mission

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

In the contract · clause 7.1

NextTrade's fees and charges include, but may not be limited to: Spreads, commissions, Swap (overnight financing) charges, currency conversion fees, deposit and withdrawal fees, and Account dormancy fees. Full details are available in our fee schedule on the website.

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

05

The home page rules out markups and the partner contract counts mark-ups as revenue the company earns from client trading.

Said in public, in English

Our pricing is fully disclosed in your account conditions. No hidden markups or surprise fees.

Transparent Pricing panel on the home page

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

In the contract · clause 2, Trading Revenue

"Trading Revenue" means in respect of a Client, the gross trading revenue received by the Company from that Client, comprising spreads, mark-ups, commissions, financing and swap charges received by the Company (net of pass-through liquidity provider costs), and any other revenue received by the Company from the Client's trading activity, calculated on a closed-trade basis.

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

06

The mission page promises no re-quotes and the execution policy reserves the right to give you one.

Said in public, in English

Fast, reliable order routing. No re-quotes. No artificial delays.

Execution Without Compromise panel under Our Mission

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

In the contract · clause 4.3

The Company reserves the right to requote an order if the requested price is no longer available at the time of execution. In such cases, the Client will be offered the next best available price.

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

The documents this reading is based on

10 files, all published by NextTrade. 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 NextTrade publishes.

How this reading was done

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

This reading was published on .

Documents
10 of 10downloaded from the broker's site, and 10 read in full
Pages opened
30pages walked to find those documents, footer links included
Marketing pages
2public pages set against what the contract says

Who the contract is with

NextTrade Ltd

You contract with NextTrade Ltd, registered in Mauritius with registration number 223260 and licensed by the Financial Services Commission of Mauritius under number GB25204563. Every document names that one entity, and no South African entity appears anywhere in the set. South Africa shows up only as a country NextTrade approves its partners to advertise in. The partner contract also gives a different registered office from the address printed in every client document.

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

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

In fairness, and what we could not check

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

The Conflict of Interest Policy says in plain words that NextTrade is the other side of your trades and gains when you lose. Most brokers never print that sentence anywhere. The Risk Disclosure is detailed and specific about gapping, slippage, weekend risk and crypto volatility. Deposit fees are genuinely zero on every method, the withdrawal fee table is public, and every document carries the same date, entity name and licence number.

No earlier copies of these documents exist to compare against, so we cannot tell you what changed. We could not read the complete Client Agreement, because NextTrade publishes only a summary and sends you to an email address for the rest. The fee schedule, the Raw and VIP commission rates and the Loyalty Hub all sit behind a login, so we could not read those either. We looked for versions of the site in other languages and found none. We did not measure how far down each document a clause sits, because we could not do it accurately enough to publish.

How to check any of this yourself

Every quote above links to the NextTrade 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 NextTrade 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 NextTrade 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 Aug 26, 2026.

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

Back to the NextTrade profile