Wikilix
Contract reading

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

Every clause below is published by StoneX 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: StoneX Financial Ltd

sole discretiondeemed acceptanceforum waiverhidden feewithdrawalsunilateral amendmentjoint liabilitykyc freezeprofit voidingcountry restriction

StoneX Financial Ltd runs the UK retail accounts, and its contract is not on the page that lists the contracts you should read. The European arm's fee policy records your agreement to limited cost disclosure, and the price it quotes is not binding on it. A statement becomes final 48 hours after you receive it. Withdrawals have six grounds for refusal and no deadline.

Back to StoneX

Contract risk

Money at risk
6.5/10

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.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
25
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
79
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
3

How the 25 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
Warning16
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.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical6Withdrawal limit. Jump to the clause this comes from.Six grounds to hold your payment, and no deadline to payCritical2 daysTime to complain. Jump to the clause this comes from.Statements become binding 48 hours after you get themCritical10Account limit. Jump to the clause this comes from.Not replying to StoneX is an event of default2.5%Fee you were not shown. Jump to the clause this comes from.Bond mark-ups reach 2.5% and are not shown as a charge

What the documents say

25 clauses worth knowing about, worst first, each quoted from StoneX's own files

01

StoneX Financial Europe tells you where to find its fees, and the document it points at records your agreement to a limited application of the MiFID cost disclosure rules. The single price it quotes you instead is described in the same clause as an estimate that will not be binding on StoneX.

Why this matters

You cannot hold StoneX to the price it showed you, and you have signed away the right to a full breakdown of what you paid. The only number you get before trading is one StoneX can revise afterwards.

Exhibit 1CriticalRarely seen

You agree to a limited application of the detailed requirements set out in MiFID in relation to the disclosure of costs and charges.
Clause 12.1 in SFEG Execution Policy, p.12
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 retail clients the total costs and charges of a service before they trade, and an itemised breakdown on request. StoneX's own UK terms do exactly that at clause 9.1. The European execution policy instead records the client's agreement to a limited application of those disclosure rules.

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

  • Worse together with Exhibit 9The waiver removes the duty to itemise, and the published fee tables show ranges wide enough that the missing itemisation matters.
  • Worse together with Exhibit 19An eligible counterparty loses best execution as well as the cost breakdown, so neither the price nor its fairness is owed to you.
02

StoneX's UK terms and policies page lists fifteen documents and asks you to read them before you open a trading account. The contract that actually governs the account is not one of them. You reach it only through the words the general terms, inside a paragraph about cancellation rights on a sub-page.

Why this matters

You can follow StoneX's own instruction to the letter, read every document it lists, and still never open the agreement that binds you. Every clause in this report that costs you money lives in that one unlisted file.

Exhibit 2CriticalHarder than usual

You should read all of the Agreement carefully. You should pay particular attention to the clauses highlighted in bold as they contain important information regarding your relationship with us.
Clause 1.4 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference
Our own capture of stonex.com, taken on Oct 7, 2026The claim, on The StoneX Trading terms and policies page for UK clients, above a list of fifteen documentsVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 14A contract you cannot find is also a contract whose amendments you have 14 days to object to before silence binds you.
03

Clause 13.1 of the StoneX Trading terms lets StoneX withhold a payment you have asked for, in whole or in part, on any of six grounds. One of them is a belief that the money came from market abuse. Nowhere does the contract set a date by which StoneX must pay you.

Why this matters

You can ask for your own cash balance and get nothing, with no clock running against StoneX. You also pay the bank transfer charges on your own withdrawal, and the money can only go back the way it came in.

Exhibit 3CriticalHarder than usual6

If your Account shows a positive Cash balance, you may request that we make a payment to you of such amount. We may however elect to withhold any payment requested, in whole or in part, if:
Clause 13.1 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 8Even a payment StoneX agrees to make can be slowed by client money sitting in a fixed term deposit it cannot draw on.
04

You promise StoneX that everything you told it is true, and you repeat that promise every single time you place a trade. You also promise to tell StoneX promptly if you are made redundant. Clause 20.3 says any breach of any warranty makes any trade voidable at StoneX's discretion.

Why this matters

Losing your job and not reporting it fast enough is a breach, and that breach reaches backwards to every winning trade you have placed. The same breach is also an event of default, which lets StoneX close everything you hold.

Exhibit 4CriticalHarder than usual

You make the following representations and warranties at the time you enter into this Agreement and every time you place a Trade or give us any other instruction:
Clause 20.1 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 7The same breach that voids your trades is an event of default, which unlocks ten further powers including closing every position you hold.
  • Same clause as Exhibit 16Clause 14 gives a second route to undoing a completed trade, this time for an error StoneX defines very widely.
05

StoneX Trading gives you 48 hours to object in writing to a statement. Miss that, and the statement is conclusive and binding on you. The European terms cut the window to 24 hours for trade confirmations, and the US and Nigerian contracts allow one business day.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A wrong charge you spot on a Monday is unchallengeable by Wednesday. Going away for a week is enough to lose the right to dispute everything that happened while you were gone.

Exhibit 5CriticalHarder than usual2 days

Statements will, in the absence of a Manifest Error, be conclusive and binding unless we receive an objection from you in writing within 48 hours of receipt or we notify you of an error in the statement in the same period.
Clause 12.3 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference
06

The French language Canadian payment terms say StoneX can change them at any time by posting a new version on its website, and that continuing to use the service means you accept the change. The address the clause names, www.stonexpayments.com, is a domain parked for sale. The English version of the same contract names a different, working address.

Why this matters

Your contract can change without anyone telling you, and the one place you were told to look does not belong to StoneX. Carrying on using the service is treated as your agreement to terms you had no way to read.

Exhibit 6CriticalRarely seen

StoneX Payment Services peut modifier les présentes Conditions à tout moment en affichant une version modifiée de celles-ci sur le site Web de StoneX Payment Services au www.stonexpayments.com
Clause Préambule in Canada Terms of Business (Conditions générales)
Read from the broker's site on Open the reference
  • Worse together with Exhibit 22The same French contract also gives a different notice address from the English one, so neither the changes nor your reply reliably arrive.

Six reasons to hold your money, and no date to pay it

Clause 13.1 of the StoneX Trading terms gives six grounds for withholding a payment you have asked for, and sets no deadline for making one. Clause 27.7 warns your cash may sit in a fixed term deposit StoneX cannot draw on. You pay the bank charges on your own withdrawal.

Getting money out3 clauses flagged

Clause 27.7 lets StoneX place part of the client money it holds into accounts it cannot withdraw from until a fixed term or notice period ends. The same clause warns that in exceptional circumstances your money may not be immediately available and you may have to wait.

Why this matters

The one time you most want your money out, a rush of other clients withdrawing, is the exact situation the clause names as the reason you may not get it. StoneX says it will take measures to limit this, but sets no figure and no maximum wait.

Exhibit 8CriticalHarder than usual

However, there is a risk that in exceptional circumstances (for example, where there are unusually high Client Money outflows) your money may not be immediately available and you may have to wait until the expiry of a fixed term or notice period before we can return some or all of the Client Money that we hold for you.
Clause 27.7 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference

Every bank in StoneX's cash sweep programme reserves the right to require seven calendar days of notice before letting a deposit out. Money moving the other way takes up to two business days to arrive, and is not covered by deposit insurance while it is in transit.

Why this matters

Cash you think is sitting in your brokerage account may be a week away from you. If your deposits outgrow the insurance available, StoneX will still place the excess at a bank it picks, uninsured.

Exhibit 12WarningStandard wording7 days

However, Federal banking regulations require each Participating Bank in the Program to reserve the right to require seven (7) calendar days prior notice before permitting a withdrawal of any deposit.
Clause Withdrawing Funds in FDIC Insured Deposit Sweep Program Disclosure
Read from the broker's site on Open the reference

StoneX's crypto transfer policy says transfers are final and irreversible, and disclaims liability for transfers sent to a wrong address or on a wrong network. Where StoneX itself misroutes internally, it may attempt recovery at its sole discretion and charge you fees for doing so.

Why this matters

When StoneX makes the mistake, the repair is optional for StoneX and billable to you. Leaving the service takes 60 days of notice.

Exhibit 13WarningHarder than usual60 days

StoneX may, at its sole discretion, attempt recovery in exceptional cases (e.g., internal misrouting), subject to feasibility and applicable fees.
Clause 6 in SDI Transfer of Crypto Assets Policy, p.3
Read from the broker's site on Open the reference

You have 14 days to object to a change, and silence means yes

Clause 29.2 of the StoneX Trading terms treats your silence as acceptance of any change after 14 days. The French version of the payment terms publishes amendments to a web address that is now a parked domain. Not replying to StoneX correspondence is itself an event of default.

Changing the deal3 clauses flagged

Clause 16.1.7 of the StoneX Trading terms makes it an event of default if you are not contactable or do not respond to any notice or correspondence from StoneX. An event of default lets StoneX do ten things, including closing every position you hold and terminating the agreement.

Why this matters

Missing an email while on holiday puts you in default on the same footing as failing to pay. StoneX can also suspend your account for any reason while it investigates, with no end date on the investigation.

Exhibit 7CriticalRarely seen10

you are not contactable or you do not respond to any notice or correspondence from us
Clause 16.1.7 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference

StoneX can change any clause of the StoneX Trading terms by writing to you. You then have 14 days to object, and if you do not, you are deemed to have accepted the change. The European terms work on ten business days, and giving a single order there counts as accepting the whole contract.

Why this matters

An email you never opened can rewrite your contract in a fortnight. If you do object the change does not bind you, but StoneX may then require you to close the account.

Exhibit 14WarningStandard wording14 days

If you object to any change you must tell us within 14 days of the date the notice is deemed received by you under clause 32 ("Notices"). If you do not do so you will be deemed to have accepted the change(s).
Clause 29.2 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 2The clause being amended sits in a document StoneX does not list on the page telling you what to read.

Clause 1.12 of the StoneX Trading terms makes English the language of the contract and of everything StoneX sends you. Any translation is for information only, and the English version prevails. StoneX markets to German and Polish speakers in their own languages.

Why this matters

You can be sold an account in German, read a German translation of the terms, and still be bound only by the English words. A mistranslation that changes a clause is your problem, not StoneX's.

Exhibit 15WarningStandard wording

We may in our sole discretion provide local language support. If a document is translated into another language this will be for information purposes only and the English version will prevail.
Clause 1.12 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference

StoneX quotes you a price and tells you it is not binding

StoneX Financial Europe's execution policy records your agreement to a limited application of the MiFID cost disclosure rules. The all-in price that replaces those rules is described in the same clause as an estimate that will not be binding on StoneX. Its published ranges reach 2.5% on bonds and 3% on commodity derivatives.

Cost disclosure3 clauses flagged

StoneX Financial Europe's published cost table puts fixed income charges between 0.1% and 2.5%, and commodity derivatives at 3%. On bonds it takes that money as a mark-up inside the price rather than as a fee, so nothing on your confirmation names it. The same document says StoneX can quote a different price to different clients for the same instrument.

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

You pay up to 2.5% of the trade and never see a line item for it, because the cost is folded into the price you were shown. Another client can be shown a better price for the same bond on the same day.

Exhibit 9WarningHarder than usual2.5%

Fixed Income Instruments All 0.1% - 2.5%
Clause 3 in SFE Indicative Ex Ante Costs and Charges Disclosure, p.3
Read from the broker's site on Open the reference

The StoneX Trading terms reserve the right to charge an administration fee on card payments, a charge for anything sent to you on paper, and a daily financing fee on every open position. None of the three carries a figure. For all of them the contract sends you to the website.

Why this matters

The daily cost of holding a position is the main expense in leveraged trading, and the contract you sign does not state it. A number kept on a website can change without the contract changing.

Exhibit 10WarningStandard wording

if made by debit or credit card, the debit or credit card must be accepted by us and we reserve the right to charge an administration fee;
Clause 13.6.2 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference

The cash sweep disclosure opens by saying no direct fees apply to joining the programme. The next sentence says StoneX keeps up to 5.5% of the interest the banks pay on your money. A separate clause lets StoneX use your uninvested cash to fund its own business and earn income from it.

Why this matters

The headline says free, and the cost is taken from the interest before you ever see a rate. On deposits earning 5%, StoneX can take the lot.

Exhibit 11WarningHarder than usual5.5%

No direct fees will be assessed to your account for enrolling and participating in our FDIC Insured Deposit Sweep Program. Instead, we retain up to 550 basis points (5.5%) of the interest paid by Participating Banks and/or their respective affiliates.
Clause Fees in FDIC Insured Deposit Sweep Program Disclosure
Read from the broker's site on Open the reference

A warranty you forgot you gave can void a winning trade

Clause 20.3 of the StoneX Trading terms makes any trade voidable if you breach any warranty in the agreement. Clause 20.2 requires you to tell StoneX promptly if you are made redundant. Clause 14 gives a second route, letting StoneX erase a trade for an error it defines very widely.

Trades undone1 clause flagged

StoneX can treat a trade as if it never took place where it rests on a manifest error. The contract defines that error very widely, reaching any error or lack of clarity in any information, source, commentator or official result. StoneX is not liable for your loss from a manifest error unless it was fraudulent or negligent.

Why this matters

A profit you have already banked can be removed because a data feed or a commentator was unclear. The definition is wide enough that you cannot tell in advance which trades are safe.

Exhibit 16WarningHarder than usual

not limited to, an incorrect price, date, time , Market or currency pair , financing calculation, rebate, commission or any error or lack of clarity of any information, source, commentator, official result or pronouncement.
Clause 14.1 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference

Your statement becomes final 48 hours after you receive it

StoneX Trading gives you 48 hours to object in writing before a statement is conclusive and binding. The European and Nigerian contracts cut that to 24 hours and one business day. StoneX Financial Europe's complaints policy allows itself a month to reply, and names no ombudsman you can turn to.

Time to complain2 clauses flagged

StoneX Financial Europe allows itself one month to answer a complaint, and says resolution may take much longer than expected where it waits on an exchange or counterparty. Where it cannot satisfy you it promises to write to you about your next steps and options, and names no outside body you can go to.

Why this matters

You reach the end of StoneX's own process with nowhere named to go next. Two sections of the policy are missing entirely, and its contents page still reads Error! Bookmark not defined. where they should be.

Exhibit 20WarningHarder than usual30 days

A response will be sent within one month from the date of receipt of the complaint.
Clause 7.1 in SFEG Complaints Handling Policy, p.5
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), BaFin (Germany)

Firms licensed by the FCA must tell a complaining retail client about the Financial Ombudsman Service and their right to use it. StoneX's own UK terms do that at clause 23.6 and give the ombudsman's address. This European policy names no external body at all.

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

StoneX Digital International promises a final response within eight weeks in one sentence and within two months in three other places, including its own table of time limits. It also treats a complaint as inadmissible unless you allege specific and quantifiable detriment, and says formal complaints should in most cases be a last resort.

Why this matters

You cannot tell from the policy when StoneX is late, which makes the deadline hard to hold it to. A complaint that names no quantified loss is turned away without being looked at.

Exhibit 21WarningHarder than usual60 days

Final responses to complaints will be provided within 8 weeks.
Clause 6 in SDI Customer Complaints Policy, p.6
Read from the broker's site on Open the reference

A Canadian payments client agrees to a court in Manhattan

Article 7 of the French language Canadian terms sends every claim to a court in the borough of Manhattan under New York law. StoneX Payment Services is organised in Washington State. A Nigerian client instead negotiates for 30 business days and then faces a single arbitrator in Lagos.

Where you would sue1 clause flagged

The French language Canadian terms send every claim against StoneX Payment Services to a court in the borough of Manhattan, under New York law. The company itself is organised in Washington State. The French version also gives a Miami address for written notice where the English version gives Seattle.

Why this matters

Suing StoneX over a payment means hiring lawyers in New York. The required written notice to end your contract goes to whichever city your copy of the contract happens to name.

Exhibit 22WarningHarder than usual30 working days

Le Client convient que toute réclamation qu'il pourrait avoir contre StoneX Payment Services ou tout différend qu'il pourrait avoir avec elle doit être réglé par un tribunal situé dans l'arrondissement de Manhattan, à New York.
Clause 7 in Canada Terms of Business (Conditions générales)
Read from the broker's site on Open the reference

StoneX can pull your credit report every time you transact

Clause 1.4 of the StoneX Payment Services terms authorises StoneX to obtain your credit report whenever you transact, whenever you use a service, and whenever it believes your risk has risen. You give that permission once, on the application form, and it does not expire.

Standing permissions1 clause flagged

By submitting the application form you authorise StoneX Payment Services to obtain your credit report, and then to obtain it again every time you enter a transaction, every time you use a service, and whenever it believes your risk has risen. The permission is given once and does not expire.

Why this matters

Repeated credit checks leave a trail on your file that other lenders can see. You agreed to all of them on the day you opened the account.

Exhibit 23WarningHarder than usual

The Customer is also authorizing StoneX Payment Services to obtain its credit report: (a) when the Customer engages in any Transaction; (b) when the Customer uses any Service; and (c) at any time StoneX Payment Services reasonably believe there may be an increased level of risk associated with the Customer's Transactions.
Clause 1.4(h) in US Terms of Business (Master Terms and Conditions)
Read from the broker's site on Open the reference

StoneX sets the price you trade at, and can be the venue too

Clause 5.1 of the StoneX Trading terms puts the calculation of your price in StoneX's absolute discretion, subject to best execution. The European execution policy lists StoneX Financial Europe GmbH itself among the venues. One StoneX copy of a shared industry annex drops the paragraph admitting an inherent conflict.

Who sets the price3 clauses flagged

StoneX publishes two copies of the same industry disclosure annex for foreign exchange. The copy carrying StoneX's own branding is one page shorter, and the paragraph it leaves out is the one admitting an inherent conflict of interest when StoneX both submits price quotations and trades as principal on the rate those quotations set.

Why this matters

A client handed the StoneX version never reads that StoneX can help set the rate its own position settles against. The admission exists, in the other file on the same site.

Exhibit 17WarningRarely seen

If we or an affiliate provide such quotations and also act as principal in Foreign Exchange Transactions that refer to the corresponding exchange rate, then we face an inherent conflict of interest.
Clause Dealer-Poll Currency Rates in Disclosure Annex for Foreign Exchange Transactions, p.6
Read from the broker's site on Open the reference
  • Worse together with Exhibit 18The removed admission is about the same thing clause 5.1 confirms, that StoneX sets the price you trade against.

Clause 5.1 puts the calculation of the price you trade at in StoneX's absolute discretion, with changes effective immediately, subject to its best execution duty. The European execution policy lists StoneX Financial Europe GmbH itself among the venues for your orders. StoneX can also share part of your spread with the introducer who sent you.

Why this matters

The firm quoting you the price is often the firm taking the other side of your trade. Whoever introduced you may be paid from the spread you pay, which gives them a reason to want you trading more.

Exhibit 18WarningHarder than usual

Subject to our regulatory obligation to provide best execution , O ur Prices and how we calculate Our Prices are determined in our absolute discretion and any changes are effective immediately.
Clause 5.1 in StoneX Trading General Terms (SFL FX CFD SB April 2026)
Downloaded from the broker's site on Open the reference

If StoneX Financial Europe classifies you as an eligible counterparty, you lose the right to the best possible result on your orders, the rules on prompt and fair execution, and the protections against StoneX taking inducements. In wholesale bond markets StoneX assumes you shop around, so no best execution is owed there either.

Why this matters

Your classification, not your size or skill, decides whether StoneX owes you a good price. StoneX states this plainly in two documents, which is more than many firms do.

Exhibit 19NoticeStandard wording

If you are categorised as an Eligible Counterparty you will not have certain protections afforded by MiFID, including, but not limited to: rules preventing us from receiving inducements; rules specifying the content of our agreements with you; the requirement to obtain the best possible result when executing your orders; and rules which provide for the prompt, fair and expeditious execution of your orders.
Clause 4.3 in SFEG Terms of Business (Securities)
Read from the broker's site on Open the reference

StoneX Financial Europe holds no client money at all

Clause 10 of the StoneX Financial Europe terms states it holds no client money, so the rules on holding client assets do not apply to you. Its risk warning adds that it is not liable if a third party holding your assets fails. That document still names a Luxembourg company the terms have replaced.

Who holds your money2 clauses flagged

Clause 10 of the StoneX Financial Europe terms states it holds no client money or securities, so the rules on how client assets are kept and shared out if the firm fails do not apply to you. Its risk warning adds that it is not liable if a third party holding your assets fails.

Why this matters

If a custodian in the chain collapses, neither the client asset rules nor StoneX Financial Europe stands behind your holdings. The German compensation scheme it names is open only to certain claimants and certain claims.

Exhibit 24WarningHarder than usual

We do not hold client money or securities and therefore Applicable Regulations prescribing how client assets are held and distributed in the event that we fail shall not apply to our relationship with you.
Clause 10 in SFEG Terms of Business (Securities)
Read from the broker's site on Open the reference

Buried at section 21 of 22 in the SFEG Terms of Business (Securities), 95% of the way through.

Set against a regulated standard: FCA (UK), BaFin (Germany)

Firms licensed by the FCA that hold client money must segregate it and are covered by a compensation scheme. StoneX's UK entity does both, and names cover up to 85,000 pounds. This European entity instead states that the client asset rules do not apply to its relationship with you.

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

  • Worse together with Exhibit 25The risk warning carrying the third party disclaimer also names a company and a home regulator the current terms have replaced.

StoneX Financial Europe's current terms and execution policy are for a German company supervised by BaFin. Its risk warning statement and its costs and charges disclosure are both for StoneX Financial Europe S.A., a Luxembourg company supervised by the CSSF, and both date from December 2021. The home regulator in those two files is the wrong one.

Why this matters

The fee document your terms send you to describes a different company under a different supervisor. You cannot tell from StoneX's own shelf which set of figures and which regulator applies to your account.

Exhibit 25WarningHarder than usual

In Luxembourg, Sto neX Financial Europe S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier.
Clause 1 in SFE Indicative Ex Ante Costs and Charges Disclosure, 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 page telling you what to read before opening an account does not list the agreement that tells you to read all of it.

Said in public, in English

This area of our website contains important information about our terms and policies, risk warnings, disclaimers, pricing, fees and more. Please read these documents carefully before opening a trading account with us.

The StoneX Trading terms and policies page for UK clients, above a list of fifteen documents

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

In the contract · clause 1.4

You should read all of the Agreement carefully. You should pay particular attention to the clauses highlighted in bold as they contain important information regarding your relationship with us.

02

The two language versions of one contract name two different websites as the single place amendments are published, and the French one is a parked domain.

Said in public, in French

StoneX Payment Services peut modifier les présentes Conditions à tout moment en affichant une version modifiée de celles-ci sur le site Web de StoneX Payment Services au www.stonexpayments.com

Word for word in English: StoneX Payment Services may amend these Conditions at any time by posting a revised version of them on the StoneX Payment Services website at www.stonexpayments.com

Preamble of the French language Canadian Terms of Business

In the contract · clause Preamble

StoneX Payment Services may amend these Terms at any time by posting a revised version on the website, or any successor web address, of StoneX Payment Services at https://www.stonex.com/en/payments/ ("Site").

03

The French contract requires written notice to Miami and the English contract requires it to Seattle, for the same company and the same obligation.

Said in public, in French

Tout avis à StoneX Payment Services doit être envoyé à l'adresse suivante : 333 SE 2

Word for word in English: Any notice to StoneX Payment Services must be sent to the following address: 333 SE 2nd Ave, Suite 2100, Miami, FL 33131.

Article 6, Avis, of the French language Canadian Terms of Business

In the contract · clause 6

If the notice is to StoneX Payment Services, notices shall be sent to StoneX Payment Services at the following addresses: 601 Union Street, Suite 4100 Seattle, Washington 98101-2380.

The documents this reading is based on

79 files, all published by StoneX. 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 StoneX publishes.

How this reading was done

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

This reading was published on .

Documents
21 of 79downloaded from the broker's site, and 21 read in full
Pages opened
10pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded, 3 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
EN vs FRthe language it advertises in, against the language it contracts in
Position measured
1clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

StoneX Financial Ltd

StoneX Group Inc. trades on NASDAQ as SNEX and contracts through separate companies. A UK retail account is with StoneX Financial Ltd, authorised by the FCA under number 446717 and trading as StoneX Trading. A German CFD account opened through FOREX.com is with StoneX Europe Ltd in Cyprus, CySEC licence 400/21. Payments clients contract with StoneX Payment Services Ltd, a corporation organised in the State of Washington. European institutional clients contract with StoneX Financial Europe GmbH, which takes no retail clients at all.

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

Retail clients get negative balance protection written into the contract, and clause 34.27 caps your losses at the cash in your account. StoneX names the Financial Ombudsman Service and the Financial Services Compensation Scheme, with cover up to £85,000. Clause 9.1 promises total costs before you trade and an itemised breakdown on request. There is no inactivity fee, no dormancy clause and no bonus scheme anywhere in the retail terms. The European execution policy even tells a client using StoneX as sole broker to open an account with a competitor.

We read 23 of the 79 legal documents end to end. The contract that governs a UK retail account, the StoneX Trading General Terms of April 2026, was not on the compliance shelf at all: we found it ourselves and read its main clauses rather than every clause. We could not read StoneX Canada's complaint handling procedure or its privacy policy, because both are published as pictures of text. The same is true of StoneX Financial Ltd's conflicts of interest policy, where only the footnotes carry readable words. Fifty-one further documents were downloaded and never opened, among them the privacy notices, the cookie policy, the Pillar 3 disclosure and the ISDA disclosure annexes. Paragraph counts were available for only a few files, so most findings here carry no measure of how deep the clause sits.

How to check any of this yourself

Every quote above links to the StoneX 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 StoneX 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 StoneX on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 7, 2026.

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

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