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Contract reading

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

Every clause below is published by RaiseFX 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: Raise Global SA (Pty) Ltd

hidden feesole discretionconflict disclosuredeemed acceptancedispute windowwithdrawalsaffiliate markupbroken cross referenceclient moneycomplaint barrier

RaiseFX publishes a 16 page client agreement whose fee page does not exist. Six documents it makes binding on you are not published at all. Your margin stops being your property the moment you deposit it. RaiseFX can cancel your profit on suspicion alone, and you get two business days to challenge a statement before it binds you.

Back to RaiseFX

Contract risk

Money at risk
8.0/10

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.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
18
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
13
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
8

How the 18 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.

Critical8
Warning8
Notice2

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.

Critical6Fee you were not shown. Jump to the clause this comes from.The fee page the contract points to does not existCritical2 working daysTime to complain. Jump to the clause this comes from.Two business days to challenge a statement or it binds$50Fee on an unused account. Jump to the clause this comes from.A 50 dollar fee starts after three months of not trading76%In the contract. Jump to the clause this comes from.The loss warning is a placeholder and is not on the homepage

What the documents say

18 clauses worth knowing about, worst first, each quoted from RaiseFX's own files

01

RaiseFX tells you where to find its charges, then does not publish that page. Clause 13 of the client agreement says fees are set out in the Trading Conditions and Charges page. No such page exists on raisefx.com. Six documents the contract makes binding on you are missing the same way.

Why this matters

You cannot find out what a trade will cost you before you agree to pay it. Clause 13 also lists wire charges, statement charges, order cancellation charges and telephone order charges, with no amount given for any of them.

Exhibit 1CriticalRarely seen6

Fees are set out in the Trading Conditions and Charges page.
Clause 13 in Client Agreement, p.8
Read from the broker's site on Open the reference
Our own capture of raisefx.com, taken on Aug 24, 2026The fee page the contract points to does not exist (clause 13)Visit this page on the broker's siteDownload the full size image file
Our own capture of raisefx.com, taken on Aug 24, 2026The claim, on French spreads and commissions page, cost summary tileThis 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 raisefx.com, taken on Aug 24, 2026What the contract says, clause 13Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), FSCA (South Africa)

Firms licensed by the FCA or CySEC must give a retail client all costs and charges before that client trades. RaiseFX's contract points you to a page that is not there.

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

Our readingIncorporating a fee schedule by reference is normal. Publishing every other document in the list and omitting the one that carries the prices is not. The missing six are the general terms and conditions, the order execution policy, the trading conditions and charges, the client asset key information document, the key information document and the KYC/AML policy.

  • Worse together with Exhibit 2With no fee page anywhere, the largest charge in the contract sits on page 14 of 16 where almost nobody reads.
02

Clause 9 says you transfer full ownership of your funds to RaiseFX, and that the money covering your margin is no longer your property. RaiseFX may then pledge it, lend it or mix it with other clients' property, and it does not have to give the same property back.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

If RaiseFX or the bank holding the pool fails, you are a creditor rather than an owner, and clause 9 says RaiseFX is not liable for a bank's default. RaiseFX can also move money between your accounts without telling you.

Exhibit 5CriticalRarely seen

Customers agree to transfer full ownership of funds to RaiseFX for the purpose of securing or covering Required Margin; such Required Margin is no longer the Customer's property and is placed as collateral with liquidity providers.
Clause 9 in Client Agreement, p.6
Read from the broker's site on Open the reference
Our own capture of raisefx.com, taken on Aug 24, 2026Your margin stops being your property when you deposit it (clause 9)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Firms licensed by the FCA, or under ESMA rules as applied by CySEC, may not take title to a retail client's money this way, and must keep that money segregated. RaiseFX takes ownership of retail margin and holds the rest in pooled accounts.

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

Our readingThis is a title transfer collateral arrangement, a device from institutional lending. Pointed at a retail balance it converts your money into RaiseFX's money, and the accounts are pooled rather than held client by client.

  • Worse together with Exhibit 6RaiseFX holds your balance under a general lien and can cancel your profit on suspicion, so it decides both what you are owed and whether it hands it over.
03

Clause 17 lets RaiseFX cancel your trades or your profit whenever it suspects hedging abuse or a breach. Nothing in the contract defines hedging abuse, and RaiseFX does not have to prove anything or tell you first. It can also adjust your account without notice.

Why this matters

Money you have already made can be taken back on a suspicion you never see the evidence for. Clause 17 also bans arbitrage and scalping without saying what counts as either, so a fast profitable strategy is a risk to the profit it makes.

Exhibit 6CriticalHarder than usual

Transactions exploiting such errors may be voided, and RaiseFX may adjust accounts without notice. If hedging abuses are suspected, trades or profits may be cancelled.
Clause 17 in Client Agreement, p.10
Read from the broker's site on Open the reference
Our own capture of raisefx.com, taken on Aug 24, 2026Profit can be cancelled on suspicion, with no definition (clause 17)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 7RaiseFX can adjust your account without notice, and two business days later the adjusted statement is binding on you.
04

RaiseFX's own footer says the site is not intended for residents of the European Union and that EU rules may not apply. Yet the site's default language is French, it publishes Italian and Spanish versions, and the client agreement builds a whole EU route through a Cyprus representative under Cypriot law.

Why this matters

You are marketed to in an EU language and told, in English at the bottom of the page, that EU protection may not reach you. Belgium also sits on the banned list in clause 27, while the rest of the EU is welcomed by the contract.

Exhibit 9CriticalRarely seen

Where the User is resident in the European Union and accepted as a client by Raise EU Services D.B LTD acting as Authorized Representative, these Terms are construed in accordance with the laws of the Republic of Cyprus, with the courts of Limassol having non-exclusive jurisdiction
Clause 11 in Terms of Use, p.5
Downloaded from the broker's site on Open the reference
Our own capture of raisefx.com, taken on Aug 24, 2026The claim, on Site-wide footer, shown on the legal documents pageVisit this page on the broker's siteDownload the full size image file
Our own capture of raisefx.com, taken on Aug 24, 2026What the contract says, clause 11Visit this page on the broker's siteDownload the full size image file
Our own capture of raisefx.com, taken on Aug 24, 2026The claim, on Site-wide footer regional restrictions noticeVisit this page on the broker's siteDownload the full size image file
Our own capture of raisefx.com, taken on Aug 24, 2026What the contract says, clause 27Visit this page on the broker's siteDownload the full size image file

Our readingBrokers commonly disclaim one region and market to another. Here the same company does both at once for the same region: the website disclaims the EU framework while the contract, the terms of use, the complaints procedure and the privacy notice all build on it, naming Cypriot law, MiFID II, GDPR and the Cyprus ombudsman.

05

RaiseFX's FAIS disclosure tells you it is not a market maker and never acts as principal or counterparty. Its client agreement describes its own investment service as dealing on own account, and its risk warning says your CFD is principal-to-principal with RaiseFX. Both documents were signed on the same day.

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

Whether RaiseFX makes money when you lose is the most important thing to know before you deposit, and its own documents give you opposite answers. The risk warning also traps you: once a position is open you can only close it with RaiseFX, at RaiseFX's price.

Exhibit 3CriticalRarely seen

The FSP is not a market maker or product issuer and acts solely as an intermediary in terms of the FAIS Act between the client and the relevant product provider, rendering only an intermediary service. Raise Global SA (Pty) LTD does not act as principal or counterparty in any of its transactions in derivative products offered by third-party providers.
Clause 4 in FAIS Upfront Disclosure, p.3
Downloaded from the broker's site on Open the reference
Our own capture of raisefx.com, taken on Aug 24, 2026The claim, on FAIS Upfront Disclosure section 4, Product Provider ArrangementsVisit this page on the broker's siteDownload the full size image file
Our own capture of raisefx.com, taken on Aug 24, 2026What the contract says, clause 5Visit this page on the broker's siteDownload the full size image file
Our own capture of raisefx.com, taken on Aug 24, 2026Its regulatory disclosure denies being your counterparty (clause 4)Visit 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 or CySEC must tell a retail client whether the firm is the counterparty to that client's trades, because it is a conflict that has to be disclosed before any business is done. RaiseFX discloses the opposite of what its contract says.

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

Our readingA CFD broker taking the other side of client trades is completely ordinary. What is unusual is a signed regulatory disclosure that denies it while three other signed documents describe it happening.

  • Worse together with Exhibit 8The same document set that denies RaiseFX trades against you also lets it keep your price improvement and refuse a fill that would narrow its spread.
06

RaiseFX's swaps page says every swap is fixed and carries no interest rate, and tells Muslim clients that all its accounts therefore follow Islamic practice. Clause 13 of the client agreement says the daily financing charge is worked out by reference to current interest rates and can change at any time.

Why this matters

If you chose RaiseFX because you were told the charge is not interest, the contract you signed says it is. The same clause warns that on rolled positions the debits exceed the credits in most cases.

Exhibit 4CriticalStandard wording

A daily financing charge may apply to each open position at the close of RaiseFX's trading day, calculated by reference to current interest rates, and credited or debited to the account on the next trading day. Methods, rates and instruments are subject to change.
Clause 13 in Client Agreement, p.8
Read from the broker's site on Open the reference
Our own capture of raisefx.com, taken on Aug 24, 2026The claim, on French swaps page, Islamic account conditions sectionThis 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 raisefx.com, taken on Aug 24, 2026What the contract says, clause 13Visit this page on the broker's siteDownload the full size image file
Our own capture of raisefx.com, taken on Aug 24, 2026The claim, on French swaps page headlineThis 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 raisefx.com, taken on Aug 24, 2026What the contract says, clause 13Visit 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 or CySEC must keep marketing fair, clear and not misleading, and must not describe a charge in terms the contract contradicts. RaiseFX's page and its clause 13 describe the same charge two different ways.

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

Suspicion is enough to cancel your profit or close your positions

Clause 17 lets RaiseFX cancel trades or profits whenever it suspects hedging abuse or a breach, with no definition of either and no requirement to show you anything. Clause 12 lists six triggers for liquidating your account and then adds any other circumstances RaiseFX deems appropriate for its protection, exercisable with no demand and no prior notice. The refund policy adds that an unjustified chargeback can reverse any associated trading profits.

Exit conditions1 clause flagged

Clause 12 lists six specific triggers for closing out your account, then adds any other circumstances that RaiseFX deems appropriate for its protection. Once that catch-all applies, RaiseFX can sell your positions and cancel your orders with no demand and no notice.

Why this matters

An open trade can be closed at a loss because RaiseFX decided it needed protecting, and the clause says giving you notice once creates no right to notice again. You have no stated test to argue against.

Exhibit 11CriticalHarder than usual

(g) any other circumstances that RaiseFX deems appropriate for its protection, RaiseFX may in its sole discretion (i) satisfy any obligation of the Customer out of any funds or property in its custody; (ii) sell or purchase any currency contracts or securities held for the Customer; and (iii) cancel any outstanding orders or commitments.
Clause 12 in Client Agreement, p.7
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Our own capture of raisefx.com, taken on Aug 24, 2026Positions can be closed for any reason RaiseFX picks (clause 12)Visit this page on the broker's siteDownload the full size image file

Two business days to challenge a statement, and a complaint can be bounced

Clause 14 makes every confirmation and statement correct and binding on you if you do not object within two business days of RaiseFX posting it. The complaints procedure then lets RaiseFX return a complaint for redrafting, before it is formally processed, if it judges the language offensive. RaiseFX's own six week resolution ceiling only starts once a complaint has been accepted.

The clock on your complaint2 clauses flagged

Clause 14 treats every confirmation and statement posted to your account as correct and binding unless you object within two business days. The clock runs from when RaiseFX posts it, not from when you look at it. Silence counts as agreement.

Why this matters

Miss a long weekend and a wrong fill, a missing profit or an unexplained deduction becomes final. Two business days is the whole window, and an objection by phone or email only counts once you also confirm it in writing.

Exhibit 7CriticalHarder than usual2 working days

Confirmations and statements posted online are deemed correct and binding if not objected to within two business days; objections may be made by email or telephone but must be confirmed in writing.
Clause 14 in Client Agreement, p.9
Read from the broker's site on Open the reference
Our own capture of raisefx.com, taken on Aug 24, 2026Two business days to challenge a statement or it binds (clause 14)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 or CySEC cannot cut short a retail client's right to complain by contract, and both regimes give that client six months from the firm's final answer to reach an ombudsman. RaiseFX's own procedure gives you those six months, but this clause makes the underlying trade unchallengeable after two business days.

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

RaiseFX can return your complaint for redrafting if it decides the language is offensive, and that happens before the complaint is formally processed. The procedure also requires your account number, the affected transaction numbers and the exact date and time.

Why this matters

The six week clock RaiseFX promises only starts on a complaint it has accepted, so a bounced complaint buys it time. Write in frustration and you may find you have not complained at all.

Exhibit 16WarningHarder than usual

A complaint must not contain offensive language directed at RaiseFX or any RaiseFX employee. Communications containing such language may be returned for redrafting before being formally processed.
Clause 5 in Complaints Procedure, p.4
Downloaded from the broker's site on Open the reference

The pages that sell RaiseFX contradict the contract that binds you

RaiseFX's French swaps page tells Muslim clients its accounts carry no interest, while clause 13 of the client agreement calculates the daily financing charge by reference to current interest rates. The site's footer says the information is not intended for residents of the European Union and that EU rules may not apply, yet the default language is French and the contract routes EU clients through a Cyprus company under Cypriot law. The 76% loss figure the risk warning carries is a provisional number, and the homepage that clause 19 says publishes it shows no percentage at all.

Language arbitrage1 clause flagged

The risk warning notice says 76% of retail accounts lose money with RaiseFX, then admits in a footnote that the number is provisional and not drawn from its own clients. Clause 19 of the client agreement says the figure is published on the homepage. Neither the French nor the English homepage shows any percentage.

Why this matters

The one number that tells you how other clients actually did is borrowed, and the page RaiseFX says carries it does not. You have to open a seven page PDF to see it at all.

Exhibit 10WarningHarder than usual76%

76% of retail investor accounts lose money when trading CFDs with this provider.
Clause Mandatory loss warning in Risk Warning Notice, p.2
Downloaded from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), CySEC (Cyprus), FCA (UK)

Under ESMA's measures as applied by CySEC, a firm must show its own loss percentage in the risk warning on its website and marketing, and must refresh it from its own client data. RaiseFX shows a provisional figure inside a PDF and none on the homepage.

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

RaiseFX tells you where its prices are, then does not publish the page

Six documents that RaiseFX's client agreement makes binding on you are not published anywhere on raisefx.com, and one of them is the Trading Conditions and Charges page that clause 13 names as the home of every fee. Clause 13 then lists seven incidental charges without an amount for any of them. The deposits page advertises nine currencies while clause 16 allows margin in four and converts the rest at a rate RaiseFX sets.

Cost disclosure1 clause flagged

The deposits page offers you euros, dollars, Australian dollars, pounds, yen, Singapore dollars, New Zealand dollars, Canadian dollars and rand. Clause 16 allows margin deposits in only four of them, and lets RaiseFX convert your money at exchange rates it sets itself.

Why this matters

Deposit in rand or Singapore dollars and RaiseFX picks the rate that turns it into dollars, with no published rate and no published margin over the market. That conversion is a cost, and it is the one cost the fee pages never mention.

Exhibit 13WarningHarder than usual4

Margin deposits must be made in U.S. Dollars, Euros, British Pounds or Japanese Yen as required by RaiseFX, which may convert funds for margin into or from foreign currencies at exchange rates it determines.
Clause 16 in Client Agreement, p.10
Read from the broker's site on Open the reference
Our own capture of raisefx.com, taken on Aug 24, 2026The claim, on French deposits and withdrawals page, deposit method currency tableVisit this page on the broker's siteDownload the full size image file
Our own capture of raisefx.com, taken on Aug 24, 2026What the contract says, clause 16Visit this page on the broker's siteDownload the full size image file

RaiseFX can rewrite the contract in 7 days and cut your leverage retroactively

Clause 26 lets RaiseFX amend the client agreement on 7 days notice, given by posting the change on its website, and your only alternative to accepting it is to close your positions and empty the account within ten business days. Clause 7 lets RaiseFX raise margin requirements around news or events with or without notice, and expressly says it may do so retroactively, behind a 1:500 leverage figure advertised on every page.

Changing the deal2 clauses flagged

RaiseFX can rewrite the client agreement with 7 days notice, and posting the change on its website counts as telling you. If you object, clause 26 says you must close your positions and empty the account within ten business days.

Why this matters

Disagreeing is not an option you can exercise and stay. The terms of use go further and treat carrying on using the site after a change as acceptance of it.

Exhibit 14WarningHarder than usual7 days

RaiseFX may amend this Agreement at any time and will notify the Customer by posting the change on its website or sending an email at least 7 days before it takes effect. The Customer is bound by the amendments on the effective date; if the Customer objects, they must liquidate open positions and instruct RaiseFX on the disposition of all account assets within ten (10) business days after notice.
Clause 26 in Client Agreement, p.14
Read from the broker's site on Open the reference

Every RaiseFX page advertises 1:500 leverage as the default. Clause 7 lets RaiseFX raise your margin requirement around earnings, news or events, with or without notice, and says it may do so retroactively.

Why this matters

A position that met the margin rule when you opened it can breach a rule applied afterwards, and clause 12 then closes it. To change your leverage at all you have to email support and quote your account number.

Exhibit 15WarningHarder than usual500

RaiseFX may limit open positions, increase margin requirements in advance of earnings, news or events (with or without notice, before such events or retroactively), and require sufficient time for orders to be calculated and executed.
Clause 7 in Client Agreement, p.5
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), CySEC (Cyprus), FCA (UK)

Firms operating under ESMA's product intervention measures, as applied by CySEC, may not give a retail client more than 1:30 on major currency pairs. RaiseFX's own risk warning adopts the ESMA 50% close-out rule for those same clients while its site advertises 1:500.

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

  • Worse together with Exhibit 9The visitors offered 1:500 are the French, Italian and Spanish speakers the footer tells the site is not intended for.

An approved account can be re-checked and restricted with no deadline

RaiseFX's compliance programme lets it reopen the checks on an account it already onboarded and impose trading restrictions until the paperwork clears. Where it cannot complete those checks, the programme says funds are not released. No document in the set puts a time limit on that hold or names a way to challenge it.

Paperwork and holds1 clause flagged

RaiseFX can reopen the checks on an account it already approved, and impose trading restrictions until the new paperwork clears. If it cannot finish those checks, its compliance programme says your funds are not released.

Why this matters

Your money can sit still while RaiseFX waits for a document, and no clause anywhere puts a deadline on that wait. The refund policy adds that a client under compliance review does not get a refund at all.

Exhibit 12WarningHarder than usual

Where a client previously onboarded is identified as having incomplete records under current standards, remediation CDD is triggered and trading restrictions are imposed until cleared.
Clause 4 in Risk Management and Compliance Programme, p.6
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), FSCA (South Africa)

Firms licensed by the FCA or CySEC run these checks too and may hold funds while they do. Those regimes also require a timeframe and a route to challenge the hold, and RaiseFX's documents give neither.

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

  • Worse together with Exhibit 5Funds held back during a review are funds you no longer own, because clause 9 transferred ownership of your margin to RaiseFX.

The disclosure says it never trades against you, the contract says it deals on own account

RaiseFX's FAIS Upfront Disclosure states that Raise Global SA does not act as principal or counterparty and is not a market maker. Its client agreement lists dealing on own account as its investment service, says part of its revenue comes from the spread, and its risk warning calls your CFD principal-to-principal. Clause 18 also lets RaiseFX keep a price improvement that moved your way and refuse a fill that would narrow its own spread.

Whose side of the trade1 clause flagged

Clause 18 says that when the price moves in your favour before your limit order is accepted, RaiseFX may fill you at your price and keep the difference. The same clause lets it refuse to execute at all if the fair market price would narrow its own spread.

In plain words

Remuneration means payments it receives.

Why this matters

A better price that existed at the moment you dealt goes to RaiseFX instead of you. Clause 13 adds that your spread can be widened simply because an affiliate or introducing broker referred you, with the extra paid to that third party.

Exhibit 8WarningHarder than usual

If the fair market price would reduce RaiseFX's spread, it may decline to execute and provide an amended quote.
Clause 18 in Client Agreement, p.11
Read from the broker's site on Open the reference

Three quiet months cost 50 dollars, a quiet year costs 150

RaiseFX deducts $50 after three consecutive months without trading, and adds a $100 annual administration fee after twelve. Both sit in clause 25, on page 14 of a 16 page contract, and the clause says the amounts are subject to periodic changes. No minimum balance protects a small account from being emptied by the fee itself.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Stop trading for three months and RaiseFX takes $50 from your balance. Stay away for twelve months and it takes a further $100 annual administration fee on top. Clause 25 sets both out, on page 14 of a 16 page contract.

Why this matters

A quiet year costs you $150 whether you traded or not. The contract sets no floor, so a small account can be emptied by the fee itself, and it says the amounts are subject to periodic changes.

Exhibit 2WarningHarder than usual$50

Unless prohibited by law, after 3 consecutive months of non-use (Inactivity Period) an inactivity fee is deducted, and after 12 consecutive months of non-use (Annual Inactivity Period) an annual administration fee is also deducted:
Clause 25 in Client Agreement, p.14
Read from the broker's site on Open the reference

What it costsLeave $200 untouched for a year and RaiseFX deducts $50 at three months and $100 at twelve. You are left with $50 of your own $200.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After 3 consecutive months of non-useRaiseFX deducts a $50 inactivity fee, or 50 euros or 50 pounds depending on the account currency.25
After 12 consecutive months of non-useRaiseFX also deducts a $100 annual administration fee, or 100 euros or 100 pounds.25

One South African licence, a Cyprus payment agent, and no compensation scheme

Raise Global SA (Pty) Ltd holds FSCA licence 50506, a Category we authorisation for derivative instruments excluding warrants, ticked for intermediary service only. Raise EU Services D.B Ltd of Limassol holds no licence of its own and states that it does not establish a client relationship in its own name. No document in the set names a compensation scheme, and the client agreement concedes that its own cross-references point at sections that have moved.

Who you contract with2 clauses flagged

Raise Global SA (Pty) Ltd holds FSCA licence 50506, a Category we licence for derivative instruments excluding warrants, and its disclosure ticks only the intermediary service box. Raise EU Services D.B Ltd in Cyprus holds no licence of its own and says it does not establish a client relationship in its own name.

Why this matters

No document in the set names a compensation scheme that would pay you if RaiseFX failed. Your money sits in pooled accounts at banks RaiseFX chooses, and clause 9 says RaiseFX is not liable if one of those banks defaults.

Exhibit 17NoticeStandard wording

The FSP holds a Category I licence from the FSCA in terms of FAIS, authorising it to provide advisory and/or intermediary services in respect of the following financial products:
Clause 6 in FAIS Upfront Disclosure, p.4
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), FSCA (South Africa)

Firms licensed by the FCA or CySEC belong to a statutory compensation scheme that pays retail clients up to a set limit when the firm fails. RaiseFX names no equivalent anywhere in its documents.

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

Clause 26 of the client agreement concedes that its own cross-references point at sections that have moved. The refund policy sends you to clause 10 for client funds, where clause 10 is about conflicts of interest. The conflicts manual still carries a template placeholder in place of the company name.

Why this matters

When a clause promises you a protection set out elsewhere, you cannot reliably follow it to the place it lives. RaiseFX also publishes these PDFs so that copying text out of them produces unreadable characters, so you cannot search them and a screen reader cannot read them to you.

Exhibit 18NoticeHarder than usual

Where a cross-reference points to a section that has moved, the descriptive phrase (e.g. as set out in the Refund Policy) is the operative cross-reference.
Clause 26 in Client Agreement, p.15
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

RaiseFX tells Muslim clients its accounts carry no interest, while clause 13 calculates the daily charge by reference to current interest rates.

Said in public, in French

Nos swaps n'étant pas corrélés aux taux d'intérêt, tous nos comptes sont conformes aux pratiques religieuses musulmanes et conviennent à toutes les croyances et convictions.

Word for word in English: Since our swaps are not linked to interest rates, all our accounts comply with Muslim religious practice and suit all beliefs and convictions.

French swaps page, Islamic account conditions section

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

In the contract · clause 13

A daily financing charge may apply to each open position at the close of RaiseFX's trading day, calculated by reference to current interest rates, and credited or debited to the account on the next trading day.

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

02

The page calls the swap fixed and interest free; clause 13 describes overnight interest added or subtracted at a platform rate that can change.

Said in public, in French

Tous nos swaps sont fixes, sans taux d'intérêt.

Word for word in English: All our swaps are fixed, with no interest rate.

French swaps page headline

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In the contract · clause 13

Open positions held at end of day or weekend are automatically rolled over to the next business day to avoid physical settlement; overnight interest may be added or subtracted at the rate published on the platform.

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03

The footer says EU rules may not apply, while the terms of use route EU clients through a Cyprus company under Cypriot law.

Said in public, in English

Disclaimer for EU Users: This website and its content are not regulated under European Union (EU) financial, data protection, or other regulatory frameworks. Use of the site is at your own risk, and EU regulations may not apply.

Site-wide footer, shown on the legal documents page

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In the contract · clause 11

Where the User is resident in the European Union and accepted as a client by Raise EU Services D.B LTD acting as Authorized Representative, these Terms are construed in accordance with the laws of the Republic of Cyprus, with the courts of Limassol having non-exclusive jurisdiction

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04

The footer bars the EU, Singapore and Australia; clause 27 bars none of those except Belgium, and adds eight countries the footer never mentions.

Said in public, in English

Regional Restrictions: The information on this website is not intended for residents of certain jurisdictions such as the European Union, United States, North Korea, Singapore, Australia, and certain other regions, and is not intended for distribution or use by any person in countries or jurisdictions where such distribution or use would be contrary to local law or regulation.

Site-wide footer regional restrictions notice

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In the contract · clause 27

Russian Federation, Belarus, Iran, North Korea, Syria, Cuba, Myanmar, Sudan, and the occupied territories of Ukraine (Crimea, Donetsk, Luhansk, Kherson, Zaporizhzhia) — subject to comprehensive sanctions regimes; auto-PROHIBITED under §10.2 of the KYC/AML Policy. Canada (all provinces and territories), Belgium, Japan, South Korea and the United States of America — restricted by RaiseFX commercial policy.

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05

The FAIS disclosure denies acting as principal or counterparty; the risk warning says your CFD is principal-to-principal and can only be closed with RaiseFX.

Said in public, in English

Raise Global SA (Pty) LTD does not act as principal or counterparty in any of its transactions in derivative products offered by third-party providers.

FAIS Upfront Disclosure section 4, Product Provider Arrangements

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In the contract · clause 5

CFDs are entered into on an OTC, principal-to-principal basis, which means that once a position has been opened you are restricted to closing it with the same counterparty, regardless of whether you could have achieved a better outcome elsewhere.

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06

The pricing page promises simple, clear and transparent costs, while clause 13 lists seven other fees and gives an amount for none of them.

Said in public, in French

0 commission : des coûts simples, clairs et transparents.

Word for word in English: 0 commission: simple, clear and transparent costs.

French spreads and commissions page, cost summary tile

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In the contract · clause 13

Additional incidental fees (wire charges, returned-cheque fees, statement charges, order-cancellation charges, account-transfer charges, telephone-order charges, third-party regulatory fees) may apply.

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07

The deposits page lists rand, Singapore dollars and Canadian dollars among accepted currencies, while clause 16 allows margin in only four and converts the rest at RaiseFX's own rate.

Said in public, in English

EUR, USD, GBP, JPY, SGD, NZD, CAD, ZAR

French deposits and withdrawals page, deposit method currency table

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In the contract · clause 16

Margin deposits must be made in U.S. Dollars, Euros, British Pounds or Japanese Yen as required by RaiseFX, which may convert funds for margin into or from foreign currencies at exchange rates it determines.

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08

The leverage page advertises 1:500 as a headline figure, while clause 7 lets RaiseFX raise the margin behind it retroactively and without notice.

Said in public, in French

1:500

We do not have a word-for-word translation of this line yet. The summary above says in English what it promises.

French leverage page, maximum leverage by asset class table for Forex

In the contract · clause 7

RaiseFX may limit open positions, increase margin requirements in advance of earnings, news or events (with or without notice, before such events or retroactively), and require sufficient time for orders to be calculated and executed.

What changed quietly

This is our first reading of RaiseFX, so there is nothing to compare it against. One older copy existed, the privacy policy of 23 January 2026, and its wording is unchanged. RaiseFX has since dropped the language menu that offered Russian and Chinese versions of that page.

  • REMOVEDClause · 2026-01-23 (Internet Archive) to 2026-08-24

    RaiseFX dropped the language menu that offered Russian and Chinese versions of the privacy policy page, while the policy wording itself did not change.

The documents this reading is based on

13 files, all published by RaiseFX. 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 RaiseFX publishes.

How this reading was done

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

This reading was published on .

Documents
1 of 13downloaded from the broker's site, and one read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
3public pages set against what the contract says
Languages
EN vs FRthe language it advertises in, against the language it contracts in

Who the contract is with

Raise Global SA (Pty) Ltd

You contract with Raise Global SA (Pty) Ltd, registration 2018/616118/07, licensed by the FSCA as financial services provider 50506. Raise EU Services D.B Ltd of Limassol, Cyprus, registration HE428723, is not your counterparty. RaiseFX's own refund policy says that company 'Does not establish a client relationship in its own name', and it holds no licence of its own. It moves your money as an Authorized Representative. So a client in the EU deals with a Cyprus company backed only by a South African licence.

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

The complaints procedure is one of the better ones we have read. RaiseFX commits to acknowledging you in 48 hours and resolving inside 6 weeks. It names both escalation routes with full contact details: the FAIS Ombud in South Africa and the Financial Ombudsman of Cyprus. Retail clients get negative balance protection, and RaiseFX states plainly that it writes off a negative balance itself. There is no bonus programme, so there is no turnover trap. Every document carries a version, an effective date, an owner and a next review date.

All twelve of RaiseFX's legal PDFs are published with fonts that carry no character map. Copying text out of them produces unreadable characters, so we read each one by opening the rendered document on RaiseFX's own site. Anyone checking our quotations will need to do the same. It also means you cannot search these documents, and a screen reader cannot speak them. We read the client agreement, terms of use, refund policy, complaints procedure, FAIS disclosure and transaction management policy from start to finish. We read only parts of the risk warning notice, the conflicts of interest manual, the compliance programme, the FSCA policies bundle, the POPIA notice, the cookie policy and the privacy policy. Six documents the client agreement makes binding on you are not published anywhere, so we could not read them at all. We could not measure how deep in each document a clause sits, because these files carry no paragraph count. No older copy exists for any of the twelve PDFs, so the only version comparison we could make was on the privacy policy.

How to check any of this yourself

Every quote above links to the RaiseFX 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 RaiseFX 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 RaiseFX 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 24, 2026.

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

Back to the RaiseFX profile