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Contract reading

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

Every clause below is published by PPFX 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: PROPERFX (PTY) LTD

sole discretioncontradictionclient moneydisclosurekyc freezewithdrawalsabusive tradingforum waiverhidden feemargin

PPFX markets negative balance protection, segregated accounts and up to 6% interest. Its own contract waives your right to any interest and can turn your money into PPFX property. The same document set says four separate times that you are liable for any deficit. PPFX alone decides what counts as abusive trading, and can then cancel your trades and revoke every profit.

Back to PPFX

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.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
17
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.
6

How the 17 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.

Critical6
Warning10
Notice1

section 55 of 57is where the deepest clause sits, 96% 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.

Critical4In the contract. Jump to the clause this comes from.Negative balance protection promised, then denied four timesCritical1 working daysTime to complain. Jump to the clause this comes from.One business day to challenge a whole month of trading5%Fee you were not shown. Jump to the clause this comes from.Forget about withdrawal fees, except the 5 percent one28 daysFee on an unused account. Jump to the clause this comes from.After a year of no movement your money stops being client money

What the documents say

17 clauses worth knowing about, worst first, each quoted from PPFX's own files

01

PPFX tells you on its deposit page that you cannot lose more than you put in. Its own Risk Disclosure then says four separate times that you are liable for the deficit if your account falls below zero.

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 could end up owing PPFX money after your account is emptied. Which sentence wins is a fight you would have to pay a South African lawyer to start.

Exhibit 1CriticalRarely seen4

If you do not maintain sufficient Margin on your account at all times and/or provide such additional funds within the time required, your open positions may be closed at a loss, and you may be liable for any resulting deficit.
Clause 5 in Risk Disclosure
Read from the broker's site on Open the reference
Our own capture of properfx.com, taken on Aug 23, 2026The claim, on Deposit and withdrawal page, answer to the FAQ Is it possible to lose more money than I deposited?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
Our own capture of properfx.com, taken on Aug 23, 2026What the contract says, clause 5Visit this page on the broker's siteDownload the full size image file

Where it sits: section 27 of 53 in the Risk Disclosure, 51% of the way through.

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

Firms licensed by the FCA, CySEC and ASIC must give retail CFD clients negative balance protection, and the promise must be unqualified. PPFX makes the promise in one document and takes it back in another.

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

Our readingBrokers usually either grant negative balance protection or refuse it. PPFX does both, in documents published on the same shelf, and nothing in either says which one prevails.

02

PPFX advertises that it keeps your funds in segregated accounts at tier 1 banks. The word segregated appears once in the whole agreement, in the definitions list, and no clause ever promises to use one.

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

Clause 12 says money you send becomes PPFX's own property and you keep no interest in it. If PPFX fails, its Risk Disclosure says your money may be irrecoverable.

Exhibit 2CriticalRarely seen1

Upon transfer to us, Title Transfer Funds shall become our absolute property, and you shall not retain any equity, right, title or interest in such Title Transfer Funds.
Clause 12.2 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of properfx.com, taken on Aug 23, 2026The claim, on Deposit and withdrawal page, under the heading Your money is safe with usVisit this page on the broker's siteDownload the full size image file
Our own capture of properfx.com, taken on Aug 23, 2026What the contract says, clause 12.2Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA and CySEC must hold retail client money in segregated accounts and may not take title transfer collateral from a retail client at all. This contract advertises segregation and contracts for title transfer.

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

Our readingTitle transfer collateral is a wholesale device for professional counterparties. The clause deciding whether it reaches you contradicts itself in one sentence: it excludes non professional clients, then says it applies to you for all of your use of the services.

  • Worse together with Exhibit 7Money that has become PPFX property is money you are asking back through a withdrawal process PPFX can hold open indefinitely.
03

One department inside PPFX decides whether your trading was abusive, and the contract says that decision stands whatever the circumstances. PPFX can then cancel your trades, revoke all profits, close every account you hold and freeze the money.

Why this matters

Your profits sit behind a judgement PPFX makes alone. The agreement sets no test to meet, no notice period and no appeal.

Exhibit 3CriticalHarder than usual

it is explicitly stated that the determination of whether a client has engaged in abusive trading activities rests solely within the discretion of the PPFX Risk Department, irrespective of any circumstances.
Clause Abusive Trading Activities in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of properfx.com, taken on Aug 23, 2026PPFX alone decides what abusive trading is, then revokes every profit (clause Abusive Trading Activities)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must treat customers fairly and give a decision the client can challenge through an independent scheme. This contract puts the decision inside one department and says it holds regardless of circumstances.

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

  • Only applies after Exhibit 9The confiscation power only bites once PPFX labels your trading abusive, and its own definition catches ordinary short term trading and hedging.
  • Worse together with Exhibit 8Abusive trading is an event of default, which switches on the set off clause and lets PPFX combine and drain your other accounts.
04

PPFX posts your statement on the first day of the month, covering the month before. You then get one business day to object in writing, after which the statement counts as conclusive evidence and binds you.

Why this matters

Miss that single day and a month of trades, fees and adjustments is settled against you. The clock starts when PPFX posts the statement, not when you read it.

Exhibit 6CriticalRarely seen1 working days

The Account Information posted via the Online Platform (save if manifestly incorrect) shall be conclusive evidence of your transactions and shall be binding on you if not objected to immediately upon receipt with such objection confirmed in writing (including email or similar electronic mail) and (in any event) no later than one business day after the Account Information is posted via the Online Platform.
Clause 6.2 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of properfx.com, taken on Aug 23, 2026One business day to challenge a whole month of trading (clause 6.2)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA must send a final response to a complaint and tell the client they can go to the Financial Ombudsman Service within six months. This contract treats a month of trading as accepted one business day after posting.

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

Our readingObjection windows in retail trading agreements are normally counted in weeks or months. A one day window on a monthly statement means the period you accept is up to thirty times longer than the time you get to check it.

  • Worse together with Exhibit 11If you clear the one day window, the same agreement caps what PPFX can owe you at twelve months of fees and bars any claim after two years.
05

PPFX's funding page says in large type that it pays your transaction fees so you do not have to. The fee table lower on the same page charges 5% on card withdrawals and USD 25 on bank wires.

Why this matters

Take $240 out by bank wire and USD 25 of it is gone, more than a tenth of your money. The footnote applies the fee whenever you withdraw without trading, at any size.

Exhibit 4WarningHarder than usual5%

If a client deposits funds via Neteller, Skrill, E-wallets, APMs or Credit Card, and then requests a withdrawal of these funds with no trading (or minimal trading) on their account, then we reserve the right to charge the applicable merchant fees and a discretionary handling fee to the clients account upon their withdrawal.
Clause Additional Terms in Deposit And Withdrawal Conditions
Read from the broker's site on Open the reference
Our own capture of properfx.com, taken on Aug 23, 2026The claim, on Deposit and withdrawal page, under the heading Forget about withdrawal feesVisit this page on the broker's siteDownload the full size image file
Our own capture of properfx.com, taken on Aug 23, 2026What the contract says, clause 5.13Visit this page on the broker's siteDownload the full size image file
Our own capture of properfx.com, taken on Aug 23, 2026Forget about withdrawal fees, except the 5 percent one (clause Additional Terms)Visit this page on the broker's siteDownload the full size image file

What it costsA $240 bank wire withdrawal arrives as $215 after the USD 25 fee. On a $200 card withdrawal the 5% charge takes $10.

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

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before they trade. Here the headline and the table on one page disagree.

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

  • Worse together with Exhibit 10The published table is the only pricing a visitor can see, because the contract puts the real rates schedule behind a client login.
06

PPFX's home page offers up to 6% a year on your balance, settled daily. Clause 11.2 of the agreement says PPFX will not pay you interest and that you waive any entitlement to it.

Why this matters

You may leave money sitting in the account expecting a return the contract says you gave up. The offer has no published terms: its own More Details link goes to the sign up form.

Exhibit 5WarningRarely seen6%

We will not pay interest to you on any of your money that we hold and by entering these Terms & Conditions you acknowledge that you waive any entitlement to interest on such money under the FSCA Rules or otherwise.
Clause 11.2 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of ppfx.com, taken on Aug 23, 2026The claim, on Chinese home page of ppfx.com, the domain every PPFX legal document names as the WebsiteVisit this page on the broker's siteDownload the full size image file
Our own capture of properfx.com, taken on Aug 23, 2026What the contract says, clause 11.2Visit this page on the broker's siteDownload the full size image file

Our readingAn interest waiver is ordinary in a CFD agreement. Advertising a daily settled rate on the same company's home page while that waiver stands is not, and no product terms exist to reconcile the two.

Every withdrawal is a request PPFX can hold open with no deadline

PPFX can place any withdrawal on hold while it investigates your trading, and the conditions set no time limit on that investigation. PPFX also chooses the method and the currency you are paid in, at its sole discretion, whatever currency you deposited. These conditions sit on a funding page that is not linked from the legal documents shelf.

Exit conditions1 clause flagged

PPFX can put your withdrawal on hold while it investigates your trading, and hold it until that investigation is complete. No clause anywhere sets a deadline on the investigation.

Why this matters

Your money can sit frozen for as long as PPFX takes. The page promising funds any day and any time is marketing, and it is not part of the contract.

Exhibit 7CriticalHarder than usual

PPFX reserves the right to place any withdrawal requests on hold if there is a pending or ongoing investigation into the client's trading activity. The company may hold such requests until the investigation is fully completed to ensure compliance with regulatory requirements and fairness in the trading environment.
Clause Withdrawals in Deposit And Withdrawal Conditions
Read from the broker's site on Open the reference
Our own capture of properfx.com, taken on Aug 23, 2026The claim, on Deposit and withdrawal page, under the heading Your money is yours. PeriodVisit this page on the broker's siteDownload the full size image file
Our own capture of properfx.com, taken on Aug 23, 2026What the contract says, clause WithdrawalsVisit this page on the broker's siteDownload the full size image file

One PPFX department can void every trade you have made

PPFX's Terms and Conditions put the decision on abusive trading inside its Risk Department and say it holds irrespective of any circumstances. PPFX can then cancel and reverse all trades, revoke all profits, terminate every account associated with you and freeze the funds. A separate set off clause lets PPFX take money from your balance for a debt owed by one of your associates, even while that debt is disputed.

Profit at discretion1 clause flagged

The set off clause lets PPFX take money from your account to cover something owed by you or by any of your associates. It applies even while the debt is disputed and before any court or settlement has decided it.

Why this matters

Someone else's argument with PPFX can be paid out of your balance, without notice to you, and you would have to sue in South Africa to get it back.

Exhibit 8CriticalRarely seen

we or any Associate of ours may set-off in respect of an obligation owing by you or any of your associates even when that obligation is disputed by you or one of your associates and has not yet been finally established by settlement or adjudication.
Clause 21.8 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of properfx.com, taken on Aug 23, 2026PPFX can take your money for an associate's disputed debt (clause 21.8)Visit this page on the broker's siteDownload the full size image file

Our readingCross party set off is a commercial lending device. Pointed at a retail trading balance, and extended to debts that are still disputed, it turns another person's contested liability into a deduction from your account.

A 5% withdrawal fee sits under a headline saying there are none

PPFX charges 5% on card withdrawals and USD 25 on bank wires under a heading that reads Forget about withdrawal fees. A separate discretionary handling fee, with no stated amount, applies if you withdraw after little or no trading. The full rates schedule is only published inside the trading platform, which you cannot see until you have opened an account, and PPFX converts currency at a rate it sets itself.

Cost disclosure1 clause flagged

PPFX says its fees, commissions and rollover charges are whatever is published on the trading platform. You cannot see the platform until you have opened an account, so the prices are not public before you commit.

Why this matters

PPFX also converts your currency at a rate it sets itself, and that spread is a cost no published page shows you.

Exhibit 10WarningHarder than usual

Before you begin to trade, you should obtain details of all commissions and other charges for which you will be liable, as indicated in the rates schedule available on the Online Platform.
Clause 12 in Risk Disclosure
Read from the broker's site on Open the reference

Buried at section 44 of 53 in the Risk Disclosure, 83% of the way through.

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

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before they trade, not after account opening. This contract points to a schedule that only account holders can reach.

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

Closing a trade inside three minutes is defined as abuse

PPFX defines scalping as opening and closing trades within three minutes, treats hedging as an attempt to disguise it, and calls automated trading without written consent abusive. Its definition reaches transactions entered involuntarily. Separately, PPFX opens accounts at up to 1:1000 leverage, cuts that leverage by hand as your equity rises, and takes no responsibility if the cut forces your positions to close.

How you may trade2 clauses flagged

PPFX defines scalping as opening and closing trades within three minutes, and says hedging to avoid looking like a scalper counts too. Using a robot or any automated tool without written consent is also abusive trading.

Why this matters

Ordinary short term trading puts you inside PPFX's abuse definition. The definition even reaches trades you entered involuntarily, and it makes the whole thing an event of default.

Exhibit 9WarningHarder than usual

This strategy involves exploiting rapid fluctuations in market prices, scalping entails executing numerous trades within short timeframes (typically opening and closing trades within three minutes or opening and closing with “hedged positions” to avoid being seen as scalping) to capitalize on small price movements.
Clause Abusive Trading Activities in Terms and Conditions
Read from the broker's site on Open the reference

PPFX opens accounts at up to 1:1000 leverage and then cuts it as your equity grows. The policy says these changes are done manually, and that PPFX takes no responsibility if the change forces your positions to close.

Why this matters

A profitable run can trigger a leverage cut that liquidates the positions that earned it, and the policy says that loss is yours.

Exhibit 13WarningHarder than usual

Since all adjustment leverage operations are performed manually based on the account equity, we recommend that the trader control the trading position to avoid the account being forced to close due to adjustment leverage. We assume no responsibility for the loss of forced liquidation caused by the adjustment of the leverage after the change in net worth.
Quoted in Leverage Adjustment Policy, Example of adjustment rules
Read from the broker's site on Open the reference

Buried at section 55 of 57 in the Leverage Adjustment Policy, 96% of the way through.

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

Firms licensed by the FCA and under ESMA rules cap retail CFD leverage at 30 to 1 on major currency pairs, and lower on other assets. PPFX opens accounts at up to 1000 to 1.

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

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Equity $0 to $1,000PPFX sets leverage to 1:1000, the account opening default.
Equity $20,000 to $50,000PPFX cuts leverage to 1:400, so the same positions need more margin.
Equity above $1,000,000PPFX cuts leverage to 1:50.

One business day to dispute a month, then twelve months of fees as your ceiling

PPFX posts your statement monthly and gives you one business day to object before it becomes conclusive evidence against you. If you clear that window, the agreement caps PPFX's total liability at twelve months of the fees you paid and bars any claim brought more than two years after discovery. The separately published complaints notice, which promises a six week response and names the FAIS Ombud, says nothing about either limit.

Time to object1 clause flagged

Whatever PPFX does, the most it can owe you is twelve months of the fees you paid it. Any claim is also barred two years after you discover it.

Why this matters

If a platform failure costs you $50,000 and you paid $900 in fees that year, the contract caps your recovery near $900.

Exhibit 11WarningHarder than usual

in no event will PPFX aggregate liability arising out of or relating to these Terms or your use of Data exceed twelve (12) months fees paid to us.
Clause 15.4 in Terms and Conditions
Read from the broker's site on Open the reference

What it costsOn $900 of fees paid over a year, the cap limits PPFX's total liability to about $900 however large your loss was.

South African courts for you, any court in the world for PPFX

PPFX's agreement submits you to the exclusive jurisdiction of South African courts and makes you waive any argument that this is an inconvenient forum. The next sentence reserves PPFX's right to bring proceedings against you in any jurisdiction. Governing law in the home country of a licensed firm is normal, and the one way drafting on top of it is not.

Where you would argue1 clause flagged

The agreement locks you into the exclusive jurisdiction of South African courts and makes you waive any argument that this is an inconvenient place. The next sentence lets PPFX bring proceedings against you in any jurisdiction it likes.

Why this matters

If you live outside South Africa, enforcing your side means hiring lawyers in Johannesburg, while PPFX can come to your home court.

Exhibit 12WarningHarder than usual

Each party irrevocably submits to the exclusive jurisdiction of South Africa courts to settle any suit, action or other proceedings relating to these Terms & Conditions (proceedings). Nothing in these Terms & Conditions shall prevent us from bringing proceedings against you in any jurisdiction.
Clause 29.1 in Terms and Conditions
Read from the broker's site on Open the reference

Lighter checks going in than coming out

PPFX accepts a single deposit of up to $300 before you complete verification, then requires identity documents and proof of address before it will process any withdrawal. It can ask for source of funds and source of wealth at any point in your relationship. Its privacy policy also allows PPFX to give your name, address, phone number and email to non affiliated third parties for marketing.

Documents and data1 clause flagged

PPFX lets you put in up to $300 before completing verification. To withdraw anything you must first supply identity documents, proof of address and anything else PPFX asks for.

Why this matters

Money goes in on lighter checks than it comes out on. PPFX can also pass your name, address, phone number and email to non affiliated third parties for marketing unless you opt out for each account.

Exhibit 16WarningHarder than usual$300

You are allowed to a Single Transaction / Single Deposit of 300$ maximum, prior completing the onboarding process and/or verifying your account.
Clause 6.3 in Terms and Conditions
Read from the broker's site on Open the reference

PPFX takes the other side of your trade and disclaims its own conflicts policy

PPFX states in its Terms and Conditions that it will usually be the counterparty on your transactions, and warns in capitals that its interests may conflict with yours. The same agreement then says the Conflicts of Interest Policy is internal only and imposes no obligations on PPFX. That published policy runs to seven sections on gifts, directorships and personal account trading, and never mentions that the firm profits when a client loses.

Who is on the other side1 clause flagged

PPFX is the other side of your trades and says so in capital letters in its own risk warning. The agreement then states that the Conflicts of Interest Policy is internal only and imposes no obligations on PPFX.

Why this matters

The published policy you would rely on cannot be enforced against PPFX, and it never once mentions that PPFX profits when you lose.

Exhibit 14WarningHarder than usual

Our Conflicts of Interest Policy is an internal policy only; it does not form part of these Terms & Conditions and is not intended to be contractually binding or to impose any obligations on us which we would not otherwise have whether under these Terms & Conditions or the FAIS Act.
Clause 15.2 in Terms and Conditions
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must keep a conflicts of interest policy they actually follow, and must disclose when they deal as principal against the client. This contract publishes a policy and disclaims it in the same document set.

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

A year of stillness and 28 days to claim your balance back

PPFX can stop treating your balance as client money after one year with no movement on the account. It writes to your last known address and gives you 28 days to make a claim. PPFX charges no monthly dormancy fee, which is better than many competitors, but the protection on the money can lapse on a letter you may never receive.

In plain words

Dormancy means an account left unused.

Dormant accounts1 clause flagged

If nothing moves on your balance for a year, PPFX can stop treating the money as client money. It writes to your last known address and gives you 28 days to claim it.

Why this matters

The letter goes to whatever address PPFX last had. If you moved and did not tell them, the protection on your balance can lapse without you ever seeing the notice.

Exhibit 15WarningStandard wording28 days

You agree that we may cease to treat your money as client money if there has been no movement on your balance for at least one year. We shall write to you at your last known address informing you of our intention to no longer treat your balance as client money and giving you 28 days to make a claim.
Clause 11.8 in Terms and Conditions
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
One year of no movementPPFX may decide to stop treating your balance as client money.11.8
Letter sentPPFX writes to your last known address stating its intention.11.8
28 days after the letterYour window to make a claim closes.11.8

Mandatory disclosure fields left as rows of dots

PPFX's FAIS Disclosure Notice leaves its liquidity providers as a line of dots and its key individuals and external compliance details blank, and it has been that way since at least April 2026. Its Risk Disclosure warns about market closures in Belize, a jurisdiction unconnected to this South African company. PPFX's own deposit page points clients to an Order Execution Policy and a stop out levels table, and neither is published anywhere on the site.

In plain words

Liquidity providers are outside banks and brokers.

What the paperwork shows1 clause flagged

PPFX's FAIS Disclosure Notice leaves its liquidity providers, key individuals and external compliance details as empty lines and rows of dots. Its Risk Disclosure warns about weekend gaps in Belize, a country with no connection to this company.

In plain words

Indemnities are money it says you owe it.

Why this matters

You cannot see who holds your trades or who to escalate to, and a document written for another firm suggests the set was assembled from templates rather than for PPFX.

Exhibit 17NoticeHarder than usual

PROPERFX（PTY）LTD.’s liquidity providers include…………………………………………………………………….
Clause 10 in FAIS Disclosure Notice
Read from the broker's site on Open the reference

Buried at section 30 of 42 in the FAIS Disclosure Notice, 71% 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 deposit page promises protection to every client while the Risk Disclosure makes you liable for the deficit.

Said in public, in English

PPFX offers Negative Balance Protection (NBP) for all clients, regardless of their categorisation and jurisdiction, thereby ensuring that you cannot lose more than your total deposits.

Deposit and withdrawal page, answer to the FAQ Is it possible to lose more money than I deposited?

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

In the contract · clause 5

If you do not maintain sufficient Margin on your account at all times and/or provide such additional funds within the time required, your open positions may be closed at a loss, and you may be liable for any resulting deficit.

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

02

Segregation is advertised on the funding page while the agreement transfers absolute ownership of your money to PPFX.

Said in public, in English

We keep funds in segregated accounts in multiple tier-1 banks to ensure top security and peace of mind.

Deposit and withdrawal page, under the heading Your money is safe with us

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

In the contract · clause 12.2

Upon transfer to us, Title Transfer Funds shall become our absolute property, and you shall not retain any equity, right, title or interest in such Title Transfer Funds.

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

03

A daily settled interest rate is advertised in Chinese while the English contract makes you waive all interest.

Said in public, in Chinese

资金享受高达6%年化 按日结算，账户资金量越大，年化收益率越高

Word for word in English: Enjoy up to 6% annualised on your funds. Settled daily, the larger the account balance, the higher the annualised rate of return.

Chinese home page of ppfx.com, the domain every PPFX legal document names as the Website

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

In the contract · clause 11.2

We will not pay interest to you on any of your money that we hold and by entering these Terms & Conditions you acknowledge that you waive any entitlement to interest on such money under the FSCA Rules or otherwise.

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

04

The funding page says PPFX pays your transfer fees and the agreement puts them back on you on request.

Said in public, in English

We pay your third-party transaction fees so you don't have to.

Deposit and withdrawal page, under the heading Forget about withdrawal fees

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

In the contract · clause 5.13

You agree, when we so request, to pay any bank transfer fees incurred when you are withdrawing funds from your account or when funds are refunded by us to your designated bank account.

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

05

Instant access any day and any time is promised, while the payment conditions allow an open ended hold.

Said in public, in English

Access your funds any day, any time with our instant withdrawal feature.

Deposit and withdrawal page, under the heading Your money is yours. Period

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

In the contract · clause Withdrawals

PPFX reserves the right to place any withdrawal requests on hold if there is a pending or ongoing investigation into the client's trading activity. The company may hold such requests until the investigation is fully completed to ensure compliance with regulatory requirements and fairness in the trading environment.

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

06

The home page claims multiple regulators while the disclosure notice lists one licence and no group companies.

Said in public, in Chinese

多重监管 合规运营

Word for word in English: Multiple regulation. Compliant operation.

Chinese home page of ppfx.com, trust badges above the footer

In the contract · clause 2

PPFX is an authorised FSP with license number 49045. A copy of our license is available on request or you can consult the FSCA website.

The documents this reading is based on

15 files, all published by PPFX. 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 PPFX publishes.

How this reading was done

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

This reading was published on .

Documents
15 of 15downloaded from the broker's site, and 15 read in full
Pages opened
25pages walked to find those documents, footer links included
Older copies
6earlier versions downloaded
Marketing pages
5public pages set against what the contract says
Languages
EN vs ZHthe language it advertises in, against the language it contracts in
Position measured
4clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

PROPERFX (PTY) LTD

You contract with PROPERFX (PTY) LTD, registration 2017/404327/07, at office 1215 The Leonardo, 75 Maude Street, Sandton, Johannesburg. It holds one licence, FSCA Financial Services Provider number 49045, and its FAIS Disclosure Notice answers the group companies question with No. Two roles appear in the documents. The Conflicts of Interest Policy names the company as Product Supplier / Over-the-Counter Derivatives Provider, and the Terms and Conditions say PPFX will usually be the counterparty to your trades, while the FAIS Disclosure Notice discloses a Category 1 licence for advice and intermediary services. Whether that licence fits the role belongs to the regulation check, not this one. Every legal document also defines the Website as www.ppfx.com, a second live site of the same company that markets in Chinese and quotes a $50 minimum deposit, while properfx.com quotes $250.

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

PPFX publishes twelve legal documents in full on an open web page, with no login and no PDF wall. The Leverage Adjustment Policy prints the whole tier table and the per instrument margin multipliers that most competitors keep behind a client portal. The Risk Disclosure states plainly that PPFX is the other side of your trade. The complaints notice names the FAIS Ombud with full contact details and puts a six week deadline on PPFX itself, not on you. The termination clause gives you 10 days to close your own positions before PPFX closes them.

The Terms and Conditions page gives back only its footer when it is downloaded. We read the full agreement, about 130,000 characters, on PPFX's own page at properfx.com/en/about/legal-documents/terms-and-conditions, and every quotation credited to that document comes from there. Anyone checking those quotes has to open the page in a browser. We found the Deposit and Withdrawal Conditions ourselves at properfx.com/en/funding/deposit-and-withdrawal-conditions, and it is not linked from the legal documents shelf. We could not reach the archived April 2026 copies of the IB Agreement and the Leverage Adjustment Policy, so we cannot say whether either changed. PPFX's deposit page points clients to an Order Execution Policy and a stop out levels table, and neither is published. Fees, contract specifications and the rates schedule sit behind a client login, so we could not read them. PPFX publishes in English and Chinese only, so there was no third language to compare.

How to check any of this yourself

Every quote above links to the PPFX 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 PPFX 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 PPFX 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 Aug 23, 2026.

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

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