Wikilix
Contract reading

What Flux Markets legally published, but does not want you to read

Every clause below is published by Flux Markets 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: Onyx Capital Advisory Limited

sole discretionaccount closureprofessional clientscounterpartyprofit voidingclient moneyconflict of interestdeemed acceptancewithdrawalsalgorithmic trading

Flux Markets is the FCA-authorised trading name of Onyx Capital Advisory Limited, and it takes the other side of every trade you place.
You get two business days to dispute a statement before it binds you.
Flux can keep profits on a reasonable suspicion of Improper Use, and void every trade if it believes you exploited delays in its platform.
Retail clients keep money held apart from Flux's own, a cap on losses at their balance, and the Financial Ombudsman Service.

Back to Flux Markets

Contract risk

Money at risk
6.0/10

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.
4
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
15
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
3

How the 21 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.

Critical4
Warning12
Notice5

section 37 of 43is where the deepest clause sits, 86% of the way into the document it is in

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

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

Critical2 working daysTime to complain. Jump to the clause this comes from.Two business days to dispute a statement3%Fee you were not shown. Jump to the clause this comes from.A 3% a year fee on perpetual oil positions5 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals take five business days, or longer1Account limit. Jump to the clause this comes from.Oil deals by phone, at a price that can differ

What the documents say

21 clauses worth knowing about, worst first, each quoted from Flux Markets's own files

01

You have two business days to object in writing to a statement or trade confirmation, or clause 10.3 makes it binding on you. Your email counts only once Flux confirms receiving it.

Why this matters

Flux treats a letter from you as received five business days after you post it, too late for this deadline. Even an objection in time leaves a statement conclusive unless Flux agrees with you.

Exhibit 1CriticalHarder than usual2 working days

Any written confirmation or Statement issued by us regarding any Transaction or related matter will be considered conclusive and binding unless you provide us with written notice of your objection within two (2) Business Days of the actual or assumed delivery date.
Clause 10.3 in Terms of Business, p.18
Read from the broker's site on Open the reference

Where it sits: section 57 of 142 in the Terms of Business, 40% of the way through.

What it costsA statement emailed on a Monday binds you unless your written objection reaches Flux, and Flux confirms it, by the end of Wednesday.

Set against a regulated standard: FCA (UK)

Firms authorised by the FCA must handle complaints fairly and tell retail clients they can take an unresolved complaint to the Financial Ombudsman Service. Clause 10.3 makes a statement binding after two business days, and clause 2.11 of the same terms still points you to the Ombudsman.

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

02

If Flux reasonably suspects Improper Use, clause 7.3 lets it keep the money those trades made for you. Its definition of Improper Use includes anything that would be "a potential detriment to us" if you kept trading.

Why this matters

Flux takes the other side of your trades, so your winning trades can be its losses. Suspicion is enough: the clause asks for reasonable suspicion, not proof.

Exhibit 2CriticalHarder than usual

Where we have reasonably suspected Improper Use, we shall have the right to retain the amounts received in your Account as a result of such Transactions.
Clause 7.3 in Terms of Business, p.13
Read from the broker's site on Open the reference

Where it sits: section 41 of 142 in the Terms of Business, 29% of the way through.

  • Worse together with Exhibit 16Read with clause 1.15, the party that can lose when you win is the party that decides whether your trading is a detriment to it.
03

If Flux believes you unfairly exploited latency (delays in its trading platform), clause 7.8 lets it void all your trades and close your accounts. It then returns your balance with the profit and loss of every voided trade taken out.

Why this matters

Flux needs only its own belief, and the clause reaches every trade you made, not just the ones in question. It cancels your losses too, but only Flux decides when to use it.

Exhibit 3CriticalHarder than usual

Where we believe that latency in the Trading Platform is unfairly exploited by you, we may, at our absolute discretion, void all Transactions and return to you only the Balance excluding any profit or loss associated with Transactions that have been voided, and then close your Account(s).
Clause 7.8 in Terms of Business, p.13
Read from the broker's site on Open the reference

Where it sits: section 41 of 142 in the Terms of Business, 29% of the way through.

What it costsA $10,000 deposit grown to $15,000 comes back as $10,000. The $5,000 of profit is gone.

04

With every order, clause 6.5 has you promise again that you are not in the USA or Belgium, even briefly. Break any of its promises and clause 6.6 lets Flux void the order and close your positions.

Why this matters

If you place a profitable trade from a hotel in New York or Brussels, Flux can cancel it. The same list has you promise you are not a manager or director of any company with listed shares.

Exhibit 5CriticalHarder than usual

You represent, warrant, and agree to all of the following at the point of entering into these Terms and at the point you place each Order:
Clause 6.5 in Terms of Business, p.12
Read from the broker's site on Open the reference

Where it sits: section 38 of 142 in the Terms of Business, 27% of the way through.

  • Same clause as Exhibit 13Both rest on clause 6.6, which turns any broken promise in clause 6.5 into grounds to close your positions and your account.
05

Flux's website says its app lets you access the oil market directly. Its Order Execution Policy says Flux sets the price and takes the other side, so you deal with Flux, not the market.

Why this matters

When you win, Flux can lose, which is not true of a broker that sends your order to the market. Where no market is open, Flux sets its price partly from other clients' orders.

Exhibit 4Warning

This means that we will act as market maker and you will be dealing with Flux Markets and not within the underlying market.
Quoted in Order Execution Policy, p.3
Read from the broker's site on Open the reference

Where it sits: section 22 of 39 in the Order Execution Policy, 56% of the way through.

Set against a regulated standard: FCA (UK)

Firms authorised by the FCA must make sure their marketing is fair, clear and not misleading. Flux's website promises direct access to the oil market, while its Order Execution Policy says you deal with Flux and not within the underlying market.

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

  • Worse together with Exhibit 16The website hides Flux's role as your counterparty, and clause 1.15 adds that Flux need not act in your best interests.

Perpetual oil positions carry a 3% yearly fee the FAQ leaves out

Flux Markets charges a 3% a year admin fee every night on perpetual oil contracts and 0.5% to convert trades priced in another currency. Its CFD FAQ says oil contracts cost nothing beyond the spread, the gap between buy and sell prices. Its cost document also sets interest at SOFR plus 60 percentage points a year on negative balances and on professional clients' unmet margin calls.

Cost disclosure2 clauses flagged

Flux charges a 3% a year admin fee every night you hold a perpetual oil contract, one with no end date. Its CFD FAQ says oil contracts carry no charge beyond the spread, the gap between buy and sell prices.

Why this matters

Flux's perpetuals page does explain the fee, but if you rely on the FAQ you will not expect it. A 0.5% currency charge also applies when you trade a product priced in another currency, and the Key Information Document gives neither rate.

Exhibit 6WarningStandard wording3%

In addition to the rollover adjustment which will be PnL neutral, an additional 3% annual admin fee will apply. This will be levied daily and will be a debit irrespective of whether the client is long or short.
Clause 5 in Cost and Charges, p.6
Read from the broker's site on Open the reference

Where it sits: section 37 of 65 in the Cost and Charges, 57% of the way through.

What it costsHolding $10,000 of a perpetual oil contract costs about $0.82 a night in admin fees, or about $300 over a year.

Flux's cost document charges interest at SOFR (a US overnight rate) plus 60 percentage points a year on any balance below zero in your account. Its own example puts the rate at 64.3% a year.

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.

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

As a professional client, you pay it on an unmet margin call, a demand to top up your account, from the moment Flux sends it. The terms limit this interest to professional clients in clause 7.10(e), but section 8 of the cost document does not.

Exhibit 7WarningRarely seen60%

Interest will accrue daily at a rate of SOFR (the Secured Overnight Financing Rate as administered and published by the Federal Reserve Bank of New York) plus 60 percentage points per annum, calculated on the basis of actual days elapsed divided by 365 (or 366 in a leap year).
Clause 8.2 in Cost and Charges, p.8
Read from the broker's site on Open the reference

Buried at section 46 of 65 in the Cost and Charges, 71% of the way through.

What it costsIn Flux's own example, a $10,000 negative balance left for 5 days costs $88.08 in interest, at $17.62 a day.

Set against a regulated standard: FCA (UK)

FCA rules for CFDs sold to retail clients require negative balance protection, so a retail client cannot lose more than the money in the account. Flux's terms give that protection in clause 2.6, but section 8 of its cost document calls any negative balance a debt that carries this interest.

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

Our readingInterest normally runs on money a client owes. Here it also runs on margin a professional client has not yet posted, at 60 percentage points over the base rate.

Flux can delay a withdrawal whenever a Specified Event occurs

Flux Markets takes up to five business days to process a withdrawal, and longer in exceptional circumstances it does not define. Clause 7.16 lets Flux refuse or delay a payment after a Specified Event. That term covers any case where Flux reasonably believes acting would protect you or itself.

Exit conditions2 clauses flagged

Flux takes up to five business days to process your withdrawal, or longer in exceptional circumstances it does not define. Clause 7.16 also lets Flux refuse or delay your payment when a Specified Event occurs, as long as the step is fair and reasonable.

Why this matters

A Specified Event includes any case where Flux reasonably believes acting is necessary or desirable to protect you or itself. Nothing in the terms sets a time limit on a delay to your payment, beyond the test that it be fair and reasonable.

Exhibit 8WarningStandard wording5 working days

Please note, ordinarily it may take up to five (5) Business Days to process your request. However, processing times may occasionally be longer in exceptional circumstances.
Clause 4.11 in Terms of Business, p.9
Read from the broker's site on Open the reference

Where it sits: section 29 of 142 in the Terms of Business, near the start.

What it costsA withdrawal requested on a Friday can take until the following Friday, and longer if Flux calls the circumstances exceptional.

Flux's list of Events of Default, the situations that let it act against your account, includes "we consider it necessary or desirable for our protection". For professional clients, clause 16.8 makes every payment Flux owes you conditional on there being no Event of Default.

Why this matters

If you are a professional client, Flux's own judgment can stop your withdrawals for as long as it says the default continues. For any client, an Event of Default also opens the payment delays in clause 7.16.

Exhibit 9WarningHarder than usual

g. we consider it necessary or desirable for our protection;
Quoted in Terms of Business, p.32
Read from the broker's site on Open the reference

Buried at section 109 of 142 in the Terms of Business, 77% of the way through.

  • Worse together with Exhibit 8An Event of Default that Flux declares for its own protection is also a Specified Event, which lets it refuse or delay your payments under clause 7.16.

Flux can rewrite the rules, raise margins and close positions on its own call

Flux Markets can change its terms and fees by posting a new version on its website, and your continued trading counts as acceptance. It can raise margins at any time, and its notice may come after it has closed your positions. It can also close accounts over social media conduct, unapproved automated trading, or a request to change client category.

One-sided control6 clauses flagged

Flux can change the agreement, fees included, at any time by posting a new version on its website. If you keep trading after that, clause 1.13 counts it as your acceptance.

Why this matters

Your only way out is closing the account, which clause 11.4 allows only if you are not in breach of any term. The same company promises its professional clearing clients at least 20 days' written notice of a material change.

Exhibit 10WarningHarder than usual

d. we may update these Terms and any supplemental documents or policies which form part of the Agreement at any time, and your continued use of our Services after any changes constitutes your acceptance of the revised Agreement.
Clause 1.13(d) in Terms of Business, p.2
Read from the broker's site on Open the reference

Where it sits: section 63 of 142 in the Terms of Business, 44% of the way through.

Set against a regulated standard: FCA (UK)

FCA guidance on changing consumer contracts expects firms to give customers reasonable notice of a change and the freedom to leave without penalty. Flux's terms treat a new version posted on its website as notice, and your continued trading as acceptance.

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

Flux can raise the margin, the deposit that keeps a position open, at any time, then close positions your money no longer covers. Clause 7.5 says the email telling you may come after Flux has closed them.

Why this matters

Flux can close a position that met the rules when you opened it, because it changed the rules, and you carry the loss. Clause 7.4 gives Flux the same power over spreads and commissions.

Exhibit 11WarningHarder than usual

We have the ability to adjust Margin Requirements at any time, based on market conditions, risk management considerations, or regulatory requirements. We may liquidate all or part of any of your Positions if your Equity fails to meet the Aggregate Margin Requirement, or if you fail to meet a Margin Call.
Clause 7.5 in Terms of Business, p.13
Read from the broker's site on Open the reference

Where it sits: section 41 of 142 in the Terms of Business, 29% of the way through.

Flux can make any product tradable only by phone, and only between 8am and 6pm on UK business days (clause 3.22). On those products the screen shows a price you cannot trade at, and the dealer's quote can differ from it.

Why this matters

Flux's CFD page says its oil products are phone dealing only, so you cannot close one in the evening or at a weekend. Its guarantee that the spread, the gap between buy and sell prices, stays under a maximum covers only 1 lot per contract per minute.

Exhibit 12WarningHarder than usual1

Certain products offered by us may only be traded manually via a Means of Communication during Business Hours. You acknowledge that the Trading Platform may only be available for Indicative Prices for these specific products, and therefore, all Orders for such products must be communicated directly to our brokerage team via a Means of Communication during Business Hours.
Clause 3.22 in Terms of Business, p.7
Read from the broker's site on Open the reference

Where it sits: section 23 of 142 in the Terms of Business, near the start.

What it costsClosing 5 lots at the guaranteed maximum spread takes at least 5 minutes, at 1 lot per minute.

You promise not to behave inappropriately toward Flux, which clause 6.5(k) says includes defamation and misuse of social media. A breach lets Flux close your open positions and your account under clause 6.6.

Why this matters

The terms do not say what misuse of social media means, so Flux decides. A post you see as fair comment could be one Flux calls misuse, and it accepts no liability for profit you lose.

Exhibit 13WarningHarder than usual

(k) You will not engage in inappropriate behaviour toward Flux Markets or its employees. Inappropriate behaviour includes, but is not limited to, swearing, abusive language, racism, discrimination, harassment, defamation, abuse of communication systems, misuse of social media and spam.
Clause 6.5(k) in Terms of Business, p.12
Read from the broker's site on Open the reference

Where it sits: section 38 of 142 in the Terms of Business, 27% of the way through.

Flux's Client Categorisation Policy lets it stop doing business with you if you ask to change your client category. That includes a professional client asking to be treated as retail again.

Why this matters

Flux sells professional status with deposits from 1.35% of a commodity position, but it ends the cap that keeps your losses within your balance. Asking to get that cap back can cost you the account.

Exhibit 14WarningHarder than usual

It is the responsibility of the client to ask for a higher level of protection. Flux Markets reserves the right to cease business with the client if a different client categorisation is requested.
Quoted in Client Categorisation Policy, p.3
Read from the broker's site on Archived copyOpen the reference

Buried at section 32 of 43 in the Client Categorisation Policy, 74% of the way through.

  • Worse together with Exhibit 7Professional status brings interest at SOFR plus 60 points on unmet margin calls, and asking to leave that status can end the account.

Running an automated strategy, such as an Expert Advisor (a program that trades for you on MetaTrader 5), needs Flux's express consent first. Without it, clause 2.10 lets Flux close your account on reasonable suspicion.

Why this matters

MetaTrader 5, the platform Flux uses, lets you automate orders, so you can break this rule without noticing. Flux accepts no liability for any loss when it closes the account.

Exhibit 20NoticeHarder than usual

You are only permitted to use our Services for Algorithmic Trading having first obtained our express consent, provided that all such activities strictly comply with applicable market rules, regulations, and industry standards, including but not limited to ensuring fair market practices and preventing market manipulation.
Clause 2.10 in Terms of Business, p.3
Read from the broker's site on Open the reference

Where it sits: section 10 of 142 in the Terms of Business, near the start.

A Flux statement binds you two business days after it arrives

Flux Markets gives clients two business days to object in writing to a statement or confirmation, after which it is conclusive and binding. Flux caps its liability at deposits minus withdrawals, and its own documents disagree on whether professional clients can use the Financial Ombudsman Service. Retail clients keep the Ombudsman route either way.

Deadlines and records2 clauses flagged

Flux caps its total liability to you at the money you deposited minus the money you withdrew (clause 8.5). Fraud, wilful default and a material breach by Flux fall outside the cap (clause 8.4).

Why this matters

The more you withdraw, the lower the cap, so once you have taken out what you put in, the cap is zero.

Exhibit 15WarningHarder than usual

Our total liability arising out of or in connection with these Terms shall be limited to the total of your deposits made into the Account, minus any withdrawals you have placed.
Clause 8.5 in Terms of Business, p.17
Read from the broker's site on Open the reference

Where it sits: section 54 of 142 in the Terms of Business, 38% of the way through.

What it costsDeposit $10,000, later withdraw $10,000, and the cap on Flux's liability to you is $0.

Flux's Client Categorisation Policy tells you professional clients cannot take complaints to the Financial Ombudsman Service. Its 2026 Complaints Management Policy says an individual client always qualifies as an eligible complainant.

Why this matters

If you become a professional client, do not take the categorisation policy's word that the Ombudsman is closed to you. The newer complaints policy says individuals always qualify, and the older complaints process says some professional clients do.

Exhibit 18Notice

Professional Clients are not eligible to refer complaints to the FOS.
Quoted in Client Categorisation Policy, p.4
Read from the broker's site on Archived copyOpen the reference

Buried at section 37 of 43 in the Client Categorisation Policy, 86% of the way through.

Flux takes the other side of your trade and disclaims your best interests

Flux Markets is the counterparty to every client trade, and clause 1.15 says it is not obliged to act in clients' best interests. Its Conflicts of Interest Policy says it has that obligation. If an introducer referred you, Flux usually shares your trading costs with it and gives details only on written request.

Counterparty conflict2 clauses flagged

Flux takes the other side of every trade you place, and clause 1.15 says it is not obliged to act in your best interests. Its own Conflicts of Interest Policy says it has an obligation to act in its clients' best interests.

Why this matters

The two documents cannot both describe how Flux will treat you. The terms you sign take the narrower view, and add that Flux is not responsible for any losses its services cause you.

Exhibit 16WarningHarder than usual

We are not acting as your agent, and we do not represent your interests in any way. This means that we are not obligated to act in your best interests, and we are not responsible for any losses you may incur as a result of the provision of our Services.
Clause 1.15 in Terms of Business, p.2
Read from the broker's site on Open the reference

Where it sits: section 6 of 142 in the Terms of Business, near the start.

Set against a regulated standard: FCA (UK)

Firms authorised by the FCA must act honestly, fairly and professionally in their clients' best interests, and the Consumer Duty requires good outcomes for retail customers. Clause 1.15 of Flux's terms says Flux is not obliged to act in your best interests.

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

If another firm introduced you to Flux, Flux will usually share the costs you pay with it. Clause 4.20 says Flux discloses the details only after you ask for them in writing.

Why this matters

An introducer paid from your trading costs earns more when you trade more. Ask Flux in writing what it pays before you act on that introducer's advice.

Exhibit 19NoticeStandard wording

Generally, Flux Markets will have a discretionary agreement with your introducing broker to split the costs and charges incurred by you when using your Flux Markets account.
Clause 7.3 in Cost and Charges, p.7
Read from the broker's site on Open the reference

Buried at section 43 of 65 in the Cost and Charges, 66% of the way through.

Flux sells direct market access but contracts as your counterparty

Flux Markets tells retail clients its app gives them direct access to the oil market, with no brokers. Its Order Execution Policy says clients deal with Flux as market maker and not within the underlying market. Its FAQ also says client money is safe from set-off by Flux, while clause 4.8 of the terms lets Flux pay itself from it.

Claims against contract1 clause flagged

Flux's FAQ says a retail client's money is protected from any "rights of set-off by us". Clause 4.8 lets Flux take any amount you owe it straight from the money it holds for you.

Why this matters

Keeping your money apart shields it from Flux's creditors if Flux fails, not from Flux itself. Any fee or debt Flux says you owe can come out of your balance.

Exhibit 17NoticeStandard wording

Where any amounts owed by you to us under these Terms are due and payable to us, in accordance with relevant FCA Rules, we shall cease to treat as Client Money the amount owed to us. You agree that we may apply that money towards satisfaction of all or part of those amounts due and payable to us.
Clause 4.8 in Terms of Business, p.9
Read from the broker's site on Open the reference
Our own capture of flux.live, taken on Oct 24, 2026The claim, on CFD FAQs page, Financial Info tab, answer to What happens to the funds I deposit with Flux Markets?This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Where it sits: section 29 of 142 in the Terms of Business, near the start.

An FCA-authorised UK company, with one misnamed document

Flux Markets is a trading name of Onyx Capital Advisory Limited, company 11472304, authorised by the FCA under firm number 822509. Flux keeps retail client money apart from its own, and the Financial Services Compensation Scheme covers eligible claims up to £85,000. The Risk Disclosure Notice prints a different company name, Flux Capital Advisory Limited, on five of its six pages.

Contract counterparty1 clause flagged

Your contract is with Onyx Capital Advisory Limited, which the FCA authorises under firm number 822509, and Flux Markets is its trading name. Flux keeps retail client money in a bank account apart from its own, and the Financial Services Compensation Scheme covers eligible claims up to £85,000.

Why this matters

Five of the six pages of the Risk Disclosure Notice give the company name as Flux Capital Advisory Limited, beside the same FCA number. Search the FCA register by number 822509, not by that name.

Exhibit 21Notice

Flux Markets is a trading name of Onyx Capital Advisory Limited in relation to its CFD and Spread Betting business. Onyx Capital Advisory Limited is authorised and regulated by the Financial Conduct Authority.
Clause 1.6 in Terms of Business, p.1
Read from the broker's site on Open the reference

Where it sits: section 3 of 142 in the Terms of Business, near the start.

Where the marketing and the contract disagree

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

01

The website promises direct access to the oil market, while the execution policy says you deal only with Flux.

Said in public, in English

Our CFD trading app allows you to access the oil market directly.

Retail Contracts page, Start trading now section

In the contract

This means that we will act as market maker and you will be dealing with Flux Markets and not within the underlying market.

02

The FAQ says oil contracts carry no charge beyond the spread, while the cost document charges perpetual oil positions 3% a year.

Said in public, in English

we only charge this on our FX pairs, while the oil contracts have no additional charges other than the spread.

CFD FAQs page, Margins tab, answer to How does margin trading work?

In the contract · clause 5

In addition to the rollover adjustment which will be PnL neutral, an additional 3% annual admin fee will apply. This will be levied daily and will be a debit irrespective of whether the client is long or short.

03

The FAQ rules out set-off by Flux, while the terms let Flux pay itself from your client money.

Said in public, in English

This guarantees that your money is identified as client funds, protected from any claims, charges, liens, or rights of set-off by us or our creditors.

CFD FAQs page, Financial Info tab, answer to What happens to the funds I deposit with Flux Markets?

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

In the contract · clause 4.8

Where any amounts owed by you to us under these Terms are due and payable to us, in accordance with relevant FCA Rules, we shall cease to treat as Client Money the amount owed to us. You agree that we may apply that money towards satisfaction of all or part of those amounts due and payable to us.

The documents this reading is based on

15 files, all published by Flux Markets. 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 Flux Markets publishes.

How this reading was done

Every clause above was read out of a document Flux Markets publishes itself

This reading was published on .

Documents
15 of 15downloaded from the broker's site, and 15 read in full
Pages opened
81pages walked to find those documents, footer links included
Older copies
4earlier versions downloaded, 4 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Position measured
21clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Onyx Capital Advisory Limited

Your contract is with Onyx Capital Advisory Limited, company 11472304, authorised by the FCA under firm number 822509, which trades as Flux Markets (clauses 1.6 and 1.10 of the Terms of Business). The Clearing Terms of Business are a separate agreement with the same company for an indirect clearing service offered only to professional clients and eligible counterparties, and they do not govern a CFD or spread betting account. The same company also trades as Pump Price Protection, a fuel price product with its own terms, which this review does not cover. The Privacy Policy is issued by the parent, Onyx Capital Group Limited, and lists Onyx Capital Advisory Limited as one of four data controllers. An Onyx Capital Advisory Limited execution policy on the group's legal page still says the company serves no retail clients, but it covers the institutional brokerage business, not Flux Markets accounts.

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

Flux Markets publishes every document its Terms of Business names, most with a version date in the file name. Its Costs and Charges document works through each charge with a worked example, and its perpetuals page explains the 3% holding fee step by step. It charges no deposit, withdrawal or inactivity fee, and it closes an inactive account only when the balance is zero. Retail clients get money held apart from Flux's own, negative balance protection, and a complaints process with an eight week deadline and the Financial Ombudsman Service behind it. Its newer complaints policy says every individual client counts as an eligible complainant.

This is the first review of Flux Markets' documents. No earlier copy of the Terms of Business, the Costs and Charges document, the Risk Disclosure Notice or the Clearing Terms of Business is available, so it is not possible to say whether those four changed recently. Earlier copies of the Client Categorisation Policy, the Conflicts of Interest Policy, the CFD Key Information Document and the Complaints Process match today's files exactly, so those have not changed since January or February 2026. The earlier copies of the Spread Betting Key Information Document, the Leverage and Margin Policy, the Order Execution Policy and the Privacy Policy would not open, so any changes to them are unknown. A glossary page on onyxmarkets.co.uk no longer exists. The 2026 Complaints Management Policy and an institutional Order Execution Policy come from the Onyx Capital Group legal page that Flux links from its footer, and both are quoted from there. The site's Chinese, French and German versions are automatic translations of its English pages, so the review compares English pages only. The review does not cover the separate documents of Pump Price Protection, or any professional client's fee letter, where Flux sets some charges in writing for each client.

How to check any of this yourself

Every quote above links to the Flux Markets 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 Flux Markets 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 Flux Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 24, 2026.

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

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