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Contract reading

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

Every clause below is published by PIPWISE 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 . We have read it 2 times.

Contracting entity: PIPWISE LTD

sole discretionlanguage arbitrageprofit voidingclient moneydeemed acceptanceforum waiverjoint liabilityleveragemissing documentrelated accounts

PIPWISE LTD contracts from the Comoros, and names no regulator in any document it publishes. Profit on any trade you hold under two minutes cannot be withdrawn, while the loss comes off your balance in full. The Persian version of the contract goes further than the English one: it lets PIPWISE use pooled client money to cover another client's default. The Persian and Arabic pages advertise a licence number that no document mentions.

Back to PIPWISE

Contract risk

Money at risk
8.7/10

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.
9
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.
4
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

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.

Critical9
Warning10
Notice2

section 94 of 94is where the deepest clause sits: the very end of 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.

3 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.

Critical2Profit at risk. Jump to the clause this comes from.Profit on trades under two minutes cannot be withdrawnCritical3In the contract. Jump to the clause this comes from.Your counterparty moved from Tbilisi to the ComorosCritical3Time to complain. Jump to the clause this comes from.You are bound by three documents PIPWISE does not publish$5000Account limit. Jump to the clause this comes from.Leverage falls as your balance grows, objections refused

What the documents say

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

01

The Persian version of the client agreement says PIPWISE combines your funds with other clients' funds. It may then use all of that pooled money to cover the default of any client. The English version contains no such clause.

Why this matters

Money you deposited can be spent on somebody else's loss, and you would have no way to know. The same Persian document promises, one paragraph above, that client funds are held separately.

Exhibit 1CriticalRarely seen

مشتری درک میکند که شرکت وجوه خود را با وجوه دیگر مشتریان ترکیب کرده و این وجوه را در حساب بانکی مشتری نزد شرکت واریز میکند. مشتری متوجه است که شرکت ممکن است از تمامی وجوه واریز شده به حساب بانکی مشتری برای پوشش پیش فرض هر مشتری استفاده کند.
Clause ترکیب وجوه مشتری با وجوه دیگر مشتریان in توافقنامه مشتری و افشای ریسک, p.9
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must keep retail client money separate from their own and may not use one client's money to meet another client's loss. The Persian agreement permits exactly that.

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

Our readingPooling client money in one bank account is normal. A clause letting the firm apply all of that pooled money to any single client's default turns another person's loss into a claim on your balance.

  • Same clause as Exhibit 9This pooling clause is the sharpest of the places where the Persian and English agreements say different things.
02

A trade you hold for less than two minutes can still make money, but PIPWISE will not let you withdraw that profit. A loss on the same trade comes off your balance in full.

Why this matters

A fast trade that goes your way pays you nothing you can take out. The same trade going against you costs you the full amount, and PIPWISE added this rule only in July 2026.

Exhibit 2CriticalRarely seen2New

In trades executed on all types of symbols, any trade with a holding period of less than two minutes will be subject to this rule. Profits generated from such trades will not be withdrawable, while any losses incurred will be fully calculated and deducted from the account balance.
Clause Short-Term Trading Rule (Less than Two Minutes) in Client Agreement & Risk Disclosure, p.7
Read from the broker's site on Open the reference

Where it sits: section 38 of 94 in the Client Agreement & Risk Disclosure, 40% of the way through.

Our readingMany brokers restrict very short trades. Keeping the loss in full while making the profit unwithdrawable, on every symbol PIPWISE lists, leaves all of the risk with you.

  • Worse together with Exhibit 15The bonus tutorial tells you a trade must last at least 1 minute, which is below the line where profit stops being withdrawable.
03

The Persian home page calls PIPWISE a forex broker with international regulation, and its footer prints an activity licence number. The Arabic page calls it a regulated broker. The English pages and every document PIPWISE publishes say only that the company is registered in the Comoros.

Why this matters

You may be deciding to deposit because a regulator appears to be watching this broker. No document PIPWISE publishes names a regulator, a licence or any compensation scheme.

Exhibit 3Critical

PIPWISE LTD is a financial brokerage registered in Bonovo Road, Fomboni, Island of Mohéli, Comoros Union and operates this Website www.pipwise.com.
Clause Who We Are in Privacy Policy, p.2
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 2 of 27 in the Privacy Policy, near the start.

  • Worse together with Exhibit 4A supervised broker would owe you a complaints route, and this agreement names no regulator, no court and no ombudsman.
04

Nowhere in the agreement does PIPWISE name a governing law, a court, an arbitration body or a complaints procedure. The only sentence about recourse says your exclusive recourse is set out in the agreement itself.

Why this matters

If PIPWISE keeps your money you have no named forum to take it to, and no regulator to complain to. The company holding your balance is registered in the Comoros Union.

Exhibit 4CriticalRarely seen

Your exclusive recourse is set forth in this Agreement.
Clause Electronic Trading Terms in Client Agreement & Risk Disclosure, p.18
Read from the broker's site on Open the reference

Buried at section 94 of 94 in the Client Agreement & Risk Disclosure, 100% of the way through.

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

Firms licensed by the FCA and CySEC must run a complaints procedure and give retail clients access to an independent ombudsman. This agreement names no complaints route, no governing law and no court.

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

Our readingAlmost every client agreement names a governing law and a forum, even an inconvenient one. This one names neither, so there is no stated place to bring a claim.

05

Whatever goes wrong, the most PIPWISE accepts owing you is what you have paid it in fees. The cap sits in the last paragraph of the agreement, under a heading about electronic trading.

Why this matters

Lose money through a platform failure and the ceiling on your claim is the fees on your account, not the loss. The same paragraph also has you defend PIPWISE against claims that arise from your use of its platform.

Exhibit 5CriticalHarder than usual

Any liability resulting from any act or omission on our part shall be limited to the sum of the user fees you have paid to utilize our services.
Clause Electronic Trading Terms in Client Agreement & Risk Disclosure, p.18
Read from the broker's site on Open the reference

Buried at section 94 of 94 in the Client Agreement & Risk Disclosure, 100% of the way through.

  • Worse together with Exhibit 4A cap on what PIPWISE can owe you sits in an agreement that names no court where you could argue about it.
06

The company you contract with is PIPWISE LTD in the Comoros Union. The agreement PIPWISE still hosts from March 2025 names the same brand in Tbilisi, Georgia. Its January 2026 data processing terms name Pipwise LLC at that same Tbilisi address.

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

The firm holding your money changed its name, its country and its registration number across all three of its documents. No clause anywhere told clients it could, and a claim now has to be brought against a Comoros company.

Exhibit 6CriticalHarder than usual3

PIPWISE LTD is a financial brokerage registered in Bonovo Road, Fomboni, Island of Mohéli, Comoros Union and operates this Website www.pipwise.com.
Clause Who We Are in Privacy Policy, p.2
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 2 of 27 in the Privacy Policy, near the start.

Five clauses let PIPWISE cancel profit it does not like

Profit on any trade you hold for less than two minutes cannot be withdrawn, and PIPWISE added that rule in July 2026. Three more clauses let it remove profit for arbitrage, for unfair profit it defines itself, and for abuse of leverage. One of them reaches accounts that only share an introducing broker. In the Persian contract, pooled client money can also cover another client's default.

Profit at risk3 clauses flagged

PIPWISE can remove your profits, cancel your trades and suspend your account without telling you first. The trigger is its own finding that your trading produced unfair profit, a phrase the agreement never defines.

Why this matters

You can trade inside the rules as you understand them and still lose the profit, because PIPWISE decides what counts as unfair. No notice period and no appeal is written anywhere in the agreement.

Exhibit 7CriticalHarder than usual

If the Company determines that the Client has engaged in unauthorized trading practices, including but not limited to exploitation of system bugs, illegal arbitrage, price manipulation, or any activity that results in unfair profit, the Company reserves the right to remove the obtained profits, cancel trades, and suspend the Client’s trading account without prior notice.
Clause Account Closure Due to Abuse in Client Agreement & Risk Disclosure, p.5
Read from the broker's site on Open the reference

Where it sits: section 27 of 94 in the Client Agreement & Risk Disclosure, 29% of the way through.

Opposite positions opened on accounts PIPWISE treats as related are a violation, and it can cancel the trades and the profit. Accounts count as related if they share an introducing broker, even when different people own them.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

Your profit can be cancelled because of what somebody else traded, if you both came in through the same introducing broker. PIPWISE can also pass your account details to its liquidity providers.

Exhibit 8CriticalRarely seen

Opening opposite positions (Buy and Sell) with the same or similar lot sizes, either simultaneously or within a short timeframe, across two or more related accounts, whether owned by the same individual, linked to a common IB, or coordinated between multiple accounts—will be considered a violation.
Clause Prohibited Cross-Hedging Policy in Client Agreement & Risk Disclosure, p.7
Read from the broker's site on Open the reference

Where it sits: section 36 of 94 in the Client Agreement & Risk Disclosure, 38% of the way through.

Our readingHedging rules normally cover accounts one person controls. Treating a shared introducing broker as proof of coordination pulls strangers into the same net, and the agreement sets no test for it.

  • Worse together with Exhibit 21PIPWISE invites you to open up to five trading accounts, and opposite positions on any two of them meet its own definition of a violation.

Trade on full margin before the market closes and go below zero, and PIPWISE calls it a fundamental breach of contract. It can then cancel the profit from those trades 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 carry the whole negative balance yourself, and the profit from those trades can be taken back. Nothing here gives you negative balance protection, which is the promise to write off a loss that takes an account below zero.

Exhibit 11WarningHarder than usualNew

Such actions, even if they result in a loss to the Client, constitute a fundamental breach of the contract due to the creation of a negative balance and imposition of losses on the Broker.
Clause Prohibition of Leverage Abuse in Client Agreement & Risk Disclosure, p.8
Read from the broker's site on Open the reference

Where it sits: section 40 of 94 in the Client Agreement & Risk Disclosure, 43% of the way through.

The most PIPWISE can owe you is what you paid it in fees

PIPWISE caps its own liability at the fees you have paid, in the final paragraph of an 18 page agreement. The same section has you defend PIPWISE against claims arising from your use of its platform. A second clause binds you to three documents PIPWISE does not publish, whatever you or anyone else protests.

Recourse1 clause flagged

Signing up binds you to the Disclosure Statement, the Contract Information Guide and the Client Acknowledgement as well as the agreement. PIPWISE publishes none of those three documents, and the clause binds you despite any protest from you.

Why this matters

You cannot read the terms you are agreeing to, because they are not on the site in any language. PIPWISE can later rely on a document you were never shown.

Exhibit 10CriticalHarder than usual3

For the purposes of this agreement, the Client and the Company acknowledge and agree that the Client Agreement, Disclosure Statement, Contract Information Guide, and Client Acknowledgement are all part of the same document.
Clause Agreement, item 1 in Client Agreement & Risk Disclosure, p.3
Read from the broker's site on Open the reference

Buried at section 81 of 94 in the Client Agreement & Risk Disclosure, 86% of the way through.

The Persian and Arabic pages promise a licence and a different contract

The Persian and Arabic home pages call PIPWISE licensed and regulated and print an activity licence number. No document PIPWISE publishes names a licence, a licence number or a regulator. The Persian and English agreements are also not the same contract, and the excluded country list changes with the language.

Language arbitrage2 clauses flagged

PIPWISE publishes its July 2026 agreement in English and in Persian, and the two are not the same contract. The Persian text adds the pooling of client funds. It drops the promise that client orders come before house trades, and the conditions attached to dynamic leverage. Neither version says which language prevails.

Why this matters

Which terms bind you depends on which file you opened, and nothing in either file settles it. The Persian edition is the one PIPWISE puts in front of Persian speaking clients.

Exhibit 9WarningRarely seen

طبق سیاست تخصیص شرکت، سفارشها به ترتیب دریافت، اجرا میشوند.
Clause ریسک و اهداف مالی in توافقنامه مشتری و افشای ریسک, p.7
Read from the broker's site on Open the reference

Our readingTranslated contracts normally carry a clause naming one language as the binding one. These two carry different terms and no such clause.

PIPWISE's English pages say it does not serve residents of seven countries, Iran among them. The Persian and Arabic footers list four, and Iran, Russia, Myanmar and North Korea are not there. Nothing in the documents names an excluded country at all.

Why this matters

An Iranian reader of the Persian site is told nothing about Iran, while the English site says the service is not available to them. The same funding page lists a payment method in Iranian Rial.

Exhibit 16Warning4

For the purposes of this agreement, the Client and the Company acknowledge and agree that the Client Agreement, Disclosure Statement, Contract Information Guide, and Client Acknowledgement are all part of the same document.
Clause Agreement, item 1 in Client Agreement & Risk Disclosure, p.3
Read from the broker's site on Open the reference

Fee free in public, fees at PIPWISE's discretion in the contract

PIPWISE advertises fee free deposits and withdrawals on its funding page in all three languages. The agreement says commissions, fees, taxes and other costs are paid at rates the company decides from time to time. No fee schedule appears in any document, and nothing caps what can be charged.

Cost disclosure1 clause flagged

Commissions, fees, taxes and other costs are payable at rates PIPWISE decides from time to time. No document gives a rate, a cap or a schedule, while the funding page advertises fee free deposits and withdrawals.

Why this matters

A charge can appear on your account at a rate you never agreed to, and the contract asks only that PIPWISE tell you in writing. The fee free promise on the website is not part of what you sign.

Exhibit 12WarningHarder than usual

Commissions, fees, taxes, and other costs associated with dealing in foreign exchange on behalf of the client must be paid to the company at rates that are periodically decided by the company and communicated to the client in writing.
Clause Commissions and fees in Client Agreement & Risk Disclosure, p.10
Read from the broker's site on Open the reference

Buried at section 58 of 94 in the Client Agreement & Risk Disclosure, 62% of the way through.

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

Firms licensed by the FCA and CySEC must disclose the costs and charges of a service to a retail client before they trade. This agreement leaves the rates to the company and publishes no schedule.

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

A 24 hour withdrawal promise that appears in no document

PIPWISE promises withdrawals within 24 hours, with no fee and no maximum, on a web page. Its client agreement contains no withdrawal clause at all: no deadline, no method, no minimum, no grounds for refusal. The agreement lists the four documents it consists of, and that page is not one of them.

Exit conditions1 clause flagged

PIPWISE advertises withdrawals within 24 hours, with no fee and no maximum. Its client agreement has no withdrawal clause at all: no deadline, no method, no minimum and no grounds for refusal.

Why this matters

The only timetable for getting your money back sits on a web page. The agreement lists the four documents it is made of, and that page is not one of them. If a withdrawal stalls, no clause says what PIPWISE owes you or when.

Exhibit 13WarningHarder than usual

The Client understands that the Company has the right to decline or limit any Foreign Exchange it enters into on the Client's behalf at any time.
Clause Right to refuse to deal in Client Agreement & Risk Disclosure, p.13
Read from the broker's site on Open the reference

Buried at section 73 of 94 in the Client Agreement & Risk Disclosure, 78% of the way through.

The 120% bonus rules live on a tutorial page, not in a document

PIPWISE offers a 120% first deposit bonus and publishes no bonus terms. The conditions sit in a tutorial post. It releases $10 of credit for every 3 lots you trade, caps leverage at 1:100, and cuts the bonus in proportion if you withdraw your own deposit. The same post says a trade need only last 1 minute, while the agreement voids profit under two minutes.

Bonus mechanics1 clause flagged

PIPWISE advertises a 120% first deposit bonus and publishes no bonus terms. The conditions sit in a tutorial post, which releases $10 of credit for every 3 lots you trade. Leverage on a bonus account is capped at 1:100.

Why this matters

Releasing the whole bonus on a $100 deposit takes 36 lots of trading. Withdraw part of your deposit and PIPWISE cuts the bonus in proportion. The same post says a trade need only last 1 minute, while the agreement voids profit under two minutes.

Exhibit 15WarningHarder than usual120%

In trades executed on all types of symbols, any trade with a holding period of less than two minutes will be subject to this rule. Profits generated from such trades will not be withdrawable, while any losses incurred will be fully calculated and deducted from the account balance.
Clause Short-Term Trading Rule (Less than Two Minutes) in Client Agreement & Risk Disclosure, p.7
Read from the broker's site on Open the reference

What it costsDeposit $100 and PIPWISE credits $120 of bonus. Releasing all of it takes 36 lots, because each $10 of credit needs 3 lots traded.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Before your first depositYou must email support to request the bonus. No email, no bonus.
Minimum $50 depositThe bonus applies to the first deposit only, so it has to be a single transaction.
Every 3 lots traded$10 of bonus credit moves into your withdrawable balance.
If you withdraw your depositPIPWISE cuts the bonus in proportion: take out $50 of a $100 deposit and $60 of bonus goes with it.

Leverage drops as your balance grows, and objections are refused in advance

Above a $5,000 balance PIPWISE caps leverage at 1:100, down from the 1:500 its Standard account page advertises. The agreement says objections to the dynamic leverage system will not be accepted. PIPWISE also closes out positions at its sole discretion on a default, and disclaims responsibility for doing it.

Account control3 clauses flagged

Cross a $5,000 balance and PIPWISE halves your maximum leverage to 1:100. Its Standard account page advertises leverage up to 1:500 and shows none of these tiers.

Why this matters

Deposit more and you can control less per dollar, which changes how every open position behaves. The agreement also says objections to the dynamic leverage system will not be accepted.

Exhibit 14WarningHarder than usual$5000

Account Balance (USD) Maximum Available Leverage Less than $100 1:500 $100 – $200 1:400 $200 – $1,000 1:300 $1,000– $5,000 1:200 More than $5,000 1:100
Clause Dynamic Leverage in the Client Agreement in Client Agreement & Risk Disclosure, p.11
Read from the broker's site on Open the reference
Our own capture of pipwise.com, taken on Oct 16, 2026The claim, on Standard account page description, above a spec box reading Leverage Up To 1:500Visit this page on the broker's siteDownload the full size image file

Buried at section 62 of 94 in the Client Agreement & Risk Disclosure, 66% of the way through.

What it costsAt 1:200 a $5,000 balance supports $1,000,000 of position. Cross $5,000 and the cap becomes 1:100, so the same balance supports $500,000.

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

ESMA and FCA rules cap retail leverage on major currency pairs at 1:30. PIPWISE offers up to 1:500 at balances under $100 and lowers the cap as the balance grows.

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

If you fail to pay or to post security, PIPWISE can close your contracts and sell your collateral at its sole discretion. The same clause says it disclaims all obligation and responsibility to you for doing it.

Why this matters

Positions can be liquidated at a price and a time PIPWISE picks, with no duty to get you a fair one. It can also act, or hold off acting, without giving you prior notice.

Exhibit 17WarningHarder than usual

The Company reserves the right to close one or more Contracts and/or liquidate, sell, or otherwise deal with Approved Securities, Collateral, or other cover of the Client, in part or in whole, at the Company's sole discretion if the Client fails to pay or provide security for amounts payable to the Company. In this regard, the Company disclaims all obligation and responsibility to the Client.
Clause Default in Client Agreement & Risk Disclosure, p.10
Read from the broker's site on Open the reference

Buried at section 56 of 94 in the Client Agreement & Risk Disclosure, 60% of the way through.

You may register one Our PIPWISE account and open up to five trading accounts under it. PIPWISE can refuse to open more at its sole discretion once you have one real account.

Why this matters

Opening a second or third account is allowed, and opposite positions across any two of them meet PIPWISE's own definition of a cross hedging violation.

Exhibit 21NoticeStandard wording5

The Client is permitted to create a maximum of 5 trading accounts. The Company has the right, in its sole discretion, to restrict the opening of new accounts if the Client has previously created at least one genuine trading account.
Clause General Provisions in Client Agreement & Risk Disclosure, p.2
Read from the broker's site on Open the reference

Where it sits: section 8 of 94 in the Client Agreement & Risk Disclosure, near the start.

Closing your account deletes your own trading history

PIPWISE says that on account deletion all personal information, financial data and trading history are permanently erased from its systems. That is the record you would need to prove what happened in a dispute. The agreement separately requires you to hand over any document that anyone with legal authority asks for.

Your records1 clause flagged

On account deletion PIPWISE permanently erases all personal information, financial data and trading history linked to your account. That includes the record you would need to show what happened on your trades.

Why this matters

Ask to delete your account and you give up your own evidence of what happened. The data terms do keep a carve out for records the law requires PIPWISE to hold.

Exhibit 19WarningHarder than usual

Upon account deletion, all personal information, financial data, trading history, and any other data linked to your account will be permanently erased from our systems.
Clause The clients’ rights are as following, Right to Delete in Privacy Policy, p.6
Read from the broker's site on Archived copyOpen the reference

Buried at section 25 of 27 in the Privacy Policy, 93% of the way through.

The link labelled AML and KYC policy opens the privacy policy

PIPWISE's footer offers an AML and KYC policy in English, Persian and Arabic. The file behind every one of those links is the privacy policy, which covers cookies and data rights and no identity checks. No regulator, no licence and no compensation scheme is named in any document PIPWISE publishes.

What is not published1 clause flagged

PIPWISE's footer offers an AML and KYC policy in English, Persian and Arabic. Every one of those links opens the same file, and that file is the privacy policy: cookies, data rights and no identity checks.

Why this matters

What PIPWISE will ask you for, when it can freeze an account over checks and how long it keeps your records are all unpublished. The only document about your data is a privacy policy.

Exhibit 18Warning

Personal data that is gathered through the Company website as well as any other related websites and applications is covered by this privacy policy (hence, "Policy").
Clause Who We Are in Privacy Policy, p.2
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 2 of 27 in the Privacy Policy, near the start.

PIPWISE can take the other side of your trade

PIPWISE states that it may take the opposing side of a client trade, for itself or for another client. Its directors, partners and employees may trade on their own accounts as principal. The English agreement promises that client orders are filled before house trades, and the Persian version drops that sentence.

Both sides of your trade1 clause flagged

PIPWISE states that it may take the opposing side of a client trade, for its own account or for another client. Its directors, partners and employees may also trade on their own accounts as principal.

Why this matters

Your loss can be the company's gain, which is the ordinary market maker position and is disclosed here in one sentence. Nothing in the agreement says how PIPWISE manages that conflict.

Exhibit 20NoticeStandard wording

The customer understands that the Company may occasionally take the opposing side in a foreign exchange, whether acting for itself or another customer.
Clause The Company taking opposite position in Client Agreement & Risk Disclosure, p.9
Read from the broker's site on Open the reference

Where it sits: section 50 of 94 in the Client Agreement & Risk Disclosure, 53% of the way through.

Where the marketing and the contract disagree

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

01

The Persian banner promises international regulation, while the documents claim nothing more than a Comoros registration.

Said in public, in Persian

بروکر فارکس با رگولاتوری بین المللی، اعتبار بالا و شفافیت کامل

Word for word in English: A forex broker with international regulation, high credibility and full transparency

Persian home page headline, under the main banner

In the contract · clause Who We Are

PIPWISE LTD is a financial brokerage registered in Bonovo Road, Fomboni, Island of Mohéli, Comoros Union and operates this Website www.pipwise.com.

02

The Persian footer prints an activity licence number, and no document PIPWISE publishes mentions a licence.

Said in public, in Persian

شرکت PIPWISE LTD یک کارگزاری مالی دارای مجوز است که در اتحادیه کومور با شماره ثبت HT00524055 و مجوز فعالیت به شماره BFX2024116 ثبت و فعالیت می‌کند.

Word for word in English: PIPWISE LTD is a licensed financial brokerage, registered and operating in the Union of Comoros with registration number HT00524055 and activity licence number BFX2024116.

Persian site footer, on every Persian page

In the contract · clause General Provisions

PIPWISE is registered in Bonovo Road, Fomboni, Island of Mohéli, Comoros Union.

03

The Arabic page calls PIPWISE regulated, and its own documents name no regulator.

Said in public, in Arabic

وسيط فوركس منظم، موثوق وشفاف

Word for word in English: A regulated forex broker, trusted and transparent

Arabic home page headline, under the main banner

In the contract · clause Who We Are

PIPWISE LTD is a financial brokerage registered in Bonovo Road, Fomboni, Island of Mohéli, Comoros Union and operates this Website www.pipwise.com.

04

The bonus page sets a one minute floor for a trade, and the agreement makes profit from any trade under two minutes impossible to withdraw.

Said in public, in English

Each trade must last at least 1 minute.

Bonus Details list on the 120% first deposit bonus tutorial

In the contract · clause Short-Term Trading Rule (Less than Two Minutes)

In trades executed on all types of symbols, any trade with a holding period of less than two minutes will be subject to this rule. Profits generated from such trades will not be withdrawable, while any losses incurred will be fully calculated and deducted from the account balance.

05

The funding page promises fee free movement of money, and the agreement lets PIPWISE set fees at rates it decides itself.

Said in public, in English

Fast, Secure & Fee Free Deposit & Withdrawal Methods

Heading above the deposit and withdrawal tables, which list every method as Without fee

In the contract · clause Commissions and fees

Commissions, fees, taxes, and other costs associated with dealing in foreign exchange on behalf of the client must be paid to the company at rates that are periodically decided by the company and communicated to the client in writing.

06

The account page offers up to 1:500 without saying that the cap falls to 1:100 above a $5,000 balance.

Said in public, in English

With a low $20 minimum deposit, flexible leverage up to 1:500, and access to the full range of global markets through MetaTrader5, this account delivers the ideal balance between simplicity and performance.

Standard account page description, above a spec box reading Leverage Up To 1:500

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

In the contract · clause Dynamic Leverage in the Client Agreement

Account Balance (USD) Maximum Available Leverage Less than $100 1:500 $100 – $200 1:400 $200 – $1,000 1:300 $1,000– $5,000 1:200 More than $5,000 1:100

07

The English agreement promises funds are handled separately, and the Persian agreement lets PIPWISE use the pooled funds to cover any client's default.

Said in public, in English

Both the Company and the Client agree that all funds and assets deposited with or acquired by the company on the client's behalf will be handled separately by the company in line with the client funds.

Segregation of client funds and property, English client agreement, p.13

In the contract · clause ترکیب وجوه مشتری با وجوه دیگر مشتریان

مشتری متوجه است که شرکت ممکن است از تمامی وجوه واریز شده به حساب بانکی مشتری برای پوشش پیش فرض هر مشتری استفاده کند.

What changed quietly

The documents have not changed: all three files PIPWISE publishes today are identical to the September 2026 versions. What changed is our reading. The Persian contract that the previous review called missing does exist. It lets PIPWISE use pooled client money to cover any client's default, which the English version does not. We also established that the two minute profit rule and the leverage abuse clause were both added in July 2026, and that the Persian and Arabic pages advertise a licence number no document mentions. The score moves from 8.2 to 8.7 on those facts.

  • ADDEDClause Short-Term Trading Rule (Less than Two Minutes) · March 2025 to July 2026

    The rule that stops you withdrawing profit from trades under two minutes did not exist in the March 2025 agreement.

    In trades executed on all types of symbols, any trade with a holding period of less than two minutes will be subject to this rule. Profits generated from such trades will not be withdrawable, while any losses incurred will be fully calculated and deducted from the account balance.

  • ADDEDClause Prohibition of Leverage Abuse · March 2025 to July 2026

    PIPWISE added the power to cancel profits from full margin trades, which the March 2025 agreement did not contain.

    The Broker reserves the right, upon detecting such behavior, to cancel the profits generated from these transactions without prior notice.

  • REWRITTENClause Dynamic Leverage in the Client Agreement · March 2025 to July 2026

    Top leverage fell from 1:1000 to 1:500, and the balance that drops you to 1:100 fell from $10,000 to $5,000.

    Account Balance (USD) Maximum Available Leverage Less than $100 1:500 $100 – $200 1:400 $200 – $1,000 1:300 $1,000– $5,000 1:200 More than $5,000 1:100

  • REWRITTENClause General Provisions · March 2025 to July 2026

    The company a client contracts with moved from Tbilisi to the Comoros Union, with no notice clause anywhere in either version.

    PIPWISE is registered in Bonovo Road, Fomboni, Island of Mohéli, Comoros Union.

  • REWRITTENClause Opening paragraph · January 2026 to April 2026

    Between January and April 2026 the named counterparty changed from Pipwise LLC in Tbilisi to Pipwise LTD in the Comoros, with a new registration number.

    This document outlines the principal features of the Global Data Protection Regulation (GDPR) and elucidates the entitlements and responsibilities of EU/EEA clients and the Pipwise LTD., Bonovo Road, Fomboni, Island of Mohéli, Comoros Union, (hereinafter: the "Company"). Registration number: HT00524055.

  • REWRITTENClause Who We Are · 2024-05-09 (archived) to 01/04/2026

    The privacy policy stopped describing PIPWISE LLC as registered in the United Kingdom and Georgia and now names PIPWISE LTD in the Comoros.

    PIPWISE LTD is a financial brokerage registered in Bonovo Road, Fomboni, Island of Mohéli, Comoros Union and operates this Website www.pipwise.com.

The documents this reading is based on

4 files, all published by PIPWISE. 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 PIPWISE publishes.

How this reading was done

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

This reading was published on . It is the newest of 2 readings we keep of these documents. See every reading.

Documents
4 of 4downloaded from the broker's site, and 4 read in full
Pages opened
72pages walked to find those documents, footer links included
Older copies
5earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
9public pages set against what the contract says
Languages
AR vs EN vs FAthe language it advertises in, against the language it contracts in
Position measured
17clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

PIPWISE LTD

A client contracts with PIPWISE LTD, registered at Bonovo Road, Fomboni, Island of Mohéli, Comoros Union, under registration number HT00524055. That address is recent. The agreement PIPWISE still hosts from March 2025 names the same brand registered in Tbilisi, Georgia. Its January 2026 data processing terms name Pipwise LLC at that same Tbilisi address, with registration number 1406348288. No document names a regulator, and none tells a client that the counterparty can change.

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.

Every time we have read this contract

We keep 2 readings of PIPWISE’s documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Sep 19, 2026

The counts below are about our own list of clauses. A clause can join it because the broker added it, or because this reading found something the last one missed.

New on our list
6 clauses
Off our list
2 clauses
We rate critical
9 now, 7 then
Our risk score
8.2 to 8.7 out of 10

The counts above are the totals each reading published. They show that a total moved. They do not yet say which single clause was added or dropped.

  1. CurrentRisk 8.7/1021 clauses9 critical
  2. Risk 8.2/1017 clauses7 criticalReplaced

We keep every past reading so you can check what we said before, and when we said it. Those pages are archived snapshots of an older contract, so search engines are asked not to index them.

In fairness, and what we could not check

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

PIPWISE keeps its older agreements online. The March 2025 English version and the December 2025 Persian version both still sit on its own server, so anyone can see what the July 2026 revision changed. Most brokers quietly replace the file. The agreement also gives you the right to listen to recordings of your calls with PIPWISE if a dispute comes up. The funding page publishes a full table of minimums, processing times and fees for every payment method, in all three languages.

PIPWISE's Arabic site links a client agreement that is not there. An Arabic speaking client has no contract to read, and neither did we. This review covers the English and Persian agreements in full, and quotations from the Persian one are taken from the file as it renders. It covers parts of the three older versions PIPWISE still hosts, enough to compare the clauses that changed. The earlier copy of the data processing terms is identical to today's file, so it was not read again. The review does not go past the public sign up form into the client area, so it does not cover the tick box that accepts the agreement. The Disclosure Statement, Contract Information Guide and Client Acknowledgement that the agreement calls part of itself are not published anywhere we could find.

How to check any of this yourself

Every quote above links to the PIPWISE 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 PIPWISE 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 PIPWISE 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 16, 2026.

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

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