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Contract reading

What QNB Invest legally published, but does not want you to read

Every clause below is published by QNB Invest 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: QNB Yatırım Menkul Değerler A.Ş.

hidden feecontradictionburialdeemed acceptanceforced liquidationmargin callsole discretionwithdrawalsaccount closureaccount fee

QNB Invest publishes two different automatic liquidation levels for the same forex account. Its fee schedule lets it raise any charge to 4 times inflation without asking you. That schedule sits in no menu, linked from one buried announcement. For foreign shares there is no investor compensation fund, and QNB Invest says it carries no responsibility.

Back to QNB Invest

Contract risk

Money at risk
6.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
4
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
16
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
24
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 16 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical4
Warning12
Notice0

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.

Critical30%Account limit. Jump to the clause this comes from.Two stop-out levels published for the same accountCritical4Fee you were not shown. Jump to the clause this comes from.Fees can rise to 4 times inflation without your consent$1000Withdrawal limit. Jump to the clause this comes from.1,000 TL per instruction to move foreign shares out60 daysTime to complain. Jump to the clause this comes from.Your complaint clock starts only when QNB Invest answers

What the documents say

16 clauses worth knowing about, worst first, each quoted from QNB Invest's own files

01

Your losing positions are closed automatically once your margin falls to 30%, says QNB Invest's risk disclosure form. Its forex order page says 50%. Both documents are live on the same website today.

Why this matters

Falling from 50% to 30% is another 20 points of your margin gone before QNB Invest closes anything. Both numbers have sat on its website since at least November 2024.

Exhibit 1CriticalRarely seen30%

Stop Out / Otomatik Pozisyonların Kapatılması: Varlık seviyesinin belli bir oranın altına inmesi durumunda pozisyonların sistem tarafından otomatik olarak kapatılmasıdır. (Mevcut stop-out seviyesi %30'dur.)
Clause Stop Out / Otomatik Pozisyonların Kapatılması in Kaldıraçlı Alım-Satım İşlemlerine İlişkin Risk Bildirim Formu, p.7
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), FCA (UK)

Firms under the ESMA rules that apply across the EU must close a retail account out when equity reaches 50% of the required initial margin, and must state that level clearly. QNB Invest's risk form sets 30% and its order page states 50%.

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

Our readingAn automatic close-out level is ordinary. Publishing two different levels at once is not, and neither document defers to the other or says which governs your account.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
75% marginA warning colours the margin row on the platform and the margin call starts.Margin Call / Teminat Tamamlama Çağrısı %75
30% marginQNB Invest closes your worst losing position first, then the next, until margin is back above 30%.Stop Out / Otomatik Pozisyon Kapama %30
  • Worse together with Exhibit 12The call that triggers the ladder counts as received the moment QNB Invest sends it, so a level you did not expect arrives with a warning you may never see.
02

QNB Invest can raise any charge in its commission schedule without asking you, as long as the rise stays within 4 times the average consumer price inflation of the last 12 months. It tells you afterwards.

Why this matters

Whatever inflation runs at when QNB Invest decides to move, it can raise your charges by four times that figure. You do not get a vote, only a notice.

Exhibit 2CriticalHarder than usual4

Bu Komisyon ve Masraf Tarifesi'nde yer alan komisyon ve tutarlarda, Türkiye İstatistik Kurumu'nca son 12 aylık dönem boyunca açıklanan Tüketici Fiyatları Endeksi artış oranlarının ortalamasının 4 katını geçmeyecek şekilde değişiklik yapılması halinde, değişiklik elektronik işlem platformundan, Müşteri ile paylaşılan aylık hesap ekstresi vasıtasıyla veya iadeli taahhütlü mektupla veya en seri iletişim araçlarıyla bildirilecek; ayrıca Müşteri onayı aranmaksızın QNB Invest tutarlarda bu oranlara kadar değişiklik yapma hak ve yetkisine sahip olacaktır.
Clause EK-5 footnote in EK-5. QNB INVEST KOMİSYON VE MASRAF TARİFESİ, p.3
Downloaded from the broker's site on Open the reference

What it costsIf the inflation average is 10%, the cap on the increase is 40%. The 600 TL annual account fee then becomes 840 TL, with no signature from you.

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

Firms licensed by the FCA and by CySEC must disclose costs and charges to a retail client before they trade. This schedule fixes its cap as a multiplier of a figure nobody knows yet.

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

  • Worse together with Exhibit 5The schedule you are told to monitor yourself is the same schedule QNB Invest can rewrite without asking you.
03

QNB Invest's order execution policy says a loss bigger than your margin cannot be demanded from you. Its leveraged trading risk form says that loss will be demanded and collected from professional clients. You can become a professional client by asking.

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

If you ever opt up to professional status, the protection the execution policy describes stops covering you. What you can be chased for is not capped by what you paid in.

Exhibit 4CriticalHarder than usual

Kaldıraçlı işlemlerle ilgili olarak yatırılan teminat tutarlarının üzerinde bir kayba uğratacak şekilde müşterilere işlem yaptırılmaz. Yatırımcının piyasa koşullarından dolayı teminatından daha fazla zarara uğraması halinde söz konusu zarar yatırımcıdan talep edilemez.
Clause 1. Müşteri Emirlerinin Kabulü ve Gerçekleştirilmesine Yönelik Esaslar in Emir Gerçekleştirme Politikası Portföy Aracılığı Faaliyeti, p.1
Downloaded from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), FCA (UK)

Firms under the ESMA rules that apply across the EU must give retail clients negative balance protection on leveraged accounts, and must make a client who asks to be reclassified acknowledge what they give up. QNB Invest states the protection without qualification in one document and carves professional clients out of it in another.

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

04

One paragraph of QNB Invest's risk form tells you it does not take a position against you. The next tells you it can act as market maker, be your counterparty, and profit when you lose. Its conflict of interest policy never mentions this.

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

When QNB Invest is your counterparty, your loss is its gain. You cannot tell from its own documents which trades those are.

Exhibit 3WarningHarder than usual

Müşteri herhangi bir üründe alış ve/veya satış emri verdiğinde, QNB Invest müşteriye karşı pozisyon almaz ve müşteri işlemleri gerçekleştiği anda fiyat değişikliklerinden kaynaklanabilecek zarar riskinden korunmak amacıyla (hedge) QNB Invest birlikte çalıştığı likidite sağlayıcılar nezdinde Müşteri ile aynı yönde alış ve/veya satış pozisyonları açabilir.
Clause ÖNEMLİ AÇIKLAMA in Kaldıraçlı Alım-Satım İşlemlerine İlişkin Risk Bildirim Formu, p.1
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 by CySEC must describe the conflicts arising from dealing on their own account in the conflicts policy they give clients. QNB Invest's conflicts policy points you to the risk forms instead.

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

  • Worse together with Exhibit 11QNB Invest sets the spread, keeps the right to widen it, and can be the counterparty earning it, while the fee schedule calls the product free.
05

Holding an account with QNB Invest costs 600 TL a year, plus 300 TL each time it posts you something. Both figures live in a commission schedule that is not in the website menu.

Why this matters

QNB Invest makes you responsible for tracking the current schedule. The only link we found to it sits inside a January 2026 notice about postage.

Exhibit 5WarningHarder than usual$600

Yıllık Hesap İşletim / Hesap Bakım Ücreti 600 TL (Her bir hesap için yıllık toplam tahsil edilen tutar)
Clause EK-5 table in EK-5. QNB INVEST KOMİSYON VE MASRAF TARİFESİ, p.1
Downloaded from the broker's site on Open the reference

What it costsA 600 TL account fee and one 300 TL postal charge come to 900 TL in a year before you place a single trade.

QNB Invest publishes two liquidation levels and can lock you out in 60 countries

QNB Invest's risk form closes your losing positions automatically at 30% margin, while its forex order page says 50%, and both have been live since at least November 2024. Separately, it blocks access to your foreign markets account while you are inside any of 60 countries, the United States first among them. Using a VPN to get in risks the account being closed.

Forced exits1 clause flagged

QNB Invest will not let you reach your foreign markets account while you are inside any of 60 listed countries, and the United States heads the list. Turkish citizens are covered too, even on a short trip.

Why this matters

A holiday or a work trip to the United States leaves you unable to close a position. Using a VPN to get in puts you at risk of having the account closed.

Exhibit 6CriticalRarely seen60

Bununla birlikte, Türkiye Cumhuriyeti vatandaşı olan yatırımcılar da söz konusu ülke sınırları içinde yerleşik olunmasa dahi QNB Invest Yurt Dışı İşlem platformuna aşağıdaki ülke sınırlarında bulundukları süre boyunca giriş yapamayacaklardır.
Quoted in Önemli Güncelleme: Yurt Dışı Piyasa İşlemlerinde Ülke Kısıtlamaları
Read from the broker's site on Open the reference
Our own capture of qnbinvest.com.tr, taken on Sep 24, 2026Sixty countries lock you out, the United States includedVisit this page on the broker's siteDownload the full size image file

Our readingSanctions screening at account opening is standard. Blocking a resident Turkish client from their own open positions purely because of where they are standing that week, with the United States on the list, is a travel rule rather than a sanctions rule.

  • Worse together with Exhibit 15The account you cannot reach from abroad is the same one with no compensation fund standing behind it.

QNB Invest's own documents disagree on whether you can be chased for losses

QNB Invest's order execution policy says a loss beyond your margin cannot be demanded from you, with no qualification. Its leveraged trading risk form says that loss will be demanded and collected from professional clients, a status you can ask for. Its English landing page sells leveraged derivatives from 1,000 USD without the loss warning QNB Invest publishes elsewhere.

Two answers to one question1 clause flagged

QNB Invest's English home page offers leveraged derivatives from a 1,000 USD deposit. The page carries no warning that you can lose everything, though QNB Invest's own risk form says exactly that.

Why this matters

QNB Invest measures and publishes how many of its leveraged accounts lose money, and the figure reached 80.39% last quarter. That number is not on the page inviting you to open one.

Exhibit 14WarningHarder than usual80.39%

Ters fiyat hareketleri sonucunda yetkili kuruluşa yatırdığınız paranın tümünü kaybedebilirsiniz. Yüksek getiri vaatlerine itibar etmeyiniz.
Clause ÖNEMLİ AÇIKLAMA in Kaldıraçlı Alım-Satım İşlemlerine İlişkin Risk Bildirim Formu, p.1
Read from the broker's site on Open the reference
Our own capture of qnbinvest.com.tr, taken on Sep 24, 2026The claim, on English home page, promotional bannerVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA, and firms under the ESMA rules that apply across the EU, must show on every promotion of a leveraged product the percentage of their retail accounts that lose money. QNB Invest publishes that percentage on a separate page.

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

The fee schedule sits in no menu, and QNB Invest can rewrite it without asking you

QNB Invest charges 600 TL a year for holding an account and 300 TL for posting you a letter. Both sit in a commission schedule reachable only through a January 2026 announcement about postage, and the same schedule lets QNB Invest raise any charge to 4 times inflation without your consent. Transfers out are priced at twice the bank's own rate. Leveraged trading is listed as free while the risk form reserves the right to take a spread.

Cost disclosure4 clauses flagged

Foreign shares held with QNB Invest carry a custody charge of 6 bps a year, which is 0.06%. A minimum of 6 EUR a month applies whatever your holding is worth.

Why this matters

On a small holding the minimum is the real price, and it is many times the rate QNB Invest quotes. It raised the rate in October 2024 and the minimum in February 2025.

Exhibit 7WarningHarder than usual$6

Yurt dışı piyasalar hesabınıza uygulanan aylık 5 Euro minimum saklama masrafı 1 Şubat 2025 itibarıyla 6 Euro olarak güncellenecektir.
Quoted in Yurt Dışı İşlemler Minimum Saklama Masrafı Değişikliği
Read from the broker's site on Open the reference

What it costs6 EUR a month is 72 EUR a year. On a 10,000 EUR holding, 6 bps comes to 6 EUR a year, so you pay 72 EUR instead, twelve times the quoted rate.

  • Worse together with Exhibit 9A minimum you pay monthly for holding the shares meets a flat charge for moving them somewhere cheaper.

Moving money out by EFT or wire costs you twice what the institution charges QNB Invest. The schedule states it plainly as that rate multiplied by 2.

Why this matters

Half of what you pay to move your own money is QNB Invest's margin, not a cost it paid. The schedule sets no ceiling on the result.

Exhibit 8WarningRarely seen2

EFT/Havale Transfer edilen tutar üzerinden ilgili kurum oranı x 2
Clause EK-5 table in EK-5. QNB INVEST KOMİSYON VE MASRAF TARİFESİ, p.2
Downloaded from the broker's site on Open the reference

Our readingBrokers usually either pass a transfer cost through or charge a stated flat fee. Publishing the markup as a multiplier of somebody else's tariff means the amount you pay changes whenever that third party changes its price.

If your cash is in a different currency from the asset you trade, QNB Invest converts it without your approval. The rate is the one formed on its own platform, and you agree in advance to raise no objection to it.

Why this matters

You carry the cost of every conversion and give up the right to argue the rate. Nothing in the clause caps the spread QNB Invest can build into it.

Exhibit 10WarningHarder than usual

Müşteri, bu işlemlerde kullanılacak döviz kurlarına hiçbir itirazı olmayacağını, QNB Invest'in döviz kurları hareketleri nedeniyle doğacak zararlardan sorumu olmadığını kabul eder.
Quoted in Forex Emir İletimi: Alım Satım Emirlerinin Gerçekleştirilmesi ve İşlem Teminatlarına İlişkin Esaslar
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 by CySEC must disclose the cost of a currency conversion to a retail client, including any markup over the market rate. This clause names the source of the rate and no markup.

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

QNB Invest's commission schedule lists leveraged trading as free. Its risk form says QNB Invest may take a spread from you on top of the stated fees, and reserves the right to add spread to the prices its liquidity providers give it.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

Free here means no separate commission line, not no cost. What you pay is built into the price on your screen, and QNB Invest does not publish how much of it is markup.

Exhibit 11WarningStandard wording

Kaldıraçlı alım-satım Ücretsiz
Clause EK-5 table in EK-5. QNB INVEST KOMİSYON VE MASRAF TARİFESİ, p.2
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and by CySEC must give a retail client the total cost of a trade, including spread, before they place it. QNB Invest's own risk form tells you its spreads may not reflect the best price and that you should check other brokers.

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

Moving your foreign shares to another broker costs 1,000 TL per instruction

QNB Invest charges 1,000 TL plus tax for each instruction to transfer foreign shares, ETFs, Eurobonds or Sukuk to another firm, doubled from 500 TL in November 2024. The charge takes no account of how much the position is worth, so the smallest holdings pay the same as the largest. Paired with a 6 EUR monthly custody minimum, both holding and leaving carry a fixed cost.

Exit costs1 clause flagged

Transferring your foreign shares, ETFs, Eurobonds or Sukuk to another firm costs 1,000 TL plus tax for each instruction. QNB Invest doubled this from 500 TL in November 2024.

Why this matters

The charge ignores the size of your holding, so a small position pays the same as a large one. Leaving can cost more than a year of holding.

Exhibit 9WarningHarder than usual$1000

Yurt Dışı Hisse Senedi/Borsa Yatırım Fonu (ETF) ve Eurobond/Sukuk kıymetlerinde, kurumumuzdan diğer kurumlara giden virmanlarda talimat başına 500 TL+ BSMV olan giden virman işlem masrafı 25 Kasım 2024 Pazartesi günü itibarıyla 1,000 TL+ BSMV olarak güncellenecektir.
Quoted in Yurt Dışı Hisse ve Eurobond Virman Ücretleri Hk.
Read from the broker's site on Open the reference

What it costsTwo instructions, one for a foreign shareholding and one for a Eurobond, cost 2,000 TL plus tax, whatever the positions are worth.

Deadlines bind you and not QNB Invest

You have 60 days to take a complaint to the industry arbitration panel, counted from the day QNB Invest's answer reaches you, and QNB Invest publishes no deadline for giving that answer. On the trading side a margin call counts as received the moment QNB Invest sends it, whether or not it arrives. Positions can then be liquidated with no further notice, and every loss from those closing trades is yours.

Clocks that run one way2 clauses flagged

Once QNB Invest sends a margin call, you are treated as having received it, whether or not it reached you. If you do not top up, it can close some or all of your positions with no further notice.

Why this matters

A call that never arrives still starts your clock. Every loss from the closing trades is yours under the same clause.

Exhibit 12WarningHarder than usual

QNB Invest’in bu çağrıyı göndermesi veya yapması durumunda müşterinin bir ihbar ve bildirime gerek kalmaksızın çağrıyı aldığı kabul edilir.
Quoted in Forex Emir İletimi: Alım Satım Emirlerinin Gerçekleştirilmesi ve İşlem Teminatlarına İlişkin Esaslar
Read from the broker's site on Open the reference

You get 60 days to take a complaint to the industry arbitration panel, counted from the day QNB Invest's answer reaches you. QNB Invest promises only to answer as soon as possible.

Why this matters

No published deadline binds QNB Invest to reply at all. Until it answers, the route to an independent panel does not open.

Exhibit 13WarningStandard wording60 days

Şikâyetlerinize ilişkin kurumumuzca verilen cevap ve bilgilendirmeler sonucu, halen uyuşmazlığınızın kısmen ve/veya tamamen giderilemediğini düşünüyorsanız; cevabımızın tarafınıza tebliğ edildiği tarihi izleyen altmış (60) gün içinde Türkiye Sermaye Piyasaları Birliği Müşteri Uyuşmazlıkları Hakem Heyeti’ne başvurabilirsiniz.
Quoted in Müşteri Memnuniyet Sistemi
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA must give a final response to a complaint within a fixed number of weeks, and must tell the client they may go to the ombudsman if that deadline passes unanswered. QNB Invest publishes the client's deadline and none of its own.

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

Your overseas assets sit at Saxo Bank with no compensation fund behind them

QNB Invest states that no investor compensation fund exists at the foreign partners it uses for overseas trading, where cash is pooled at Saxo Bank A/S in accounts opened in QNB Invest's name and custody runs largely through Citibank. If that chain fails, QNB Invest says it carries no responsibility of any kind. The framework agreement all of its published documents refer to is not available to read before you sign.

Who holds the money2 clauses flagged

There is no investor compensation fund at the foreign partners QNB Invest uses for overseas trading. If Saxo Bank A/S or its custodian fails, QNB Invest says it carries no responsibility of any kind.

Why this matters

Your overseas cash and shares sit outside the Turkish protection that covers your domestic account. The risk of that chain failing is yours alone.

Exhibit 15WarningStandard wording

Yurt dışı işlemlerinde çalışılan yabancı iş ortaklarımız nezdinde yatırımcı tazmin fonu mevcut değildir.
Clause 8 in Yurt Dışı İşlemler Risk Bildirim Formu
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and by CySEC must hold retail client money in segregated accounts covered by a named compensation scheme, and must say which scheme applies. QNB Invest states plainly that no compensation fund exists at its foreign partners.

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

Every document QNB Invest publishes points to a framework agreement for the detail that matters. That agreement is not on the website, so you cannot read it before you are asked to sign.

Why this matters

Margin terms and the conditions for closing your account sit in a document you first see at the counter. The separate fee schedule for foreign transactions is inside it too.

Exhibit 16WarningStandard wording

QNB Yatırım Menkul Değerler A.Ş./Yetkili Kuruluş/QNB Invest ile imzalayacağınız “Kaldıraçlı Alım Satım İşlemlerine Aracılık Sözleşmesi”nde belirtilen hususlara ek olarak, aşağıdaki hususları anlamanız çok önemlidir.
Clause KALDIRAÇLI ALIM SATIM İŞLEMLERİNE İLİŞKİN RİSK BİLDİRİMİ VE ÖNEMLİ BİLGİLENDİRMELER in Kaldıraçlı Alım-Satım İşlemlerine İlişkin Risk Bildirim Formu, p.1
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

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

01

The order page promises automatic closing at 50% margin while the risk form sets the level at 30%, so a client cannot tell when their positions will be liquidated.

Said in public, in Turkish

Aksi takdirde, teminat seviyesi %50’ye ulaştığında, açık pozisyonlar en zararda olan pozisyondan başlanarak %50 teminat seviyesine ulaşılana kadar otomatik olarak birer birer kapatılır.

Word for word in English: Otherwise, when the margin level reaches 50%, open positions are closed automatically one by one, starting from the position at the biggest loss, until the 50% margin level is reached.

Turkish forex order transmission page, margin section

In the contract · clause Stop Out / Otomatik Pozisyonların Kapatılması

Stop Out / Otomatik Pozisyonların Kapatılması: Varlık seviyesinin belli bir oranın altına inmesi durumunda pozisyonların sistem tarafından otomatik olarak kapatılmasıdır. (Mevcut stop-out seviyesi %30'dur.)

02

The execution policy states without qualification that a loss beyond your margin cannot be demanded, while the risk form says it will be demanded and collected from professional clients.

Said in public, in Turkish

Kaldıraçlı işlemlerle ilgili olarak yatırılan teminat tutarlarının üzerinde bir kayba uğratacak şekilde müşterilere işlem yaptırılmaz. Yatırımcının piyasa koşullarından dolayı teminatından daha fazla zarara uğraması halinde söz konusu zarar yatırımcıdan talep edilemez.

Word for word in English: In leveraged transactions, clients are not made to trade in a way that would cause them a loss above the margin deposited. Where the investor suffers a loss greater than their margin because of market conditions, that loss cannot be demanded from the investor.

Order execution policy for portfolio brokerage, opening principles, page 1

In the contract · clause 3

Profesyonel Müşteri veya Talebe Dayalı Profesyonel Müşteri olarak sınıflandırılan müşteriler, işlemler sonucunda yatırmış olduğu İşlem Teminat tutarının üzerinde zarar edebilir. Bu halde, söz konusu kayıp/zarar QNB Invest tarafından Profesyonel Müşteri ve Talebe Dayalı Profesyonel Müşteri'den talep ve tahsil edilecektir.

03

The fee schedule lists leveraged trading as free while the risk form reserves the right to take a spread from the client on top of the stated fees.

Said in public, in Turkish

Kaldıraçlı alım-satım Ücretsiz

Word for word in English: Leveraged buying and selling: Free of charge

Commission and cost schedule, EK-5 table, page 2

In the contract · clause KALDIRAÇLI ALIM SATIM İŞLEMLERİNE İLİŞKİN KOMİSYON, ÜCRET VE VERGİ TUTAR VE ORANLARI

Belirtilen ücret ve komisyonlar dışında QNB Invest işbu Sözleşme kapsamında yapılan işlemler nedeniyle Müşteri'den spread (alış-satış arasındaki fark) alma hakkına sahiptir.

04

The English page promotes leveraged derivatives from a 1,000 USD deposit with no risk warning, while the Turkish risk form warns you can lose the whole deposit.

Said in public, in English

With 1,000 USD minimum deposit, the advantage of trading in leveraged derivative products is in QNB Invest!

English home page, promotional banner

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

In the contract · clause ÖNEMLİ AÇIKLAMA

Ters fiyat hareketleri sonucunda yetkili kuruluşa yatırdığınız paranın tümünü kaybedebilirsiniz. Yüksek getiri vaatlerine itibar etmeyiniz.

What changed quietly

First reading of QNB Invest, so there is nothing to compare against.

  • REWRITTENClause · before 1 October 2024 to 1 October 2024

    QNB Invest raised the yearly custody rate on foreign holdings from 5 bps to 6 bps, by its own notice.

    1 Ekim 2024 itibarıyla 6 bps (on binde 6) olarak güncellenecektir

  • REWRITTENClause · before 1 February 2025 to 1 February 2025

    QNB Invest raised the monthly minimum custody charge from 5 Euro to 6 Euro, by its own notice.

    1 Şubat 2025 itibarıyla 6 Euro olarak güncellenecektir

  • REWRITTENClause · before 25 November 2024 to 25 November 2024

    QNB Invest doubled the charge for transferring foreign shares and Eurobonds out, from 500 TL to 1,000 TL per instruction.

    25 Kasım 2024 Pazartesi günü itibarıyla 1,000 TL+ BSMV olarak güncellenecektir

The documents this reading is based on

24 files, all published by QNB Invest. 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 QNB Invest publishes.

How this reading was done

Every clause above was read out of a document QNB Invest publishes itself

This reading was published on .

Documents
12 of 24downloaded from the broker's site, and 12 read in full
Pages opened
22pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Languages
EN vs TRthe language it advertises in, against the language it contracts in

Who the contract is with

QNB Yatırım Menkul Değerler A.Ş.

You contract with QNB Yatırım Menkul Değerler A.Ş., trade registry number 358657, at Kristal Kule Binası, Büyükdere Cad., Şişli, Istanbul. Its conflict of interest policy names QNB Finansbank A.Ş. as its main shareholder and as a party that passes orders to it. For foreign markets the chain runs further out: your cash sits at Saxo Bank A/S in accounts opened in QNB Invest's name, with settlement and custody largely at Citibank. The leveraged trading risk form tells you to check the firm holds a portfolio brokerage licence at spk.gov.tr before you trade.

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

QNB Invest publishes the share of its leveraged accounts that lost money every quarter back to 2017, and prints the bad quarters as plainly as the good ones. It also publishes quarterly complaint counts, rejected order counts, and a dated log of every price gap in oil, gold and silver. Its order execution policy makes QNB Invest give you the reason when it refuses an order. Monthly statements go out within 7 days and trades are notified the next business day. Most brokers publish none of this.

QNB Invest's personal data notice came through too garbled to quote, so nothing here rests on it. We read the leveraged trading risk form and the commission and cost schedule end to end. We read part of the conflict of interest policy, the portfolio brokerage execution policy and the foreign markets risk form. We did not read the derivatives or over the counter derivatives risk forms. We also did not read the anti-bribery, research, information security or cookie policies. The framework agreement that every one of these documents refers to is not published. Neither is the separate fee schedule for foreign transactions. No earlier version of most of these documents is available. For the forex order page we compared today's wording against a copy from November 2024 and found it unchanged.

How to check any of this yourself

Every quote above links to the QNB Invest 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 QNB Invest 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 QNB Invest 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 24, 2026.

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

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