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Contract reading

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

Every clause below is published by TDFX 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: TD Capital Ltd

sole discretionprofit voidingwithdrawalsforum waiverhidden feeunilateral amendmentcountry restrictiondeemed acceptancejoint liabilitykyc freeze

TD Capital binds you to four legal documents and publishes none of them. The Privacy Policy, Risk Disclosure, AML Policy and the complete Terms PDF all return the website's home page instead of a file. The terms you can read let TD Capital cancel your profits, refuse your withdrawal and blacklist you on its own opinion, with decisions final and no appeal. Its signup form offers India, the UAE and the United States first, and its own contract bars residents of all three.

Back to TDFX

Contract risk

Payout refusable
9.2/10

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.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
18
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
5
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
8

How the 18 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning8
Notice3

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

Critical3In the contract. Jump to the clause this comes from.Signup form offers the countries the contract barsCritical4Time to complain. Jump to the clause this comes from.Bound by four documents that cannot be read$3.5Fee you were not shown. Jump to the clause this comes from.Costs are whatever the website says that day

What the documents say

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

01

TD Capital's account registration form offers India, the United Arab Emirates and the United States as the first three countries on its list, and the phone field defaults to the UAE dialling code. The site's own restrictions paragraph says TD Capital does not serve residents of any of those three.

Why this matters

If you open an account from one of those countries, section 6 of the Terms makes running it a prohibited practice from the first day. The penalty is cancellation of your trades and profits, refusal of your withdrawal and permanent blacklisting. You cannot fix it, because the breach is where you live.

Exhibit 1CriticalRarely seen3New

Operation of accounts from, or by residents of, sanctioned or restricted jurisdictions, or jurisdictions where TD Capital does not offer services.
Clause 6.E in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of my.tdfxcapital.net, taken on Oct 8, 2026The claim, on Second country offered in the registration country list; the form's phone field also defaults to the UAE dialling code, and portal support runs on a UAE WhatsApp numberThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Our own capture of tdfxcapital.com, taken on Oct 8, 2026What the contract says, clause 6.EVisit this page on the broker's siteDownload the full size image file

Our readingOffshore brokers often take clients from countries they exclude on paper. What is unusual here is that TD Capital turned residence into a listed breach with profit cancellation attached. Most contracts treat a restricted country as a reason to refuse the account, not as misconduct by the client. There is no cure for this breach: a client cannot stop living somewhere, so the firm keeps a permanent reason to void their profit.

  • Worse together with Exhibit 3Being signed up from a barred country creates the breach, and the enforcement clause turns that breach into cancelled profits and a refused withdrawal.
02

Opening an account binds you to the Terms, the Privacy Policy, the Risk Disclosure Statement and the AML Compliance Policy. All four of those document links return TD Capital's home page instead of a file. The Terms page you can read says it is only a summary, and the complete document it points to does not load either.

Why this matters

You agree to terms nobody outside TD Capital holds a copy of. In any argument about what you signed up to, the firm is the only party with the document. The registration form never shows you a single legal text and has no box to accept one.

Exhibit 2CriticalRarely seen4New

By opening an account, accessing this website, or using any TD Capital Limited services, you (the "Client") agree to be legally bound by these Terms & Conditions, together with our Privacy Policy, Risk Disclosure Statement, and AML Compliance Policy. If you do not accept these terms, you must not use our services.
Clause 1 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tdfxcapital.com, taken on Oct 8, 2026Bound by four documents that cannot be read (clause 1)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the terms of business in good time before the client is bound, in a durable form the client can keep and go back to. TD Capital's contract names four documents as binding and serves none of them.

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

Our readingBrokers routinely bury their terms. Publishing a binding clause that names four documents while none of the four can be retrieved is different in kind: the contract incorporates text that is not in public circulation at all. The server answers every one of those requests with the website rather than an error, so a client who clicks the link sees a working site and never learns the document is missing.

  • Worse together with Exhibit 10TD Capital can rewrite the terms at any time and your continued use counts as agreement, so you are held to changes in documents you could not read in the first place.
03

Section 6 lets TD Capital reverse your trades, cancel the profits from them, refuse your withdrawal and close your account. It decides for itself whether your trading qualifies, and the last item on its list covers anything it considers against the spirit of fair trading, even if the list does not mention it. The Terms say these decisions are final and cannot be appealed.

Why this matters

Money you have already made can be taken off your balance on a judgement TD Capital makes alone. The contract gives you no test to argue against, no reviewer above the person deciding, and no route to challenge the outcome.

Exhibit 3CriticalHarder than usualNew

Actions include, without limitation: cancellation and reversal of affected trades and any profits derived from them; forfeiture of all Promotional Benefits; withholding, delaying or refusing withdrawals pending review; suspension or permanent closure of the account(s); reporting to relevant authorities where required by law; and permanent blacklisting of the Client and any connected parties across TD Capital and its affiliated entities.
Clause 6, Enforcement in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tdfxcapital.com, taken on Oct 8, 2026Profits cancelled on the firm's own opinion, no appeal (clause 6, Enforcement)Visit this page on the broker's siteDownload the full size image file

Our readingCancelling profit from proven market abuse is normal. Writing an open catch-all into the same clause and declaring the result unappealable is where this goes further than most.

  • Worse together with Exhibit 11The decision is final under section 6 and the contract sets up no complaints procedure, so the firm that took the profit is also the last word on it.
04

TD Capital tells you on its security page and in every page footer that it is licensed in Saint Lucia. Its own Terms & Conditions said the opposite: not licensed or overseen by any financial authority, and holding no financial licence. That admission has gone from the version on the site today, which claims only that the company is incorporated in Saint Lucia.

Why this matters

"Licensed" is the word that makes a deposit feel safe, and no regulator, licence number or supervising body appears anywhere on the site or in any document. Nobody above TD Capital is checking what it does with your money, and there is no compensation scheme to claim from.

Exhibit 4CriticalRarely seenNew

TD Capital Ltd is a registered business entity in Saint Lucia. While we are not licensed or overseen by any financial authority, we are committed to operating in a transparent and secure manner.
Clause 2 in TD Capital Ltd - Terms & Conditions, p.3
Read from the broker's site on Open the reference

Our readingUnlicensed brokers usually stay vague and let a company registration imply supervision. Writing down in your own contract that you are not licensed or overseen by any financial authority, advertising a licence on the same website, and then deleting the admission is a sequence that leaves the firm contradicted by its own earlier wording.

05

TD Capital's home page says its practices include negative balance protection, so you never lose more than you deposited. Its security page says you can never lose more than your account balance. The Risk Disclosure Statement says you may be required to put in more money to keep positions open, and that you are responsible for the losses if your positions are closed out.

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

Negative balance protection means the broker writes off any loss that takes you below zero. No TD Capital document grants it. If a price gap takes your account negative, the Risk Disclosure leaves that debt with you, and the only mention of the protection in the Terms is a rule against trying to use it.

Exhibit 5CriticalHarder than usual

You may lose your entire initial investment, and you may be required to deposit additional funds to maintain open positions.
Clause Risk Warning in Risk Disclosure Statement, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Firms licensed in the UK and the EU must give retail CFD clients negative balance protection, so a retail account cannot go below zero. TD Capital advertises that protection and no document it publishes provides it.

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

06

TD Capital's funding page promises fast payouts and names a turnaround for each method. The Terms set no deadline of any kind. Your request can be delayed while a verification review runs, and section 6 lets TD Capital withhold, delay or refuse a withdrawal while it looks into your trading.

Why this matters

No clause anywhere obliges TD Capital to pay you by a given date. A review has no stated length, nothing says when it must finish, and refusing to pay is listed as one of the permitted outcomes. Your money can stay with the firm for as long as it decides the review continues.

Exhibit 6CriticalHarder than usualNew

Withdrawal requests may be delayed pending KYC/AML review.
Clause 4 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tdfxcapital.com, taken on Oct 8, 2026The claim, on Fast & Secure Withdrawals section of the funding methods pageVisit this page on the broker's siteDownload the full size image file
Our own capture of tdfxcapital.com, taken on Oct 8, 2026What the contract says, clause 4Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must keep client money available to the client and deal with withdrawal requests promptly, and they answer to the regulator for delays. TD Capital's contract sets no payout deadline and lets it refuse a withdrawal while a review it defines runs.

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

  • Only applies after Exhibit 13The hold runs on a verification review the firm can reopen at any time, so the document demand is what starts the delay.

A shared connection can cost you your account and your profit

TD Capital treats trading across accounts, IP addresses, devices or funding sources as coordinated, and names friends, family and colleagues among the routes. The penalty reaches connected parties, a term the Terms never define, and follows them across TD Capital's affiliated firms. TD Capital can also amend the Terms at any time, effective the moment the change goes up, with your continued use counting as agreement.

Who else counts2 clauses flagged

Section 6 treats trading across accounts, IP addresses, devices or funding sources as coordinated, and names friends, family and colleagues among the ways it happens. The penalty reaches connected parties, who lose their accounts and profits across TD Capital and its affiliated firms. The Terms never define who counts as a connected party.

Why this matters

Two people trading from one home connection meet the description. Someone else's conduct can cost you your balance and your account, and the ban follows you to related firms. You get no say in the decision and no definition to measure yourself against.

Exhibit 7CriticalRarely seenNew

Coordinated trading across accounts, IPs, devices, or funding sources — including via friends, family, colleagues, IBs, MAM/PAMM structures, copy-trading systems, or nominee arrangements — designed to bypass risk limits, exposure limits, or promotional caps.
Clause 6.B in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tdfxcapital.com, taken on Oct 8, 2026Shared address or device makes you a connected party (clause 6.B)Visit this page on the broker's siteDownload the full size image file

Our readingOne account per person is common. Extending the penalty to undefined connected parties, and to other companies in the group, imports a device from commercial lending into a retail trading contract: another person's behaviour becomes a reason to take your money. Because the term is never defined, the firm chooses after the fact who was connected to whom.

  • Worse together with Exhibit 3A shared connection makes you a connected party, and the enforcement clause then lets the firm cancel the profit and blacklist you for what somebody else did.

TD Capital can amend the Terms at any time. A new version takes effect the moment it goes up on the website, with no notice to you and no waiting period. Carrying on using the service counts as accepting it.

Why this matters

You are agreeing in advance to wording you have not seen. Since the documents the Terms bind you to do not load, you cannot check the current version even if you go looking for it.

Exhibit 10WarningStandard wording

TD Capital may amend these Terms at any time. The updated version will take effect upon publication on this website. Continued use of our services after amendment constitutes acceptance of the revised Terms.
Clause 9 in Terms & Conditions
Read from the broker's site on Open the reference

Five promises on TD Capital's pages that its own documents contradict

TD Capital's registration form offers India, the UAE and the United States first, and its own restrictions paragraph bars residents of all three. Its security page claims a Saint Lucia licence that its earlier Terms & Conditions said it did not hold. It promises negative balance protection and segregated funds, while its Risk Disclosure Statement allows pooled accounts and leaves you liable for losses after a forced close.

Promise against contract2 clauses flagged

TD Capital says client money is kept completely separate from company funds and is always protected and readily accessible. Its Risk Disclosure Statement says funds may sit in pooled or omnibus accounts, which could limit your ability to get them back if a third party fails. The same document says banks may hold liens or set-off rights over the money.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

In a pooled account your money is mixed with other clients' money in one name, which is what makes recovery slow and partial if something goes wrong. A bank's right of set-off means your balance can be used against a debt that is not yours.

Exhibit 8WarningStandard wording

Client funds may be held in pooled or omnibus accounts, which could limit your ability to recover funds in the event of insolvency or legal actions involving a third party.
Clause Third-Party Risk in Risk Disclosure Statement, p.4
Read from the broker's site on Open the reference
Our own capture of tdfxcapital.com, taken on Oct 8, 2026The claim, on Home page section on segregated accountsVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must hold client money apart from their own, reconcile it daily and have it covered by an investor compensation scheme. TD Capital's own disclosure allows pooled accounts and names no compensation scheme.

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

The Privacy Policy says cookies hold nothing that identifies you and are not shared with third parties. TD Capital's pages load an outside analytics service that sets a cookie carrying a unique visitor identifier, and loads a session recorder with it. The cookie banner's link to a cookie policy points at the Privacy Policy file, which does not load.

Why this matters

Your visit, including which legal pages you opened, goes to a company the policy does not name. The policy tells you this cannot happen, so it gives you no way to judge what is collected or to ask for it back.

Exhibit 17NoticeHarder than usual

Cookies do not store personally identifiable information and are not shared with third parties.
Clause 3 in Privacy Policy, p.3
Read from the broker's site on Open the reference

TD Capital's contract does not contain a single fee figure

Section 4 says processing fees, spreads, swaps and commissions apply as published on the website, and that is the only mention of cost in the Terms. No swap or overnight financing rate is published anywhere on the site, and the $3.5 per side commission the home page gives for the Cent account is listed as commission free on the comparison page. The Privacy Policy adds an unquantified fee for handling data requests TD Capital judges excessive.

Cost disclosure2 clauses flagged

The Terms do not set out a single fee. Section 4 says processing fees, spreads, swaps and commissions apply as published on the website, which puts your costs on a page TD Capital can rewrite whenever it likes. No swap or overnight financing rate is published anywhere on the site, and the $3.5 per side commission the home page gives for the Cent account is listed as commission free on the comparison page.

Why this matters

You cannot find out what trading will cost you before you deposit, because the contract holds no numbers and points at a page instead. Section 9 makes a change binding once it is posted, so a cost can rise without anyone telling you.

Exhibit 9WarningHarder than usual$3.5New

Processing fees, spreads, swaps, and commissions apply as published on our website.
Clause 4 in Terms & Conditions
Read from the broker's site on Open the reference
Our own capture of tdfxcapital.com, taken on Oct 8, 2026The claim, on Opening line of the funding methods page, above a table listing every deposit fee as FreeVisit this page on the broker's siteDownload the full size image file
Our own capture of tdfxcapital.com, taken on Oct 8, 2026What the contract says, clause 4Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must tell a retail client the costs and charges of a trade before the client places it, and give a total in cash terms. TD Capital's contract states no figure and defers to a web page.

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

  • Only applies after Exhibit 10Costs live on a web page and the amendment clause makes any rewrite of that page binding on you as soon as it goes up.

The Privacy Policy lets TD Capital charge what it calls a nominal fee to handle requests it treats as repetitive or excessive. No amount is given, and the policy does not say who decides that a request is excessive. The sentence ends mid-thought, with wording carried over from a different clause.

Why this matters

Asking to see, correct or delete your own records can be billed at a price you only learn afterwards. The policy promises a reply within seven business days but names no limit on the charge.

Exhibit 16WarningHarder than usual

We strive to respond within 7 business days. In certain cases, a nominal fee may apply for processing repetitive or excessive requests of the revised terms.
Clause 6 in Privacy Policy, p.5
Read from the broker's site on Open the reference

TD Capital's bonus is not cash and can be withdrawn at will

A TD Capital bonus cannot be taken as cash unless a specific promotion says so, and TD Capital can change, suspend or end any promotion at any time without notice. No bonus terms document is published, so no turnover requirement is stated anywhere. Asking to withdraw soon after a bonus, without what TD Capital calls meaningful trading volume, is itself listed as bonus abuse and reaches the profits as well as the bonus.

Promotional strings1 clause flagged

A TD Capital bonus is not withdrawable as cash unless a particular promotion says otherwise. TD Capital can change, suspend or end any promotion at any time without telling you first. No bonus terms document is published, so the turnover you would have to trade to keep anything is nowhere to be found.

Why this matters

Asking to withdraw soon after taking a bonus, without what TD Capital calls meaningful trading volume, is itself listed as bonus abuse. The penalty reaches the profits you made with the bonus, not just the bonus.

Exhibit 14WarningHarder than usualNew

They are not withdrawable as cash unless expressly stated in the specific promotion's terms.
Clause 5 in Terms & Conditions
Read from the broker's site on Open the reference

You agree to four documents TD Capital does not publish

Section 1 of TD Capital's Terms binds you to four documents, and all four links return the website's home page instead of a file. The page you can read calls itself a summary of a complete document that does not load either. There is no complaints procedure, no deadline, no ombudsman, and section 6 says the firm's own decisions are final and cannot be appealed.

Nothing to appeal to1 clause flagged

The Terms set up no complaints process. There is no deadline to complain by, no stage for escalating a decision and no independent body named. Section 11 gives you a support email address, and section 6 says the firm's own decisions are final and cannot be appealed.

Why this matters

If TD Capital cancels your profit or holds your withdrawal, the only place to take it is TD Capital. No ombudsman, arbitrator or compensation scheme appears in any document, so there is nobody to ask for a second opinion.

Exhibit 11WarningHarder than usual

For questions about these Terms, contact us at support@tdfxcapital.com.
Clause 11 in Terms & Conditions
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 run a written complaints procedure with set response times, and tell a client they can go to an independent ombudsman free of charge. TD Capital's contract offers an email address and makes its own decisions unappealable.

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

Verification stands between you and your own money

TD Capital makes every account subject to identity and anti-money-laundering checks before funding, trading or withdrawing, so the review can be reopened at the moment you ask to be paid. Supplying information it considers incomplete, at any time, sits in the prohibited practices list that carries profit cancellation. The AML policy keeps your identification, transactions and messages for at least five years after you leave.

Document demands1 clause flagged

Every account is subject to identity and anti-money-laundering checks before you can fund it, trade on it or take money out of it. Giving information TD Capital considers incomplete, at any time, is listed among the prohibited practices that carry profit cancellation. The AML policy keeps your records for at least five years after the relationship ends.

Why this matters

The check can be reopened when you ask for your money, not just when you join. An honest gap in a document you supplied sits in the same list as identity fraud, and that list is what lets TD Capital cancel your profit.

Exhibit 13WarningStandard wordingNew

All accounts are subject to KYC and AML verification prior to funding, withdrawing, or trading.
Clause 3 in Terms & Conditions
Read from the broker's site on Open the reference

Profiting on a gap against the real market is prohibited

Section 6 of TD Capital's Terms bans price or quote arbitrage between TD Capital and any exchange, ECN, aggregator or liquidity provider, and calls its own prices our quotes. TD Capital therefore sets the price and treats a difference from the wider market as your misconduct, with profit cancellation attached. It publishes no conflict of interest policy and no best execution policy, and no document says whether it takes the other side of your trades.

Whose price counts1 clause flagged

Section 6 bans you from profiting on a difference between TD Capital's price and any exchange, ECN, aggregator or liquidity provider. The clause calls TD Capital's prices "our quotes", so the firm sets the price and treats a gap against the real market as your misconduct. No conflict of interest policy and no best execution policy is published.

Why this matters

If TD Capital's price lags the market and you trade on it, the profit can be cancelled under this clause. Nothing in the contract tells you whether TD Capital takes the other side of your trades, so you cannot tell whether it gains when you lose.

Exhibit 15WarningHarder than usualNew

Price / quote arbitrage between TD Capital and any third-party feed, exchange, ECN, aggregator, or liquidity provider.
Clause 6.A in Terms & Conditions
Read from the broker's site on Open the reference

Claims belong to the courts of Saint Lucia alone

TD Capital's Terms are governed by Saint Lucian law and give the island's courts exclusive jurisdiction, which is ordinary for a company registered there. The reach is what makes it bite: the registration form takes clients across Asia, Africa, Europe and North America. The earlier version also made you waive any objection to the venue, and that sentence has been removed.

Where you would sue1 clause flagged

Saint Lucian law governs the Terms and the courts of Saint Lucia have exclusive jurisdiction. TD Capital's registration form offers clients across Asia, Africa, Europe and North America, so most clients would have to sue in a Caribbean island they do not live in.

Why this matters

The cost of bringing a claim in Saint Lucia will be more than most retail account balances. The earlier version of these Terms also made you waive any objection to being taken there, and that sentence has since been dropped.

Exhibit 12NoticeStandard wording

These Terms are governed by the laws of Saint Lucia. Any dispute arising out of or in connection with these Terms shall be submitted to the exclusive jurisdiction of the competent courts of Saint Lucia.
Clause 10 in Terms & Conditions
Read from the broker's site on Open the reference

TD Capital Ltd of Saint Lucia, with no regulator named

The documents name TD Capital Ltd at an address in Gros-Islet, Saint Lucia, while the live Terms page calls the company TD Capital Limited. No licence number, regulator or compensation scheme appears in any document or on any page. The Risk Disclosure tells you to read a Client Agreement that TD Capital does not publish, and there are no payment terms, bonus terms, complaints policy or conflict of interest policy either.

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.

The counterparty1 clause flagged

The documents name TD Capital Ltd, registered in Saint Lucia, and the live Terms page calls it TD Capital Limited. No document gives a licence number, names a regulator or names a compensation scheme. The document set has no client agreement, no payment terms, no bonus terms, no complaints policy and no conflict of interest policy.

Why this matters

Nothing tells you which company holds your money or who supervises it. For whether the firm is licensed at all, read our scam investigation of TD Capital alongside this one.

Exhibit 18NoticeStandard wording

TD Capital Ltd Registered Address: Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. Contact Email: support@tdfxcapital.com
Clause Company Details in Risk Disclosure Statement, p.5
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

India is the first country TD Capital offers on its signup form and the first country its own restrictions paragraph excludes.

Said in public, in English

India

First country offered in the country list on TD Capital's account registration form

In the contract · clause Jurisdictions and Restrictions

TD Capital Limited does not provide services for citizens/residents of India, Russia, Iran, UAE, United States, Cuba, Iraq, Myanmar, North Korea, Sudan.

02

TD Capital invites UAE residents to register and lists running an account from a country it does not serve as a prohibited practice.

Said in public, in English

United Arab Emirates

Second country offered in the registration country list; the form's phone field also defaults to the UAE dialling code, and portal support runs on a UAE WhatsApp number

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

In the contract · clause 6.E

Operation of accounts from, or by residents of, sanctioned or restricted jurisdictions, or jurisdictions where TD Capital does not offer services.

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

03

The site advertises a Saint Lucia licence that TD Capital's own Terms & Conditions said it did not hold.

Said in public, in English

TD Capital Limited is licensed in Saint Lucia and operates as an international brokerage entity.

Compliance & Licensing section of the security and compliance page

In the contract · clause 2

TD Capital Ltd is a registered business entity in Saint Lucia. While we are not licensed or overseen by any financial authority, we are committed to operating in a transparent and secure manner.

04

The home page promises you cannot lose more than you deposited while the Risk Disclosure says you may have to pay in more.

Said in public, in English

Our transparent practices include negative balance protection, ensuring you never lose more than your deposited amount.

Home page section headed YOUR FUNDS ARE PROTECTED WITH SEGREGATED ACCOUNTS

In the contract · clause Risk Warning

You may lose your entire initial investment, and you may be required to deposit additional funds to maintain open positions.

05

TD Capital states the loss is capped at your balance and its Risk Disclosure leaves you responsible for losses after a forced close.

Said in public, in English

You can never lose more than your account balance.

Negative Balance Protection tile on the security and compliance page

In the contract · clause Risk Warning

Failure to meet margin requirements may result in the automatic liquidation of your positions. You will be responsible for any resulting losses.

06

The funding page gives a 24 hour turnaround while the contract sets no deadline and allows an open-ended hold.

Said in public, in English

Withdraw your funds quickly and securely. We process most withdrawal requests within 24 hours.

Fast & Secure Withdrawals section of the funding methods page

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

In the contract · clause 4

Withdrawal requests may be delayed pending KYC/AML review.

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

07

Funds described as strictly segregated and always accessible are described in the Risk Disclosure as possibly pooled and hard to recover.

Said in public, in English

At TD Capital, client fund security is paramount. We maintain strict segregation of client funds from company operational accounts, held with reputable tier-1 banking institutions. This ensures your trading capital is always protected and readily accessible.

Home page section on segregated accounts

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

In the contract · clause Third-Party Risk

Client funds may be held in pooled or omnibus accounts, which could limit your ability to recover funds in the event of insolvency or legal actions involving a third party.

08

The funding page promises zero fees while the contract makes your costs whatever the website says at the time.

Said in public, in English

Fund your account quickly and securely with multiple payment options. Enjoy zero fees on most deposit methods.

Opening line of the funding methods page, above a table listing every deposit fee as Free

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

In the contract · clause 4

Processing fees, spreads, swaps, and commissions apply as published on our website.

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

What changed quietly

First review of TD Capital, so no earlier review exists for comparison.

  • REMOVEDClause 2 · 2025-08-05 (archived) to live page, read 2026-10-08

    TD Capital deleted its own statement that no financial authority licenses or oversees it, and the page now mentions only incorporation.

  • REMOVEDClause 10 · 2025-08-05 (archived) to live page, read 2026-10-08

    The sentence making you give up any objection to being sued in Saint Lucia is gone, which helps you.

  • ADDEDClause 6 · 2025-08-05 (archived) to live page, read 2026-10-08

    A whole enforcement regime appeared, letting TD Capital cancel profits, refuse withdrawals and blacklist connected parties, where the earlier Terms had no trading rules at all.

    Actions include, without limitation: cancellation and reversal of affected trades and any profits derived from them; forfeiture of all Promotional Benefits; withholding, delaying or refusing withdrawals pending review; suspension or permanent closure of the account(s); reporting to relevant authorities where required by law; and permanent blacklisting of the Client and any connected parties across TD Capital and its affiliated entities.

  • ADDEDClause 4 · 2025-08-05 (archived) to live page, read 2026-10-08

    A costs clause appeared that names no figure and points at a web page TD Capital can rewrite.

    Processing fees, spreads, swaps, and commissions apply as published on our website.

  • REMOVEDClause 8 · 2025-08-05 (archived) to live page, read 2026-10-08

    The clause making you cover TD Capital's claims and legal costs has been dropped, which helps you.

  • REWRITTENClause 9 · 2025-08-05 (archived) to live page, read 2026-10-08

    The amendment clause now binds you once a change appears anywhere on the website, not just on the terms page itself.

    The updated version will take effect upon publication on this website. Continued use of our services after amendment constitutes acceptance of the revised Terms.

The documents this reading is based on

5 files, all published by TDFX. 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 TDFX publishes.

How this reading was done

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

This reading was published on .

Documents
1 of 5downloaded from the broker's site, and one read in full
Pages opened
57pages walked to find those documents, footer links included
Older copies
4earlier versions downloaded
Marketing pages
6public pages set against what the contract says

Who the contract is with

TD Capital Ltd

You contract with TD Capital Ltd, registered at Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. The PDFs say "TD Capital Ltd" and the live Terms page says "TD Capital Limited". The site's own risk warning uses both names in one sentence, so nothing settles which one is the counterparty. No document names a regulator, a licence number or a compensation scheme. The brand trades as TDFX on tdfxcapital.com, and the portal sits on a second domain, our.tdfxcapital.net. The listed support phone is a Mauritius number and the portal's support line is a UAE WhatsApp number, while the contract bars UAE residents.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

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

The prohibited trading list is unusually specific. TD Capital names each banned strategy, from latency arbitrage to marking-the-close, instead of hiding behind a vague phrase like "abusive trading". A trader can at least read what is off limits. Deposit minimums, spreads and leverage are set out per account type in a plain comparison table. The indemnity clause that appeared in the earlier Terms, which made you cover the firm's legal costs, is gone from the current version. So is the sentence making you waive any objection to being sued in Saint Lucia. Both removals favour you.

TD Capital's own links for its Privacy Policy, Risk Disclosure, AML Compliance Policy and the complete Terms & Conditions PDF all return the website's home page instead of a document. This review covers the Terms & Conditions summary page on TD Capital's site in full. For the other four, every quotation comes from archived copies of the broker's own files from July and August 2025. The account opening agreement that the earlier Terms refer to is not published anywhere on the site. TD Capital publishes in English only, so there was no second language version to compare. We saw the client portal only at its sign-in and registration pages.

How to check any of this yourself

Every quote above links to the TDFX 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 TDFX 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 TDFX 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 8, 2026.

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

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