Wikilix
Contract reading

What Tag Markets legally published, but does not want you to read

Every clause below is published by Tag Markets 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 . We have read it 2 times.

Contracting entity: T.M. Financials Ltd

marketing contradictionsole discretionundefined termswithdrawalshidden feeaccount closurecountry restrictionforum waiverfund protectionkyc freeze

TAG markets promises negative balance protection in public. The contract gives you 2 working days to pay any loss below zero. It can annul your profit on suspicion, charge 3% to withdraw money you did not trade, and take EUR 20 a month from a quiet account. The Amplify product that promises 12 times your capital and 100% of profits has no published terms at all.

Back to Tag Markets

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.
5
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
11
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
12

How the 21 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.

Critical5
Warning15
Notice1

section 321 of 342is where the deepest clause sits, 94% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

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

Critical2 working daysIn the contract. Jump to the clause this comes from.Negative balance protection promised, then denied in writingCritical30 daysBonus requirement. Jump to the clause this comes from.Amplify can be switched off without notice or liability3%Fee you were not shown. Jump to the clause this comes from.A 3% charge for withdrawing money you did not trade$20Fee on an unused account. Jump to the clause this comes from.EUR 20 a month once your account sits still six months

What the documents say

21 clauses worth knowing about, worst first, each quoted from Tag Markets's own files

01

TAG markets tells you in public that it absorbs any loss bigger than your deposit. The contract says the opposite: you must pay the shortfall within 2 working days.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

A sharp move against you can push the account below zero, because leverage multiplies the size of your trade. TAG markets can then ask you for the gap, and you have two working days to pay.

Exhibit 1CriticalHarder than usual2 working days

Negative Balance Protection: in the event that market volatility causes losses exceeding deposited funds, we absorb the deficit, ensuring clients are never liable for more than their initial deposit.
Clause Our compliance framework includes in Regulatory Commitment and Contact Information
Read from the broker's site on Open the reference

Where it sits: section 117 of 342 in the Regulatory Commitment and Contact Information, 34% of the way through.

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

Firms licensed by the FCA, or selling under ESMA rules, must give retail clients negative balance protection, which means the firm writes off any loss below zero. Those regimes also cap retail leverage far below the 1:500 on offer here. This contract asks you for the excess instead.

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

  • Worse together with Exhibit 3Twelve times your deposit with no write off below zero turns one bad move into a bill in your name.
02

TAG markets promises on its Amplify pages that you keep 100% of your profits and withdraw instantly. The contract lets it annul profits on suspicion and approve withdrawals only after its own checks.

Why this matters

The page that sells you the account promises money you can take out. The contract that binds you lets TAG markets decide whether you keep it.

Exhibit 2CriticalHarder than usual100%

If the Company suspects fraud, manipulation, swap-arbitrage, or other deceitful activity in a Client’s Trading Account(s), it may, at its sole discretion:
Clause Use of the Trading Platform and Safety in Client Agreement
Read from the broker's site on Open the reference

Buried at section 291 of 342 in the Client Agreement, 85% of the way through.

  • Worse together with Exhibit 7The instant withdrawal promise meets a policy where nothing is approved until the checks end.
03

TAG markets sells Amplify as 12 times your deposit, with your own capital withdrawable after 30 days. The only terms covering it let TAG markets cancel the scheme at any time without notice. It is not liable for the stop out that follows.

Why this matters

If the extra capital is pulled while your positions are open, your margin drops and the positions close automatically. TAG markets says in writing that it does not cover those losses.

Exhibit 3CriticalRarely seen30 days

The Company reserves the right, at its discretion, to alter, amend, suspend, cancel, or terminate the Trading Benefits Scheme, in whole or in part, at any time without prior notice. The Company shall not be liable for any consequences of such changes.
Clause Trading Benefits in Client Agreement
Read from the broker's site on Open the reference

Buried at section 321 of 342 in the Client Agreement, 94% of the way through.

Our readingProp firm style capital is normally sold under its own rulebook. Here a 12 times capital product is promoted on the front page with no published terms, and the only clause governing it is the general trading benefits clause.

04

Suspicion is the only test. TAG markets can close your positions, deduct a penalty equal to your profit, and annul the profit. No proof, no notice and no appeal.

Why this matters

The grounds include swap arbitrage, which means profiting from overnight interest. The word illicit is never defined in the agreement, so TAG markets decides what it covers.

Exhibit 4CriticalHarder than usual

If the Company suspects fraud, manipulation, swap-arbitrage, or other deceitful activity in a Client’s Trading Account(s), it may, at its sole discretion:
Clause Use of the Trading Platform and Safety in Client Agreement
Read from the broker's site on Open the reference

Buried at section 291 of 342 in the Client Agreement, 85% of the way through.

  • Worse together with Exhibit 5Trading in a volatile market is a default, and default is what lets TAG markets strip the profit.
05

Trading during what TAG markets calls Abnormal Market Conditions is listed as an event of default, alongside trading it judges excessive or latency based. Default lets it close your positions and your account without notice.

Why this matters

You cannot tell in advance when the market becomes abnormal, because TAG markets decides that itself. The marketing page that promises zero trading restrictions sits above this clause.

Exhibit 5CriticalHarder than usual

The Company may suspend the Client’s Trading Account at any time in the event of Abnormal Market Conditions, trading on Error Quotes, attempted fraud, or Event of Default, with or without Written Notice.
Clause Miscellaneous in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 193 of 342 in the Client Agreement, 56% of the way through.

TAG markets promises in public what its contract takes back

Four promises on TAG markets' own pages do not survive its contract. Negative balance protection, keeping 100% of profits, instant withdrawals and suitability tests are all written as commitments on the website. The Client Agreement and the refund policy say the opposite, in the only language TAG markets treats as binding.

Promise against contract3 clauses flagged

The insurance page headlines cover of up to US$1,000,000. The same page says the cover is for all claimants together, not per client. It pays only if TAG markets becomes insolvent.

Why this matters

Shared between every client, a million dollars is not a million dollars for you. No legal document in the set mentions insurance. The certificate on the page is an unreadable scan.

Exhibit 14WarningHarder than usual$1000000

We have added additional protection on your funds so you can continue trading with more confidence. The insurance will cover up to US$1,000,000 for all claimants.
Clause What is T.M. Financials Insurance Coverage? in Client Funds Insurance
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must make sure a claim about protecting client money is clear, fair and not misleading. The headline figure is a total for all claimants together, and the headline does not say so.

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

TAG markets says in public that it applies suitability assessments to match products to each client. The agreement says it may execute your trades even where they are not suitable for you.

Why this matters

An unsuitable product is not a complaint you can bring, because the contract removes the warranty. Everything runs on an execution only basis, which means nobody checks that the trade is right for you.

Exhibit 15WarningStandard wording

Risk Disclosure and Suitability Tests: we provide clear, comprehensive risk disclosures and apply suitability assessments to ensure our products and services align with each client's profile and needs.
Clause Our compliance framework includes in Regulatory Commitment and Contact Information
Read from the broker's site on Open the reference

Where it sits: section 91 of 342 in the Regulatory Commitment and Contact Information, 27% of the way through.

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

Firms licensed by the FCA or CySEC must assess whether a complex product such as a CFD is appropriate for a retail client. This agreement says TAG markets may execute anyway, and it gives no suitability warranty.

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

TAG markets now sells in 16 languages, including a full refund policy in Arabic. The Client Agreement says only English is binding and that local language content is for information only.

Why this matters

The Arabic page that persuaded you is not the contract you agreed to. If the Arabic and the English differ, the English wins, and you may never have read it.

Exhibit 16WarningHarder than usual16

The Client acknowledges that the Company’s official language is English. The Client should always refer to the main Website for information and disclosures. Translations or local language content are for informational purposes only and are not legally binding.
Clause Miscellaneous in Client Agreement
Read from the broker's site on Open the reference

Buried at section 240 of 342 in the Client Agreement, 70% of the way through.

The fee list sits behind the registration form

A 3% charge applies when you withdraw without trading after your deposit, and TAG markets' funding page shows no fees at all. The agreement puts the deposit and withdrawal fee list in the Client Area, which opens only after you register. The new refund policy points to a schedule of fees nobody can see.

Cost disclosure1 clause flagged

Deposit and then withdraw without trading, and TAG markets can take 3% of the withdrawal. Its funding page lists minimums, maximums and timings, and no fees at all.

Why this matters

Changing your mind costs you 3% of your own money. The full fee list is not on the website. The contract puts it in the Client Area, which you reach only after you register.

Exhibit 6WarningHarder than usual3%

If a withdrawal is requested without trading activity after the last deposit or in case of abuse, the Company may:
Clause Commissions, Charges and Other Costs in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 113 of 342 in the Client Agreement, 33% of the way through.

What it costsA $1,000 withdrawal with no trading after the deposit leaves $970. The $30 goes to TAG markets.

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

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before they trade. This contract keeps the fee list in the Client Area, behind registration.

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

  • Worse together with Exhibit 7A withdrawal can cost 3% and still wait for an approval with no deadline on it.

Every withdrawal is a review TAG markets can decline

The Client Agreement says withdrawals are typically processed within 1 working day. The refund policy published since then says a withdrawal is approved only when TAG markets' own checks are done. Any time frame it gives you is indicative only, and no clause caps how long the checks take.

Access to your money1 clause flagged

Asking for your money starts a review. TAG markets says a withdrawal is approved only once its own checks are done. Any time frame it quotes is indicative only.

Why this matters

No clause puts an outer limit on those checks. TAG markets also keeps the right to pay one request quickly and refuse the next, with no precedent set.

Exhibit 7WarningHarder than usualNew

Submission of a Withdrawal request does not constitute acceptance of that request by the Company. A Withdrawal shall be regarded as approved only once the Company has completed such operational, payment and compliance checks as it considers necessary.
Clause 5.5 in Refund Policy
Read from the broker's site on Open the reference

Where it sits: section 42 of 136 in the Refund Policy, 31% of the way through.

Trading in a volatile market can cost you the account

Trading during Abnormal Market Conditions is an event of default at TAG markets, and so is trading it judges excessive or latency based. Default lets it close positions and accounts without notice. Twenty eight countries are barred, including one its own footer calls a focus market.

Account control2 clauses flagged

Words the Client Agreement does not define take their meaning from a Terms of Business that TAG markets does not publish. The same document points to an Order Execution Policy and a Client Documents Pack that are not there either.

Why this matters

You are agreeing to terms you cannot read. The communication rules, the order queue rules and every undefined word live in a document the website does not carry.

Exhibit 13WarningHarder than usual

Any words not defined in this Client Agreement shall have the meaning provided in the Terms of Business.
Clause General Interpretations in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 62 of 342 in the Client Agreement, near the start.

TAG markets names 28 countries it will not accept clients from. Its own footer lists Mauritius as a country it focuses on, and Mauritius is first on the barred list.

Why this matters

Open an account from one of these countries and TAG markets can close it, because you were never eligible. The barred list includes Indonesia and the United Arab Emirates, both inside the regions it markets to.

Exhibit 17WarningHarder than usual28

Mauritius, United States of America, Afghanistan, American Samoa, Anguilla, Dominica, Fiji, Guam, Palau, Panama, Trinidad and Tobago, Virgin Islands (U.S.), Vanuatu, Central African Republic, Democratic Republic of Congo, North Korea, Ukraine, Russia, Iran, Iraq, Indonesia, Libya, Mali, Somalia, Sudan, Yemen, State of Palestine, United Arab Emirates.
Clause 8. Unacceptable Jurisdictions in KYC AML Policy
Read from the broker's site on Open the reference

Buried at section 64 of 79 in the KYC AML Policy, 81% of the way through.

TAG markets' own records decide what happened

Price disputes at TAG markets are settled on its own server records, and quotes from any other source are refused. Recorded calls count as conclusive evidence. Complaints end with TAG markets' senior management after 15 working days, and no independent scheme is named anywhere.

Complaints1 clause flagged

Disputes about prices are decided on TAG markets' own server records. Quotes from any other company or information system are not accepted, and recorded calls count as conclusive evidence.

Why this matters

You cannot prove a bad fill with an outside price source, because the contract refuses it. TAG markets aims to answer a complaint in 15 working days, and the last word is its own senior management.

Exhibit 9WarningHarder than usual15 working days

If the Quotes Flow is interrupted due to software or hardware failure, all decisions in regard to the dispute shall be based on the live Server’s Quotes Base.
Clause Procedure for Dispute Resolution in Client Agreement
Read from the broker's site on Open the reference

Buried at section 300 of 342 in the Client Agreement, 88% of the way through.

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

Firms licensed by the FCA or CySEC must give retail clients access to an independent ombudsman once the firm has answered. These documents name no external scheme, so the route ends with TAG markets and then the courts of Mauritius.

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

Claims go to Mauritius courts, and you waive every objection

Mauritius law and Mauritius courts govern every TAG markets dispute, which is normal for a Mauritius company. The twist is that its KYC policy refuses clients resident in Mauritius. You also waive any argument that the forum is inconvenient.

Where you would sue1 clause flagged

Mauritius law governs the agreement and Mauritius courts have exclusive jurisdiction. The KYC policy refuses clients resident in Mauritius, so the court you must use sits in a country TAG markets will not serve.

Why this matters

Suing TAG markets means hiring lawyers in Mauritius, wherever you live. You also waive every objection to that choice, including the argument that the forum is inconvenient.

Exhibit 18WarningStandard wording

agrees that the courts of the Republic of Mauritius shall have exclusive jurisdiction to settle any disputes in connection with the Agreement;
Clause Governing Law and Jurisdiction in Client Agreement
Read from the broker's site on Open the reference

Buried at section 268 of 342 in the Client Agreement, 78% of the way through.

  • Worse together with Exhibit 17The court you must use sits in the one barred country that TAG markets also calls a focus market.

14 days to verify, and a privacy notice from another industry

New TAG markets clients have 14 days to complete identity checks, and missing the deadline closes the account. If the money cannot go back to its source, it sits in a separate bank account until the checks pass. The privacy notice covering your documents describes insurance claims and reinsurers.

Documents and data2 clauses flagged

New clients get 14 days to finish identity checks. Miss it and TAG markets closes the account and sends the money back. If it cannot reach your original account, the funds sit in a separate bank account until you pass.

Why this matters

Your deposit is held with no release date, because the only key is finishing checks to TAG markets' satisfaction. The policy also jumps from section 3.3 to section 5, so part of it is missing.

Exhibit 10WarningHarder than usual14 days

Such clients must complete full KYC onboarding and provide all relevant documents within 14 days of opening the Trading Account.
Clause 3.3 in KYC AML Policy
Read from the broker's site on Open the reference

Where it sits: section 26 of 79 in the KYC AML Policy, 33% of the way through.

The notice that governs your passport and bank data describes insurance claims, reinsurers and medical service providers. It also names a PNM Mobile application, which TAG markets does not operate.

Why this matters

You cannot tell from this notice what TAG markets actually does with your trading data. A copy of your own data also costs money, because the agreement makes it subject to a fee.

Exhibit 19WarningRarely seen

Locational: Location data from your mobile phone and the IP address of your connection when using our PNM Mobile application or our Online Portal.
Clause What Type of Information TM May Collect From You? in Data Privacy Policy
Read from the broker's site on Open the reference

Where it sits: section 25 of 71 in the Data Privacy Policy, 35% of the way through.

Our readingThe document is not a trading privacy notice at all. It describes underwriting, reinsurance and claims handling, none of which arise when you trade CFDs, and it was last updated in September 2024.

TAG markets takes the other side of your trade

TAG markets deals on its own account against clients, which the Client Agreement states and its conflicts policy never mentions. That policy is headed Best Execution Policy and contains no execution policy. The agreement also lets TAG markets apply named instruments to live prices affecting your account equity.

Who you trade against2 clauses flagged

TAG markets takes the other side of your trades, which the Client Agreement calls dealing on a principal to principal basis. The policy published as its conflicts policy never says so, and it is headed Best Execution Policy.

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

Your loss is the firm's gain on the same trade, and the conflicts policy does not tell you that. The agreement also removes any fiduciary duty, so TAG markets owes you no duty to put your interests first.

Exhibit 11WarningStandard wording

In relation to any Client transaction, the Company acts on a principal-to-principal basis and not as the agent on the Client’s behalf.
Clause Introduction in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 68 of 342 in the Client Agreement, near the start.

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

Firms licensed by the FCA or CySEC must disclose when they deal on their own account against a client, and show how they manage that conflict. This policy lists the situation in general terms and never applies it to TAG markets itself.

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

The agreement defines TMF Logistical Instruments as instruments acting as correcteurs, used to stop rapid market moves from affecting your account equity. It names correctgbp, stlmnteur and stlmntgbp.

Why this matters

Nothing says what these instruments do to an open position, who decides, or whether you are told. The marketing says every account is connected to real liquidity.

Exhibit 12WarningRarely seen

“TMF Logistical Instruments” — instruments acting as correcteurs, used when necessary to prevent major/rapid market movements on live market-quoting assets/instruments that may cause significant fluctuation in the liquidity/equity of a Client’s trading account(s).
Clause Interpretation of Terms in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 42 of 342 in the Client Agreement, near the start.

Our readingRetail agreements do not normally give a broker a named tool for intervening in live quotes on a client's account. The word correcteurs is the contract's own, and no document explains the mechanism.

  • Worse together with Exhibit 9TAG markets can act on the live price, and its own feed is the only evidence a dispute may use.

Six quiet months start a EUR 20 monthly charge

EUR 20 a month comes out of a dormant TAG markets account, and six months without a trade is enough to make it dormant. A zero balance lets TAG markets close the account. A balance under one cent can be taken and given to charity after 90 days.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Six months without a trade makes your account dormant. TAG markets can then take EUR 20 a month from the balance, and close the account once it reaches zero.

Why this matters

A small forgotten balance disappears in a few months. TAG markets may waive the fee if you try to settle the account, but that is its choice, not your right.

Exhibit 8WarningHarder than usual$20

If a Client has not transacted with the Company for six (6) consecutive months, the account shall be deemed dormant/inactive.
Clause Dormant and Inactive Accounts in Client Agreement
Read from the broker's site on Open the reference

Buried at section 241 of 342 in the Client Agreement, 70% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Six months with no tradeTAG markets treats the account as dormant or inactive.Dormant and Inactive Accounts
Dormant with money in itA EUR 20 monthly handling fee starts, and it can be changed later.Dormant and Inactive Accounts
Dormant with nothing in itTAG markets can close the account.Dormant and Inactive Accounts
Day 90 on a balance under one centTAG markets can take the balance and use it for charity.Commissions, Charges and Other Costs

Three registration numbers and no segregation statement

TAG markets is the brand of T.M. Financials Ltd in Mauritius, and its own documents give three different registration numbers for it. A second company in South Africa was added to the footer for marketing only. No document says client money is held in a segregated account.

Who holds your money2 clauses flagged

The Client Agreement opens with registration No. 138336C1/GBL, then says the company is registered under No. 185265. The footer gives Company No. C185265, and the refund policy prints a different address.

Why this matters

You cannot be sure which company holds your money or where to serve a claim. A second firm, TM FINANCIALS SA (PTY) LTD, now appears in the footer as a marketing only entity.

Exhibit 20WarningHarder than usual3

T.M. Financials, a company registered in the Republic of Mauritius with registration No. 138336C1/GBL, having its registered address at C/o Alexander Management Services Limited, 3 Emerald Park, Trianon, Quatres Bornes, 72257, Republic of Mauritius
Clause Parties in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 64 of 342 in the Client Agreement, near the start.

None of the documents say client money sits in a segregated account. The risk warning says money passed to a third party may be held in an omnibus account that cannot be separated from yours.

Why this matters

If TAG markets fails, pooled money is harder to identify as yours. Its own footer says there is no compensation fund and no EU protection scheme behind the account.

Exhibit 21NoticeStandard wording

The Company may pass money received from the Client to a third party to hold or control in order to effect a transaction through or with that person.
Clause Third Party Risk in Risk Warnings
Read from the broker's site on Open the reference

Buried at section 46 of 61 in the Risk Warnings, 75% of the way through.

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

Firms licensed by the FCA, ASIC or CySEC must hold retail client money in segregated client accounts and say so in their terms. These documents make no segregation statement and name no compensation scheme.

Tag Markets 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

The compliance page says you can never owe more than your deposit, and the risk warning says you can.

Said in public, in English

Negative Balance Protection: in the event that market volatility causes losses exceeding deposited funds, we absorb the deficit, ensuring clients are never liable for more than their initial deposit.

Compliance framework list on the regulatory commitment page

In the contract · clause Risk Warnings

Clients are liable for all these losses and damages, which could result in more than the initial invested capital once they make the decision to trade.

02

Arabic readers are promised the firm absorbs the deficit, while the English contract gives them 2 working days to pay it.

Said in public, in Arabic

الحماية من الرصيد السلبي: في حال تسببت تقلبات السوق في خسائر تتجاوز الأموال المودعة، فإننا نتحمل العجز، مما يضمن عدم مسؤولية العملاء أبدًا عن أكثر من إيداعهم الأولي.

Word for word in English: Negative Balance Protection: if market volatility causes losses that exceed the deposited funds, we bear the shortfall, which guarantees that clients are never responsible for more than their first deposit.

Arabic regulatory commitment page

In the contract · clause Currency and Payments

If the Client owes the Company an amount exceeding the Equity on their Trading Account, the excess must be paid within 2 working days.

03

Instant and unrestricted on the product page, approved only after unlimited checks in the policy.

Said in public, in English

Any profit you make is yours to withdraw instantly, with no restrictions. Keep 100% of your profits and withdraw your original capital after 30 days.

Instant Profit Withdrawals section of the Amplify page

In the contract · clause 5.5

Submission of a Withdrawal request does not constitute acceptance of that request by the Company. A Withdrawal shall be regarded as approved only once the Company has completed such operational, payment and compliance checks as it considers necessary.

04

The word instant appears on the product page, and every time frame in the policy is indicative only.

Said in public, in English

Instant profit withdrawals, keep 100%

Headline bullet at the top of the Amplify page

In the contract · clause 12.3

The Company shall endeavour to process complete requests within a reasonable period. Any processing period communicated by the Company shall be indicative only unless expressly stated otherwise.

05

Zero restrictions on the page, and a contract that suspends the account for trading in a volatile market.

Said in public, in English

Trade how you wish with absolutely zero trading restrictions as if you would with a normal brokerage account.

Trade Free, No Restrictions section of the Amplify page

In the contract · clause Miscellaneous

The Company may suspend the Client’s Trading Account at any time in the event of Abnormal Market Conditions, trading on Error Quotes, attempted fraud, or Event of Default, with or without Written Notice.

06

The front page sells 12 times capital, and the only clause covering it can withdraw that capital without notice.

Said in public, in English

Tired of prop firms? Say hi to Amplify accounts where Tag can 12x your deposit and connect you to real liquidity. Keep 100% of profits and withdraw when you please.

Amplify section of the English home page

In the contract · clause Trading Benefits

The Company reserves the right, at its discretion, to alter, amend, suspend, cancel, or terminate the Trading Benefits Scheme, in whole or in part, at any time without prior notice. The Company shall not be liable for any consequences of such changes.

07

What you see is what you get, except for a EUR 20 monthly fee and a 3% withdrawal charge that the page does not show.

Said in public, in English

Our Zero account is the perfect solution for forex traders who don't want to worry about paying any commission. What you see is what you get!

Zero account tab on the account types page

In the contract · clause Dormant and Inactive Accounts

If a dormant/inactive account has a positive cash balance, the Company may apply a monthly handling fee of EUR 20 (or equivalent), subject to amendment from time to time.

08

TAG markets says it wants you to win while contracting as the party on the other side of your trade.

Said in public, in English

Prop firms are designed to make you lose, Tag Markets wants you to win.

Trade Free, No Restrictions section of the Amplify page

In the contract · clause Introduction

In relation to any Client transaction, the Company acts on a principal-to-principal basis and not as the agent on the Client’s behalf.

09

Real liquidity on the product page, and a defined tool for preventing market moves reaching your equity in the contract.

Said in public, in English

Every account is connected to real liquidity, so we dont limit you with complicated rules on how to trade.

Trade Free, No Restrictions section of the Amplify page

In the contract · clause Interpretation of Terms

“TMF Logistical Instruments” — instruments acting as correcteurs, used when necessary to prevent major/rapid market movements on live market-quoting assets/instruments that may cause significant fluctuation in the liquidity/equity of a Client’s trading account(s).

10

Mauritius is named as a focus market in the footer and barred in the KYC policy on the same page.

Said in public, in English

The Company services a global client base, with a primary focus on clients in the MENA, Asia, and African regions, including countries such as Bahrain, Saudi Arabia, Jordan, Qatar, Oman, Philippines, Turkey, Pakistan, India, Bangladesh, Malaysia, Thailand, Mauritius, Egypt, South Africa, and Kenya.

Regional restriction notice in the site footer

In the contract · clause 8. Unacceptable Jurisdictions

Mauritius, United States of America, Afghanistan, American Samoa, Anguilla, Dominica, Fiji, Guam, Palau, Panama, Trinidad and Tobago, Virgin Islands (U.S.), Vanuatu, Central African Republic, Democratic Republic of Congo, North Korea, Ukraine, Russia, Iran, Iraq, Indonesia, Libya, Mali, Somalia, Sudan, Yemen, State of Palestine, United Arab Emirates.

11

Suitability assessments are promised in public and disclaimed in the agreement.

Said in public, in English

Risk Disclosure and Suitability Tests: we provide clear, comprehensive risk disclosures and apply suitability assessments to ensure our products and services align with each client's profile and needs.

Compliance framework list on the regulatory commitment page

In the contract · clause Execution of Transactions

The Company is entitled to execute Transactions notwithstanding that a Transaction may not be suitable for the Client.

12

The Arabic promise of 12 times capital and 100% of profits is the one TAG markets says is not legally binding.

Said in public, in Arabic

هل سئمت من شركات التمويل؟ رحب بحسابات Amplify حيث يمكن لـ Tag مضاعفة إيداعك 12 مرة وربطك بسيولة حقيقية. احتفظ بـ 100% من الأرباح واسحب متى شئت.

Word for word in English: Tired of prop firms? Say hello to Amplify accounts, where Tag can multiply your deposit 12 times and connect you to real liquidity. Keep 100% of the profits and withdraw whenever you wish.

Amplify section of the Arabic home page

In the contract · clause Miscellaneous

The Client acknowledges that the Company’s official language is English. The Client should always refer to the main Website for information and disclosures. Translations or local language content are for informational purposes only and are not legally binding.

What changed quietly

TAG markets has published a refund and withdrawal policy since the previous review. It makes a withdrawal an approval rather than an instruction, and any processing time it quotes is indicative only. A second company, TM FINANCIALS SA (PTY) LTD, now sits in the footer as a South African marketing only entity. New to this page: the correcteurs clause, insurance shared by all claimants, a privacy notice written for an insurance company, and the Amplify promises. Nothing we flagged before has gone, and the risk score moves from 7.5 to 8.0.

  • ADDEDClause 5.5 · 1 August 2026 copy to 4 October 2026 copy

    TAG markets published a refund and withdrawal policy that the August copies of its legal footer do not list, and it turns a withdrawal into an approval.

    Submission of a Withdrawal request does not constitute acceptance of that request by the Company. A Withdrawal shall be regarded as approved only once the Company has completed such operational, payment and compliance checks as it considers necessary.

  • ADDEDClause 13.1 · 1 August 2026 copy to 4 October 2026 copy

    The new policy charges withdrawals against a schedule of fees that the website does not publish.

    Refunds and Withdrawals may be subject to fees and charges in accordance with the Client Agreement and the Company's applicable schedule of fees and charges.

  • ADDEDClause Regulatory Information · 1 August 2026 copy to 4 October 2026 copy

    A South African company joined the footer for marketing only, while your account stays with the Mauritius company.

    TM FINANCIALS SA (PTY) LTD (Registration No. 2024/508189/07) is an authorised Financial Services Provider (FSP No. 55237), regulated by the Financial Sector Conduct Authority (FSCA). TM FINANCIALS SA (PTY) LTD Ltd provides marketing services only. Trading accounts are maintained by, and trading and liquidity services are provided by, T.M. Financials Ltd (Mauritius).

The documents this reading is based on

11 files, all published by Tag Markets. 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 Tag Markets publishes.

How this reading was done

Every clause above was read out of a document Tag Markets publishes itself

This reading was published on . It is the newest of 2 readings we keep of these documents. See every reading.

Documents
10 of 11downloaded from the broker's site, and 10 read in full
Pages opened
49pages walked to find those documents, footer links included
Older copies
7earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
AR vs ENthe language it advertises in, against the language it contracts in
Position measured
20clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

T.M. Financials Ltd

Your contract is with T.M. Financials, the Mauritius company behind the TAG markets brand. Its own documents give three registration numbers for it: 138336C1/GBL in the parties clause, 185265 in the introduction, and C185265 in the footer. The Client Agreement drops the Ltd from the name. TM FINANCIALS SA (PTY) LTD in South Africa is not your counterparty: the footer says it provides marketing services only, and that the Mauritius company maintains the trading accounts.

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.

Every time we have read this contract

We keep 2 readings of Tag Markets’ documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Sep 23, 2026

The counts below are about our own list of clauses. A clause can join it because the broker added it, or because this reading found something the last one missed.

New on our list
9 clauses
Off our list
3 clauses
We rate critical
5 now, 4 then
Our risk score
7.5 to 8 out of 10

The counts above are the totals each reading published. They show that a total moved. They do not yet say which single clause was added or dropped.

  1. CurrentRisk 8/1021 clauses5 critical
  2. Risk 7.5/1015 clauses4 criticalReplaced

We keep every past reading so you can check what we said before, and when we said it. Those pages are archived snapshots of an older contract, so search engines are asked not to index them.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Every document is a readable web page, not a scanned PDF. The new refund policy is clean, numbered drafting, published in English and Arabic. The complaints policy sets no deadline for you to complain, where many brokers give you days. TAG markets also prints on every page that it is not EU regulated and that no compensation fund stands behind your account. It states that 85% of its retail accounts lose money.

The insurance certificate is a scan with no readable text. We cannot say who the insurer is or what the policy covers. No fee schedule is public: the agreement keeps deposit and withdrawal fees in the Client Area, behind registration. The Terms of Business, the Order Execution Policy and any Amplify, tournament or copy trading terms are not published, so there was nothing to read. The August copy of the regulatory commitment page would not open, so that page has no earlier version for comparison. The refund policy is covered in both English and Arabic, from TAG markets' own pages.

How to check any of this yourself

Every quote above links to the Tag Markets 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 Tag Markets 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 Tag Markets 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 4, 2026.

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

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