Wikilix
Contract reading

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

Every clause below is published by NOZAX 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: NOZAX AD

sole discretionwithdrawalsaccount closurecomplaintsconclusive evidencedata access feedata retentiondeemed acceptanceentity confusiongoverning law

NOZAX trades under three company names in three countries. The About Us page advertises a Montenegro licence. The footer names a Saint Lucia company. A second set of terms, still served today, binds you to a St Vincent company with no regulator. No client agreement is published, so the rules for your trades and withdrawals cannot be read before you deposit. The fees page prices every withdrawal as FREE, then allows a 3% charge if you withdraw without trading.

Back to NOZAX

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.
11
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
9
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
2

How the 11 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
Warning5
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.

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

Critical3In the contract. Jump to the clause this comes from.Regulated broker claim covers only one of three companiesCritical3%Fee you were not shown. Jump to the clause this comes from.Withdrawals shown as free carry a 3% charge5 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawal holds have no stated time limit

What the documents say

11 clauses worth knowing about, worst first, each quoted from NOZAX's own files

01

NOZAX sells itself as a regulated broker using a Montenegro licence. Three different companies carry the NOZAX name. One set of terms still served on the site binds you to a St Vincent company that names no regulator.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

Your protection depends on which company holds your money, and no page tells you which one it is. If it is the St Vincent company, the Montenegrin regulator you were shown does not stand behind your account.

Exhibit 1CriticalRarely seen3

Limited liability company NOZAX (SV) is a company incorporated under the laws of Saint Vincent and the Grenadines, registered with the Registrar of Limited liability, under the registration number 1055 LLC 2021.
Clause 2 in PRIVACY POLICY
Read from the broker's site on Open the reference
Our own capture of nozax.com, taken on Sep 21, 2026The claim, on About Us page, under the heading Regulated brokerVisit this page on the broker's siteDownload the full size image file
Our own capture of nozax.com, taken on Sep 21, 2026What the contract says, clause 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 or CySEC must tell a retail client which legal entity they are contracting with before the account opens. NOZAX puts three company names across its site and its documents without saying which one is the counterparty.

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

Our readingRunning two parallel sets of the same four legal documents under two different companies, one licensed and one offshore, is unusual. The set you land on decides which regulator, if any, stands behind your account.

  • Worse together with Exhibit 2You cannot tell which company you contract with, and the contract that would name it is not published.
02

NOZAX publishes four legal documents and none of them is the trading contract. Its website terms say the governing law, the courts and the liability limits all sit in a Client Agreement. That document is not on the site.

Why this matters

You cannot read the rules for your trades, your withdrawals or your disputes before you deposit. You also cannot find out which country's courts would hear a claim against NOZAX.

Exhibit 2CriticalHarder than usual4

The governing law and jurisdiction of these terms is set out in the ‘Client Agreement’.
Clause 13 in WEBSITE TERMS AND CONDITIONS
Read from the broker's site on Open the reference
Our own capture of nozax.com, taken on Sep 21, 2026No client agreement is published anywhere on the site (clause 13)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 before providing services. The NOZAX terms defer governing law and liability to a Client Agreement that is not available on the site.

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

03

The fees page lists every withdrawal method as FREE. Below that table, NOZAX reserves the right to charge you 3% of the amount if you withdraw without having traded.

Why this matters

Deposit $1,000, change your mind and withdraw it, and NOZAX can keep $30. The charge sits under the same table that told you withdrawals were free.

Exhibit 3CriticalHarder than usual3%

If you request to withdraw your funds after no trading activity, NOZAX reserves the right to charge you the equivalent amount of any banking fees incurred, or 3% of the total withdrawal amount.
Clause Terms and Conditions note below the fee table in Accounts and Fees
Downloaded from the broker's site on Open the reference
Our own capture of nozax.com, taken on Sep 21, 2026Withdrawals shown as free carry a 3% charge (clause Terms and Conditions note below the fee table)Visit this page on the broker's siteDownload the full size image file

What it costsA $1,000 withdrawal after no trading returns $970. The 3% charge takes $30.

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

Firms licensed by the FCA or CySEC must set out costs and charges to a retail client before they trade. NOZAX prints FREE in the fees column and puts the 3% charge in a note below the table.

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

  • Worse together with Exhibit 5A charge for withdrawing without trading sits alongside a hold that has no deadline on it.
04

NOZAX can rewrite its website terms whenever it likes. Clause 15 says it will not notify anyone, and the newest version on the site is the one that applies to you.

Why this matters

You are bound by wording you have never seen unless you re-read the terms before every visit. Clause 4 puts that duty on you.

Exhibit 4WarningHarder than usual

We reserve the right to modify these terms at any time by publishing revised terms of this information. We will not notify anyone and the applicable version will be the most up-to-date one.
Clause 15 in WEBSITE TERMS AND CONDITIONS
Read from the broker's site on Open the reference
Our own capture of nozax.com, taken on Sep 21, 2026Terms can change at any time with nobody told (clause 15)Visit this page on the broker's siteDownload the full size image file
05

NOZAX can delay your withdrawal while it asks for more documents, and no deadline applies to that request. Bank payouts are posted 3 to 5 business days after it processes them.

Why this matters

Your money can sit with NOZAX for as long as it takes to satisfy a document request. The contract that would cap that wait is not published.

Exhibit 5WarningHarder than usual5 working days

Please note that a processing delay may occur for your transaction in case of a request for additional information or evidence as part of NOZAX's due diligence & regulatory procedures.
Clause Terms and Conditions note below the fee table in Accounts and Fees
Downloaded from the broker's site on Open the reference
Our own capture of nozax.com, taken on Sep 21, 2026Withdrawal holds have no stated time limit (clause Terms and Conditions note below the fee table)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must handle a retail client's withdrawal request promptly. NOZAX states no outer limit on a delay caused by a request for more information.

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

  • Worse together with Exhibit 8The document request that delays a withdrawal has no fixed list, so the delay has no natural end.

NOZAX can change the terms and tell nobody

Clause 15 of the NOZAX website terms lets the company modify them at any time and states it will not notify anyone. Clause 7 lets NOZAX disable your login on its own reasonable opinion that you breached the terms. Neither clause sets a notice period.

Unilateral change1 clause flagged

NOZAX can switch off your username or password at any time. Clause 7 needs only its own reasonable opinion that you broke the site terms.

Why this matters

Losing the login means losing the route to your positions and your balance. The clause sets no notice period and no appeal.

Exhibit 10WarningHarder than usual

We have the right to disable any user identification code or password whether chosen by you or allocated by us, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these terms of use.
Clause 7 in WEBSITE TERMS AND CONDITIONS
Read from the broker's site on Open the reference
  • Worse together with Exhibit 4NOZAX can change the rules without telling you, then disable your login for breaking them.

The broker holds the only record of what was said

NOZAX can record every call, chat and email with no warning tone, and its privacy policy makes those recordings its sole property. Its website terms exclude liability for any loss from using the site. NOZAX does keep liability for death or personal injury caused by its own negligence.

Evidence and liability2 clauses flagged

NOZAX can record every call, chat and email with you, with no warning tone. Its privacy policy makes those recordings its sole property and evidence of what was said.

Why this matters

In a dispute about what you were told, the only record is the one NOZAX holds. Nothing in the policy gives you a right to a copy of it.

Exhibit 6WarningHarder than usual

These recordings will be our sole property and will constitute evidence of the communications between us.
Clause 3 in PRIVACY POLICY
Read from the broker's site on Open the reference

NOZAX excludes liability for any loss you suffer from using its site, or from the site failing. Clause 11 applies that as far as the law allows.

Why this matters

If the site fails while you hold a position, this is the clause NOZAX will point to. It does keep liability for death or personal injury caused by its own negligence.

Exhibit 7NoticeStandard wording

To the maximum extent permitted by law, we will not be liable in any way for any loss or damage suffered by you through the use or access to our site or our failure to provide this site.
Clause 11 in WEBSITE TERMS AND CONDITIONS
Read from the broker's site on Open the reference

The list of documents NOZAX can ask for has no end

NOZAX reserves the right to ask for any additional information it deems necessary. It keeps client records for five years after the relationship ends, or longer if authorities ask. It can also charge a fee for answering a data request it judges excessive.

Document demands2 clauses flagged

NOZAX can ask you for any extra information it decides it needs. It keeps your records for five years after your relationship ends, or longer if authorities ask.

Why this matters

There is no list you can finish and no cap on what NOZAX can request. Your identity documents and trading history stay on file long after you close the account.

Exhibit 8WarningStandard wording

We have the right to ask any additional information we deem necessary to be compliant with our legal and regulatory requirements.
Clause 3 in PRIVACY POLICY
Read from the broker's site on Open the reference

NOZAX can charge you a fee to answer a data request it treats as unfounded, excessive or repetitive. It can also refuse the request instead.

Why this matters

Asking NOZAX what it holds on you can cost money, and NOZAX is the one that decides whether your request counts as excessive.

Exhibit 9NoticeStandard wording

We may charge you a reasonable fee when a request is manifestly unfounded, excessive or repetitive, or we receive a request to provide further copies of the same data.
Clause 8 in PRIVACY POLICY
Read from the broker's site on Open the reference

One document set names a regulator and the other names none

The NOZAX AD documents state a Montenegrin Capital Market Authority licence, number 03/2-5/5-21. The NOZAX (SV) LLC documents state only incorporation in Saint Vincent and Grenadines. Neither set says client money is held separately or names a compensation scheme.

Regulatory footing1 clause flagged

The documents served under the NOZAX (SV) LLC name state only that the company is incorporated in Saint Vincent and Grenadines. No regulator, no licence number and no compensation scheme appears in them.

Why this matters

If your account sits with the St Vincent company, no financial regulator is named in the documents that govern it. Those documents also do not say your money is held separately from company money.

Exhibit 11NoticeStandard wording

Incorporated in Saint Vincent and Grenadines (registration no. 1055 LLC 2021)
Quoted in WEBSITE TERMS AND CONDITIONS
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold retail client money in segregated accounts and belong to an investor compensation scheme. The NOZAX documents state neither.

NOZAX 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 licence the site advertises belongs to the Montenegro company, while a set of terms still served binds clients to a St Vincent company with no regulator named.

Said in public, in English

NOZAX AD is a joint-stock company registered in Montenegro under Company Number 40009820 and is authorized and regulated by the Montenegrin Capital Market Authority (License Number 03/2-5/5-21).

About Us page, under the heading Regulated broker

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

In the contract · clause 2

Limited liability company NOZAX (SV) is a company incorporated under the laws of Saint Vincent and the Grenadines, registered with the Registrar of Limited liability, under the registration number 1055 LLC 2021.

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

02

The withdrawal table prices every method at FREE while the note under it allows a 3% charge on the whole withdrawal.

Said in public, in English

FREE

Accounts and Fees page, Withdrawal tab, COMMISSION & FEES column, shown for all five withdrawal methods

In the contract · clause Terms and Conditions note below the fee table

If you request to withdraw your funds after no trading activity, NOZAX reserves the right to charge you the equivalent amount of any banking fees incurred, or 3% of the total withdrawal amount.

The documents this reading is based on

9 files, all published by NOZAX. 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 NOZAX publishes.

How this reading was done

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

This reading was published on .

Documents
3 of 9downloaded from the broker's site, and 3 read in full
Pages opened
26pages walked to find those documents, footer links included

Who the contract is with

NOZAX AD

The legal documents linked from the site footer are in the name of NOZAX AD, registered in Montenegro under number 40009820 and licensed by the Montenegrin Capital Market Authority. The signup button leads to app.ad.nozax.com, which points to that same company. A second set of documents, still served from nozax.com, is in the name of NOZAX (SV) LLC, registered in Saint Vincent and Grenadines under number 1055 LLC 2021, and names no regulator. The footer of every page names a third company, Nozax Ltd, registered in Saint Lucia under number 2025-00931. No published document says which company holds a retail client's money.

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

NOZAX AD publishes its Montenegrin Capital Market Authority licence number, 03/2-5/5-21, and its stock exchange ticker on the About Us page. Most offshore brokers publish neither. The Accounts and Fees page puts every deposit and withdrawal method in one table with its currencies, minimum and processing time, which is more than many competitors show. A risk warning about trading on margin sits at the top of every page rather than in the footer.

We read three documents in full: the NOZAX (SV) LLC website terms, privacy policy and cookie policy. NOZAX serves a second set of four documents in the name of NOZAX AD. From that set we read only the title and the company details of the website terms and the risk disclosure. We did not read the NOZAX AD privacy policy, the NOZAX AD cookie policy or the Saint Vincent risk disclosure. No client agreement is published on the site, so the terms governing trading, withdrawals and disputes could not be read at all. We could not see the registration form on the client portal, so any contract shown during signup is not covered here. We did not compare these documents against an earlier copy, so this reading records what they say today.

How to check any of this yourself

Every quote above links to the NOZAX 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 NOZAX 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 NOZAX on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 21, 2026.

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

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