Wikilix
Contract reading

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

Every clause below is published by STMARKET 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: STMarket Company Limited

no client agreementcountry restrictionregulatory claimsole discretiondeemed acceptanceentity mismatchforum waiverhidden feekyc freezemissing documents

STMarket names six legal documents on its own website. It publishes one, and that one is an unedited template that still carries the words Suggested text. STMarket publishes no client agreement, no withdrawal terms, no fee schedule and no complaints procedure. The homepage promises instant withdrawal and segregated accounts, and nothing you can read makes STMarket do either.

Back to STMARKET

Contract risk

Money at risk
8.5/10

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.
8
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
2
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 8 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
Warning3
Notice1

section 21 of 22is where the deepest clause sits, 95% 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 2 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical6In the contract. Jump to the clause this comes from.Six legal documents named, one actually publishedCritical8Account limit. Jump to the clause this comes from.Eight excluded countries can still open an account

What the documents say

8 clauses worth knowing about, worst first, each quoted from STMARKET's own files

01

STMarket lists six legal documents across its footer and its company page, including a client agreement and terms and conditions. You can open one of them. The rest are plain text on the page with nothing behind them.

Why this matters

You cannot read the contract before you deposit, because STMarket has not published one you can reach. Nothing tells you what it may charge, when it must pay you, or what happens if it does not.

Exhibit 1CriticalRarely seen6

Transparency is at the core of our values.
Quoted in Company page: Regulations & License and Legal Documents sections, Legal Documents section
Read from the broker's site on Open the reference
Our own capture of stmarket.com, taken on Sep 15, 2026The claim, on Company page, Legal Documents section, above a list naming Terms & Conditions, Privacy Policy and Client Agreement, none of which is a linkVisit this page on the broker's siteDownload the full size image file
Our own capture of stmarket.com, taken on Sep 15, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file
Our own capture of stmarket.com, taken on Sep 15, 2026Six legal documents named, one actually publishedVisit this page on the broker's siteDownload the full size image file

Our readingBrokers commonly publish thin or one sided terms. Naming a client agreement, terms and conditions, an anti-money laundering policy, a cookies policy and a risk warning, then publishing none of them, leaves a client with no contract to read at all.

  • Worse together with Exhibit 2With no contract published and no withdrawal terms anywhere, every decision about your money rests on a rule you were never shown.
02

STMarket promises instant withdrawal on its homepage. No document says when it must pay you, or on what grounds it can refuse. The only entry headed deposits and withdrawals answers a different question.

Why this matters

Your money goes in against a promise and comes out at STMarket's convenience. Nothing you can point to obliges it to release your balance, and no document gives you a deadline.

Exhibit 2CriticalHarder than usual

Opening an account is simple! Click on the "Open Account" button on the Trading page, fill out the required personal information, and verify your identity. After that, you can fund your account and start trading.
Quoted in Company page: Regulations & License and Legal Documents sections, FAQ section
Read from the broker's site on Open the reference
Our own capture of stmarket.com, taken on Sep 15, 2026The claim, on Homepage section heading above the funding call to actionVisit this page on the broker's siteDownload the full size image file
Our own capture of stmarket.com, taken on Sep 15, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file
Our own capture of stmarket.com, taken on Sep 15, 2026Instant withdrawal promised, no withdrawal terms anywhereVisit this page on the broker's siteDownload the full size image file

Buried at section 20 of 22 in the Company page: Regulations & License and Legal Documents sections, 91% of the way through.

  • Worse together with Exhibit 3No deadline to hold STMarket to, and no complaints route to raise it through, leaves a refused withdrawal with nowhere to go.
03

Nothing STMarket publishes tells you how to complain, who decides, or which country's courts apply. The words complaint, dispute, arbitration and governing law appear nowhere on its website.

Why this matters

If STMarket keeps your money, you have no stated route to challenge it and no named court to go to. You would be arguing about a contract nobody wrote.

Exhibit 3CriticalRarely seen

If you are not sure about your local currency and spot metals trading regulations, then you should leave this site immediately.
Quoted in Privacy Policy, Footer risk warning
Read from the broker's site on Open the reference
Our own capture of stmarket.com, taken on Sep 15, 2026No complaints route and no governing lawVisit this page on the broker's siteDownload the full size image file

Buried at section 20 of 22 in the Privacy Policy, 91% of the way through.

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

Firms licensed by the FCA and CySEC must run a written complaints procedure, answer inside set time limits, and tell retail clients about an independent ombudsman or compensation scheme. STMarket publishes no complaints procedure and names no scheme.

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

Our readingA governing law clause and a complaints clause sit in almost every retail broker contract, however one sided. STMarket publishes neither, so the forum, the procedure and the decision are whatever it picks at the time.

04

STMarket's footer says its information is not for residents of eight named countries, among them the United States, Iran and North Korea. Its sign-up form lets you pick every one of them and carry on.

Why this matters

You can open an account from a country STMarket has already said it does not serve. STMarket put that notice in the second to last paragraph of the page.

Exhibit 5CriticalHarder than usual8

This information is not intended for residents of U.S, Canada, Syria, Sudan, North Korea, Iran, Iraq, and Afghanistan, or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Quoted in Privacy Policy, Footer, restricted jurisdictions notice
Read from the broker's site on Open the reference
Our own capture of register.stmarkets.com, taken on Sep 15, 2026The claim, on English sign-up form headline; the Country of Residence menu offers the United States, Canada, Syria, Sudan, North Korea, Iran, Iraq and Afghanistan as selectable optionsVisit this page on the broker's siteDownload the full size image file
Our own capture of stmarket.com, taken on Sep 15, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Buried at section 21 of 22 in the Privacy Policy, 95% of the way through.

05

STMarket's homepage says it is regulated in Cambodia and licensed across other countries. Its footer names one other company, ST Market UK Limited in London, and calls it a registered company only. Three pages give the regulator three different names.

Why this matters

A London address and a UK phone number can read as UK regulation. STMarket never claims that in its footer, and a company number from Companies House protects none of your money.

Exhibit 7WarningStandard wording

ST Market UK Limited (“STMarket UK”) is a registered company in the United Kingdom, Registered Address: 20-22 Wenlock Road, London, England, N1 7GU, Registration Number: 12576898.
Quoted in Privacy Policy, Footer, entity disclosure
Read from the broker's site on Open the reference
Our own capture of stmarket.com, taken on Sep 15, 2026The claim, on Homepage, Why Trade CFDs Online with Us, point 1 headed Licensed & RegulatedVisit this page on the broker's siteDownload the full size image file
Our own capture of stmarket.com, taken on Sep 15, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Buried at section 18 of 22 in the Privacy Policy, 82% of the way through.

Set against a regulated standard: FCA (UK)

Firms authorised by the FCA must give their authorisation status and firm reference number in UK facing material, and they appear on the Financial Services Register. STMarket's footer gives ST Market UK Limited a company registration number only.

STMARKET is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

STMarket names six legal documents and publishes one

Six legal documents appear by name on stmarket.com, among them a client agreement, terms and conditions and an anti-money laundering policy. Only the privacy policy exists, and it is an unedited template that still carries the words Suggested text. The company page tells you to download and review three documents, and not one of them is a link.

Documents that do not exist1 clause flagged

STMarket translates its sign-up form into Thai and Khmer. None of the three forms shows you a term, a tick box or a link to a document. You open the account having agreed to nothing you were shown.

Why this matters

You hand over your name, country and contact details before seeing a single term. A Thai or Khmer speaker gets the same empty form as an English speaker, with the headline still in English.

Exhibit 6WarningHarder than usual

Download and review now:
Quoted in Company page: Regulations & License and Legal Documents sections, Legal Documents section
Read from the broker's site on Open the reference

STMarket advertises no hidden fees without publishing a single rate

Not one spread, commission, swap or payment charge appears anywhere on stmarket.com. The trading page promises tight spreads with no hidden fees and transparent pricing. The only legal text STMarket publishes says the site is for information purposes only.

Cost disclosure1 clause flagged

STMarket advertises tight spreads, low commissions and clearly defined swaps on its trading page. No document sets out a single rate. You agree to costs STMarket has never written down.

Why this matters

Whatever STMarket takes from your balance, you have nothing to check it against. No spread table, no commission figure and no deposit or withdrawal charge is published anywhere.

Exhibit 4WarningHarder than usual

The information contained on this site is intended for information purposes only.
Quoted in Privacy Policy, Footer risk warning
Read from the broker's site on Open the reference

Buried at section 20 of 22 in the Privacy Policy, 91% of the way through.

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

Firms licensed by the FCA and CySEC must give a retail client the costs and charges of a trade before they trade it. STMarket publishes no costs document of any kind.

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

  • Same clause as Exhibit 2One sentence disclaiming the whole site is the only answer STMarket's legal text gives to both its cost claims and its withdrawal promise.

STMarket names two companies and no contract says which one holds your money

Two companies appear in STMarket's footer. The footer says the Securities and Exchange Commission of Cambodia regulates STMarket Company Limited of Phnom Penh. It calls ST Market UK Limited of London a registered company and stops there. The homepage claims STMarket is licensed across other countries and names none of them.

Who you contract with1 clause flagged

STMarket says your money sits in segregated bank accounts. No published document names a bank, a trust arrangement or a compensation scheme. The claim sits on the homepage and appears nowhere in its legal text.

Why this matters

If STMarket fails, nothing you can read tells you whose money is whose. No compensation scheme is named, so there is no fund for you to claim from.

Exhibit 8NoticeStandard wording

We prioritize your safety and trust.
Quoted in Company page: Regulations & License and Legal Documents sections, Regulations & License section
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 hold retail client money in segregated accounts under client money rules, and their clients sit under a statutory compensation scheme. STMarket names no scheme and publishes no client money terms.

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

Where the marketing and the contract disagree

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

01

STMarket tells you to download three legal documents, and the only one it publishes is an unedited template that still carries the words Suggested text.

Said in public, in English

Download and review now:

Company page, Legal Documents section, above a list naming Terms & Conditions, Privacy Policy and Client Agreement, none of which is a link

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

In the contract

Suggested text: Our website address is: https://stmarket.com.

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

02

STMarket promises instant withdrawal on its homepage while the only legal text it publishes says the site is for information and commits it to nothing.

Said in public, in English

Instant Deposit and Instant Withdrawal

Homepage section heading above the funding call to action

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

In the contract

The information contained on this site is intended for information purposes only.

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

03

STMarket advertises no hidden fees while publishing no rate of any kind and disclaiming the page the claim sits on.

Said in public, in English

Tight spreads with no hidden fees.

Trading page, Pro Account description under Account Types

In the contract

The information contained on this site is intended for information purposes only.

04

STMarket's sign-up form accepts residents of all eight countries its own footer says the site is not intended for.

Said in public, in English

Register now, it’s quick!

English sign-up form headline; the Country of Residence menu offers the United States, Canada, Syria, Sudan, North Korea, Iran, Iraq and Afghanistan as selectable options

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

In the contract

This information is not intended for residents of U.S, Canada, Syria, Sudan, North Korea, Iran, Iraq, and Afghanistan, or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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

05

STMarket says it is licensed across other countries while the only other company it names is described as registered, not regulated.

Said in public, in English

STMarket is regulated by the Securities Exchange Regulator of Cambodia (SERC) and licensed across other countries, to ensure we meet professional standards and protect our customers in all areas.

Homepage, Why Trade CFDs Online with Us, point 1 headed Licensed & Regulated

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

In the contract

ST Market UK Limited (“STMarket UK”) is a registered company in the United Kingdom, Registered Address: 20-22 Wenlock Road, London, England, N1 7GU, Registration Number: 12576898.

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

06

STMarket's Khmer sign-up button submits your details without showing a term, while its English company page tells you to download documents it does not publish.

Said in public, in KM

រក្សាទុកនិងបន្ត

Word for word in English: Save and continue

Khmer sign-up form, the button that submits your details; the form carries no terms, no tick box and no link to a document

In the contract

Download and review now:

The documents this reading is based on

2 files, all published by STMARKET. 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 STMARKET publishes.

How this reading was done

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

This reading was published on .

Documents
2 of 2downloaded from the broker's site, and 2 read in full
Pages opened
32pages walked to find those documents, footer links included
Marketing pages
4public pages set against what the contract says
Languages
EN vs KMthe language it advertises in, against the language it contracts in
Position measured
5clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

STMarket Company Limited

Two companies appear in STMarket's own footer. STMarket Company Limited sits in Phnom Penh, Cambodia, registration number 00049975, and the footer says the Securities and Exchange Commission of Cambodia regulates it as a derivatives broker. ST Market UK Limited sits in London, registration number 12576898, and the footer calls it a registered company and nothing more. The footer says stmarket.com is owned and operated by STMarket, the Cambodian company. No client agreement exists to confirm which company takes your deposit or which one you would have to pursue.

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

STMarket puts its risk warning on every page, not on a separate page a reader never opens, and it is specific that you may lose all your invested capital. It names both companies in full: STMarket Company Limited in Phnom Penh, number 00049975, and ST Market UK Limited in London, number 12576898. It prints its excluded countries in the footer rather than hiding them inside a PDF. Three phone numbers, an email address and a street address sit on every page.

One legal document exists on stmarket.com and we read all of it. We also read the homepage, company, trading, social and research pages ourselves, and the sign-up forms in English, Thai and Khmer. We looked for a client agreement, terms and conditions, an anti-money laundering policy, a cookies policy and a risk warning document. We found none of them: the site's own index lists six pages and holds no downloadable files. No earlier version of the privacy policy is available, so this is a first reading with nothing to compare against. We did not open an account, so any terms shown after sign-up were not read.

How to check any of this yourself

Every quote above links to the STMARKET 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 STMARKET 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 STMARKET 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 15, 2026.

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

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