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

Buried at section 145 of 207 in the Client Services Agreement, 70% of the way through.We counted the numbered sections in the Client Services Agreement. This clause sits in section 145 of 207, about 70% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Abuse clauses are standard. Reversing all previous transactions, rather than only the ones said to be abusive, is written much further in the firm's favour than usual.

• Only applies after Exhibit 12This clause only bites once the other one has been applied.Orbex sets the quotes it later judges to have been abused, so it is marking its own prices.

Buried at section 168 of 263 in the Online Trading Terms & Conditions, 64% of the way through.We counted the numbered sections in the Online Trading Terms & Conditions. This clause sits in section 168 of 263, about 64% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

What it costsThe same clause worked out on a round number, so you can see it in money or in days. It is an example, not a quotation.One lot of USDTRY held for seven days on a swap free account costs 490 USD in storage fees. The swap it replaced would have been far smaller.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Storage fees on swap free accounts are widespread. Charging from day one at 70 USD per lot, on the account type marketed as the interest free option, is at the harsh end.

Buried at section 205 of 263 in the Online Trading Terms & Conditions, 78% of the way through.We counted the numbered sections in the Online Trading Terms & Conditions. This clause sits in section 205 of 263, about 78% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Buried at section 232 of 263 in the Orbex Privacy Policy, 88% of the way through.We counted the numbered sections in the Orbex Privacy Policy. This clause sits in section 232 of 263, about 88% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.A right to amend is normal. Removing notice entirely, and extending it to the stop out level and to open positions rather than new ones, is written harder than usual.

• Same clause as Exhibit 7Both findings come from the same clause in the document.The same power over fees is what lets the advertised 0.00% move after you have deposited.

Buried at section 30 of 37 in the Whats app Business Privacy Policy, 81% of the way through.We counted the numbered sections in the Whats app Business Privacy Policy. This clause sits in section 30 of 37, about 81% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Buried at section 163 of 263 in the Online Trading Terms & Conditions, 62% of the way through.We counted the numbered sections in the Online Trading Terms & Conditions. This clause sits in section 163 of 263, about 62% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Buried at section 64 of 78 in the Orbex Privacy Policy, 82% of the way through.We counted the numbered sections in the Orbex Privacy Policy. This clause sits in section 64 of 78, about 82% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Limiting data rights to the EEA is common. Doing it on a site written for the Middle East, while resting international transfers on a framework struck down years ago, leaves that audience with nothing in force.

Where it sits: section 72 of 207 in the Client Services Agreement, 35% of the way through.We counted the numbered sections in the Client Services Agreement. This clause sits in section 72 of 207, about 35% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Buried at section 245 of 263 in the Online Trading Terms & Conditions, 93% of the way through.We counted the numbered sections in the Online Trading Terms & Conditions. This clause sits in section 245 of 263, about 93% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

What it costsThe same clause worked out on a round number, so you can see it in money or in days. It is an example, not a quotation.A $1,000 balance left untouched loses 20 a month from month four. By the twelve month closure point roughly $180 has gone.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Dormancy fees are common. Two agreements in force at the same time stating different amounts and different trigger periods is not, and it leaves you unable to work out what you owe.

Buried at section 168 of 207 in the Client Services Agreement, 81% of the way through.We counted the numbered sections in the Client Services Agreement. This clause sits in section 168 of 207, about 81% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Buried at section 22 of 32 in the Client Services Agreement, 69% of the way through.We counted the numbered sections in the Client Services Agreement. This clause sits in section 22 of 32, about 69% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.Unfilled placeholders in a signed contract are rare on their own. Finding advertising for outside gambling sites inserted into a broker's own risk warning and privacy pages points to a site nobody is maintaining.

Buried at section 30 of 37 in the Whats app Business Privacy Policy, 81% of the way through.We counted the numbered sections in the Whats app Business Privacy Policy. This clause sits in section 30 of 37, about 81% of the way through. A fee written on the first page and the same fee written near the end are not the same disclosure.

Our readingOur own comment on the clause, not the broker's words. Anything we quote is marked as a quotation.A separate governing law for one contact channel, naming a country where none of the group's licensed entities sit, splits one relationship across two legal systems.