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Contract reading

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

Every clause below is published by Pelliron 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: Pelliron Universal Inc.

sole discretionwithdrawalsbonus lockdeemed acceptancejurisdictionkyc freezelanguage mismatchnegative balanceconflict of interestcounterparty

Pelliron Universal Inc. contracts from Saint Vincent and names no financial services licence in any document. Its Russian website sells accounts while its Russian contract says the Russian Federation is not served. Clause 8.20 lets Pelliron block your account and stop withdrawals on suspicion alone. The English rulebook drops the complaints chapter that the Russian and French versions both carry.

Back to Pelliron

Contract risk

Money at risk
8.3/10

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.
14
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
17
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

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

Critical4
Warning8
Notice2

section 81 of 89is where the deepest clause sits, 91% 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.

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

Critical3In the contract. Jump to the clause this comes from.Russian site sells what the Russian contract will not serveCritical7 working daysTime to complain. Jump to the clause this comes from.English rulebook drops the complaints chapter90 daysFee on an unused account. Jump to the clause this comes from.Ninety days without logging in archives the account100%Bonus requirement. Jump to the clause this comes from.Five bonus schemes and no published bonus terms

What the documents say

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

01

Pelliron runs a complete Russian website with an Open an account button. The Russian contract it hands those same readers names three countries it does not serve, and the Russian Federation is one of them.

Why this matters

Open an account from Russia and you have already signed a document saying Pelliron does not provide the service where you live. Pelliron can point at clause 3.5 whenever it suits.

Exhibit 1CriticalHarder than usual3

3.5. The Company does not provide its service in the following countries: Iran, North Korea, Russian Federation.
Clause 3.5 in Client Agreement, p.4
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of pelliron.com, taken on Sep 11, 2026The claim, on Russian homepage hero line, on a page carrying an Открыть счет (Open an account) button and a Russian client agreementVisit this page on the broker's siteDownload the full size image file
Our own capture of pelliron.com, taken on Sep 11, 2026What the contract says, clause 3.5This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Our own capture of pelliron.com, taken on Sep 11, 2026Russian site sells what the Russian contract will not serve (clause 3.5)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 148 of 460 in the Client Agreement, 32% of the way through.

02

Pelliron can block your account and stop any further withdrawal whenever its own security service suspects fraud or deception. Clause 8.20 asks for suspicion, not proof, and gives you no notice.

Why this matters

Your money can stop moving on an internal opinion nobody has to show you. Nothing in the agreement says how long the block lasts or how you get it lifted.

Exhibit 2CriticalHarder than usual

8.20. If the Company’s security service suspects the Client of fraudulent activities or deception, the Company is entitled to block the Client’s account without prior notification and possibility of further withdrawal of funds.
Clause 8.20 in Client Agreement, p.6
Downloaded from the broker's site on Archived copyOpen the reference

Where it sits: section 258 of 460 in the Client Agreement, 56% of the way through.

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

Firms licensed by the FCA or CySEC must handle a retail withdrawal promptly and tell the client why a payment is held. This contract requires neither a reason nor a deadline.

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

  • Worse together with Exhibit 3Pelliron can freeze the money under clause 8.20 while the English rulebook offers no complaints procedure to challenge it.
  • Worse together with Exhibit 12A withdrawal request is also the moment verification can be reopened, so both clauses bite at the same point.
03

Pelliron's Russian and French rulebooks promise withdrawal requests are reviewed within seven working days and set out how to complain. The English rulebook of the same name contains neither section.

Why this matters

Reading Pelliron in English, you get no withdrawal deadline and no complaints procedure. Clause 9.3.2 leaves the final decision on your claim with Pelliron itself.

Exhibit 3CriticalRarely seen7 working days

Toutes les demandes sur le retrait des fonds, indépendamment du moyen et du montant de retrait sont examinées pendant sept jours de travail.
Quoted in Règlement, p.10
Downloaded from the broker's site on Open the reference
Our own capture of pelliron.com, taken on Sep 11, 2026English rulebook drops the complaints chapterVisit this page on the broker's siteDownload the full size image file

Where it sits: section 105 of 178 in the Règlement, 59% of the way through.

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

Firms licensed by the FCA or CySEC must run a written complaints procedure and point clients to an independent scheme. Pelliron's English rulebook sets out no procedure, and the client agreement makes Pelliron the final decision maker.

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

Our readingTranslated terms normally differ in wording, not in content. Here two whole chapters exist in Russian and French and are absent from the English document of the same name.

04

If Pelliron's price feed fails for technical reasons, it can revoke the results of any orders executed during the failure. The rulebook adds that it will not refund profits you made in those situations.

Why this matters

A winning trade can be undone after you closed it, and the money does not come back. Pelliron alone decides when its own feed failed.

Exhibit 4CriticalHarder than usual

In case of quotes flow failure due to technical reasons the Company will have the right to revoke any results achieved under any kind of orders during quotes failure. The Company will not refund any profits obtained in such situations.
Quoted in Terms and Conditions, p.3
Downloaded from the broker's site on Open the reference
Our own capture of pelliron.com, taken on Sep 11, 2026Profits can be revoked after a price feed failureVisit this page on the broker's siteDownload the full size image file

Where it sits: section 11 of 79 in the Terms and Conditions, near the start.

  • Worse together with Exhibit 13Pelliron judges its own feed failure and refuses quotes from any other source, so you cannot evidence the price yourself.
05

Skip logging in for 90 calendar days and Pelliron archives your account. You then lose trading, sign in and even the ability to see your balance, and any bonus is removed.

Why this matters

Pelliron says reactivation is not possible. Getting your balance back means opening a fresh account and asking Pelliron to move the money across.

Exhibit 5WarningHarder than usual90 days

The client acknowledges and confirms that any trading account(s) held with the Company that are inactive for more than 90 consecutive calendar days are to be considered inactive accounts.
Quoted in Terms and Conditions, p.10
Downloaded from the broker's site on Open the reference
Our own capture of pelliron.com, taken on Sep 11, 2026Ninety days without logging in archives the accountVisit this page on the broker's siteDownload the full size image file

Buried at section 57 of 79 in the Terms and Conditions, 72% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 90Pelliron treats the account as inactive. Inactivity means you did not log in, not that you did not trade.Inactive/ archived Accounts
On archivingAny trading bonus on the account is removed.Inactive/ archived Accounts
While archivedNo login, no trading and no balance viewing is available to you.Inactive/ archived Accounts
After archivingReactivation is not possible. You open a new account and request a transfer of the old balance.Inactive/ archived Accounts

Pelliron makes promises in three languages that its contract does not keep

Pelliron runs full Russian and Arabic websites alongside the English one. The Russian site sells accounts to readers whose contract, written in Russian, bars the Russian Federation. All three homepages guarantee the safety of customer accounts while the risk disclosure warns your losses can pass your deposit.

Language arbitrage1 clause flagged

Pelliron says on its homepage, in English, Russian and Arabic, that it guarantees the safety of customer accounts. Its risk disclosure says your losses can pass everything you put in.

Why this matters

No compensation scheme is named in any document. If the money goes, the guarantee on the homepage is not something you can claim against.

Exhibit 7WarningHarder than usual

The Client acknowledges that unfavorable market conditions expose the Client to a large loss, thus financial harm may exceed the invested amount.
Clause 1.3 in Risk Disclosure, p.1
Downloaded from the broker's site on Open the reference
Our own capture of pelliron.com, taken on Sep 11, 2026The claim, on English homepage, under the heading ReliabilityVisit this page on the broker's siteDownload the full size image file
Our own capture of pelliron.com, taken on Sep 11, 2026What the contract says, clause 1.3Visit this page on the broker's siteDownload the full size image file
Our own capture of pelliron.com, taken on Sep 11, 2026The claim, on Arabic homepage, under the heading الموثوقية (Reliability)Visit this page on the broker's siteDownload the full size image file
Our own capture of pelliron.com, taken on Sep 11, 2026What the contract says, clause 8.20This 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

Pelliron reserves fees it has never put a number on

Pelliron reserves the right to impose withdrawal fees and limits without naming one figure in its ten legal documents. Currency conversion runs at Pelliron's own rate. The risk disclosure hands you the job of finding out what you will be charged.

Cost disclosure1 clause flagged

Pelliron reserves the right to impose withdrawal limits and withdrawal fees without naming one figure. No fee schedule appears in any of its ten legal documents.

Why this matters

You cannot work out what a withdrawal costs before you deposit. The risk disclosure puts the job of finding out charges on you, not on Pelliron.

Exhibit 6WarningHarder than usual

Pelliron reserves the right to impose withdrawal limits and withdrawal fees in its system
Quoted in Deposits and Withdrawals policy, p.3
Downloaded from the broker's site on Open the reference

Buried at section 26 of 32 in the Deposits and Withdrawals policy, 81% of the way through.

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

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before they trade. This document set names no withdrawal fee, no conversion spread and no commission.

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

The bonus agreement that binds you is not published

Pelliron advertises five bonus and cash back schemes, several worth 100% of a deposit. The lot target and deadline that control them sit in a bonus agreement the site does not publish. Its Russian and French rulebooks subtract bonus credit from what you may withdraw, and the English one never mentions that.

Bonus terms1 clause flagged

Pelliron advertises 1+1, Double Hit, account insurance, VIP and Priority, several of them worth 100% of your deposit. The rulebook says your lot target and deadline live in a bonus agreement that the site never publishes.

Why this matters

You accept a lot target before you can read it. Miss it and Pelliron can block or remove the bonus by its own decision.

Exhibit 8WarningHarder than usual100%

By the decision of the Company, if the required number of lots has not been fulfilled, the bonus can be blocked or removed from the trading account.
Quoted in Terms and Conditions, p.11
Downloaded from the broker's site on Open the reference

Buried at section 60 of 79 in the Terms and Conditions, 76% of the way through.

  • Worse together with Exhibit 3Bonus credit is subtracted from withdrawable funds in the Russian and French rulebooks, and the English one never says so.

Pelliron can rewrite the deal while you read the homepage

Pelliron can amend its terms at any moment without notice, and the risk disclosure treats a visit to the website as your agreement to the new wording. Positions close once equity falls below 10% of margin, with no warning. Pelliron also states your losses may exceed the amount you invested.

Unilateral change2 clauses flagged

Pelliron can rewrite its terms at any moment with no notice. The risk disclosure goes further: if you keep using the site or simply visit it, you agree to the changes automatically.

Why this matters

You are bound by wording you have never seen. Opening the homepage is treated as your signature on it.

Exhibit 9WarningRarely seen

4.1. The Company reserves the right to review and/or amend the Risk Disclosure, at its sole discretion, so please re-read it regularly. If the Client continues to use the website services or visits it, they agree automatically with changes introduced to the Disclosure.
Clause 4.1 in Risk Disclosure, p.2
Downloaded from the broker's site on Open the reference

Buried at section 81 of 89 in the Risk Disclosure, 91% of the way through.

Our readingDeemed acceptance normally rests on continued use of the service or on a notice period. Pelliron attaches it to visiting the website, so a reader who never trades again can still be bound.

Pelliron warns that your financial harm may exceed the amount you invested. It can also close your open positions once equity falls below 10% of margin, without telling you first.

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

You can finish a bad day owing Pelliron money. Nothing in these documents caps your loss at what you paid in.

Exhibit 10WarningStandard wording10%

The Client must be willing to undertake the risks of losing entirely all the invested funds.
Clause 1.3 in Risk Disclosure, p.1
Downloaded from the broker's site on Open the reference

Where it sits: section 21 of 89 in the Risk Disclosure, near the start.

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

Firms licensed by the FCA, CySEC or under ESMA rules must give retail clients negative balance protection, so a loss cannot take the account below zero. This document set offers no such protection.

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

The policies that decide your paperwork are photographs

Pelliron opens withdrawals only after verification, and the papers you must supply are set by its AML Policy and Privacy Policy. Both are published as scanned pictures with no text in them. Clause 8.18 lets Pelliron refuse a withdrawal when the documents it asks for do not arrive.

Verification gate1 clause flagged

Withdrawals open only after verification, and the papers Pelliron can demand are set by its AML Policy and Privacy Policy. Pelliron publishes both as scanned pictures with no text inside them.

Why this matters

You cannot search or copy the two documents that decide what you must hand over, and a screen reader cannot read them to you. Clause 8.18 lets Pelliron refuse your withdrawal when the papers do not arrive.

Exhibit 12WarningRarely seen

8.17. The Client can withdraw funds from the Client account only after verification of the Trader’s Room. For the purpose of the verification the Company is entitled to require the documents indicated in the Privacy Policy and the AML Policy of the Company.
Clause 8.17 in Client Agreement, p.6
Downloaded from the broker's site on Archived copyOpen the reference

Where it sits: section 256 of 460 in the Client Agreement, 56% of the way through.

Our readingBinding policies are normally published as text. Four of Pelliron's ten documents are photographs of paper, including the two the client agreement relies on to demand identity papers.

Pelliron Universal Inc. appears under four different names

Pelliron Universal Inc. is registered in Saint Vincent and the Grenadines under number 24467 IBC 2018 and names no financial services licence in any document. The same company appears as Pelliron Universal Ltd, Pelliron LTD and Pelliron Universal LLC across its own paperwork and website. No compensation scheme is mentioned anywhere.

Who you contract with1 clause flagged

The client agreement contracts you with Pelliron Universal Inc., number 24467 IBC 2018. The English glossary calls it Pelliron Universal Ltd, the French one calls it Pelliron LTD, and the website calls itself Pelliron Universal LLC.

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

You need the exact name to bring a claim or find the company in a register. No financial services licence and no compensation scheme is named in any document.

Exhibit 14WarningRarely seen

Company - Pelliron Universal Ltd
Quoted in Terms and Conditions, p.12
Downloaded from the broker's site on Open the reference

Buried at section 67 of 79 in the Terms and Conditions, 85% of the way through.

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

Firms licensed by the FCA or CySEC must hold client money separately and belong to a compensation scheme. Clause 7.1 says funds sit in accounts including segregated ones, and nothing says who verifies that.

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

Our readingA contract normally names its counterparty one way throughout. Three legal forms across three documents, plus a fourth on the website, leaves the client unsure which entity holds the money.

Claims belong in Saint Vincent and you waive your objections

Every claim against Pelliron belongs in the courts of Saint Vincent and the Grenadines. You agree in advance never to call that forum inconvenient, and you waive immunity over your own assets. Pelliron may also transfer your account to a third party.

Where you sue1 clause flagged

Any claim against Pelliron belongs in the courts of Saint Vincent and the Grenadines. You agree in advance never to argue that this is an inconvenient place to sue.

Why this matters

Suing a Caribbean company from your own country costs more than most balances are worth. You also give up every immunity you might have had over your own assets.

Exhibit 11NoticeHarder than usual

13.1.4. agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Client.
Clause 13.1.4 in Client Agreement, p.8
Downloaded from the broker's site on Archived copyOpen the reference

Buried at section 342 of 460 in the Client Agreement, 74% of the way through.

Pelliron may act through a conflict without telling you

Clause 4.1 gives Pelliron authority to deal for you in whatever way it considers appropriate, whatever conflict of interest exists, without notifying you. Orders in the rulebook go to a dealing desk. Pelliron's own server is the only quote source it will accept if you dispute a price.

Who is on the other side1 clause flagged

You grant Pelliron authority to deal for you in any way it considers appropriate, whatever conflict of interest exists, and with no notice to you. Orders in the rulebook go to a dealing desk.

Why this matters

The party quoting your price also stands on the other side of your trade. Pelliron's own server is the only quote source it will accept if you dispute a price.

Exhibit 13NoticeHarder than usual

4.1.The Client consents to and grants the Company authority to deal with or for the Client in any manner which the Company considers appropriate, notwithstanding any conflict of interest or the existence of any material interest in any transaction in the Trader’s Room or on the trading platform, without prior notification of the Client.
Clause 4.1 in Client Agreement, p.4
Downloaded from the broker's site on Archived copyOpen the reference

Where it sits: section 150 of 460 in the Client Agreement, 33% of the way through.

Where the marketing and the contract disagree

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

01

Pelliron sells accounts in Russian while the Russian contract on the same site says the Russian Federation is not served.

Said in public, in Russian

Идеальным Сервисом Мы Считаем Все То, Что Максимально Помогает Трейдеру Чувствовать Себя Комфортно И Безопасно.

Word for word in English: We consider the ideal service to be everything that helps a trader feel as comfortable and safe as possible.

Russian homepage hero line, on a page carrying an Открыть счет (Open an account) button and a Russian client agreement

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

In the contract · clause 3.5

3.5. Компания не предоставляет сервис в следующих странах: Иран, Северная Корея, Российская Федерация.

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

02

The homepage guarantees account safety while the risk disclosure says losses can exceed everything you deposited.

Said in public, in English

We guarantee the safety of customer accounts

English homepage, under the heading Reliability

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

In the contract · clause 1.3

The Client acknowledges that unfavorable market conditions expose the Client to a large loss, thus financial harm may exceed the invested amount.

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

03

Arabic readers are promised their funds are safe, and the English contract they are given lets Pelliron block the account and stop withdrawals.

Said in public, in Arabic

نضمن سلامة الأموال على حسابات الزبائن

Word for word in English: We guarantee the safety of funds in client accounts.

Arabic homepage, under the heading الموثوقية (Reliability)

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

In the contract · clause 8.20

8.20. If the Company’s security service suspects the Client of fraudulent activities or deception, the Company is entitled to block the Client’s account without prior notification and possibility of further withdrawal of funds.

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

04

The trading conditions page promises fixed spreads and the rulebook glossary says Pelliron sets the spread and it can change.

Said in public, in English

fixed spreads

Trading conditions page, in the list of advantages above the instrument table

In the contract

Spread – the difference between the bid and ask prices. It can change depending on the market situation and is determined by the Company

The documents this reading is based on

17 files, all published by Pelliron. 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 Pelliron publishes.

How this reading was done

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

This reading was published on .

Documents
0 of 17downloaded from the broker's site, none of them read end to end
Pages opened
29pages 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
Languages
AR vs EN vs RUthe language it advertises in, against the language it contracts in
Position measured
13clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Pelliron Universal Inc.

The client agreement contracts you with Pelliron Universal Inc., registration number 24467 IBC 2018, at Trust House, 112 Bonadie Street, Kingstown, Saint Vincent. The same company appears as Pelliron Universal Ltd in the English glossary and as Pelliron LTD in the French one. The website trades as Pelliron Universal LLC and prints a different registered address in its footer. No financial services licence is named in any 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

Pelliron publishes every legal document openly, with no login and no email gate. The risk disclosure states plainly that your losses can exceed what you invested, which many offshore brokers leave vague. Clause 8.21 promises an archived account keeps its balance in full. The Russian and French rulebooks give clients 90 working days to complain, which is longer than most brokers allow.

We could not read four of the ten documents. Pelliron publishes its AML Policy, Privacy Policy, Refund Policy and Certificate of Incorporation as photographs of paper. No text sits inside those files, so nothing from them is quoted here. We read the client agreement, the terms and conditions, the withdrawal policy and the risk disclosure in full. In the French and Russian rulebooks we read only the sections we compare against the English one. Pelliron also publishes a parallel Russian document set, and in it we checked only the clauses named in this report.

How to check any of this yourself

Every quote above links to the Pelliron 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 Pelliron 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 Pelliron 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 11, 2026.

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

Back to the Pelliron profile