Wikilix
Contract reading

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

Every clause below is published by TNFX 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: TNFX Ltd

sole discretionwithdrawalscapital retentionhidden feemissing documentno deadlineprofit voidingbonus lockentity switchkyc freeze

TNFX Ltd publishes a 35-clause agreement, and a second shorter one from a St Vincent company under the same brand. Clause 21.9 lets TNFX keep the capital you paid in, and its Bonus Policy lets it seize capital and profit with no explanation. TNFX's own fair trading page says it cannot do that. No clause anywhere gives TNFX a deadline to pay a withdrawal.

Back to TNFX

Contract risk

Money at risk
8.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
19
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
8
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
10

How the 19 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.

Critical6
Warning13
Notice0

section 26 of 26is where the deepest clause sits: the very end of 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.

Critical14 daysProfit at risk. Jump to the clause this comes from.Swap-free misuse can cost you your depositCritical2 working daysWithdrawal limit. Jump to the clause this comes from.No deadline on a withdrawal anywhere in the contractCritical2In the contract. Jump to the clause this comes from.Two companies publish terms as TNFX$5000Bonus requirement. Jump to the clause this comes from.Bonus page and Bonus Policy disagree on every number

What the documents say

19 clauses worth knowing about, worst first, each quoted from TNFX's own files

01

TNFX publishes a page listing what it may do when it finds market abuse, clause by clause, and it says it may not keep money you deposited. Clause 21.9 of the same agreement says it may keep your deposited capital.

Why this matters

You can read that page, check every clause number on it, and still never meet the clause that reaches your deposit. It is missing from the list.

Exhibit 1Critical

Where we consider the conduct to be serious, to have been repeated, or to have occurred together with another breach of these Terms, we may retain all or part of the funds standing to the credit of the Account, including deposited capital, and close the Account.
Clause 21.9 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Buried at section 38 of 50 in the TNFX Terms and Conditions (PDF), 76% of the way through.

  • Same clause as Exhibit 2The promise and the power rest on the same clause, read from the two ends of TNFX's own website.
02

Ask for a swap-free account and TNFX can later rule that your profit came from the missing financing charge, not from your trading. Where it calls that serious or repeated, clause 21.9 lets it keep your deposited capital and close the account.

Why this matters

Your own money stops being yours the moment TNFX decides the account was held for the wrong reason. You then have 14 days from its notice to object, under clause 21.14.

Exhibit 2CriticalRarely seen14 days

We may review, suspend or withdraw Islamic status at any time and without prior notice where it appears to us that the benefit you obtain from the Account derives principally from the absence of financing rather than from the trading itself.
Clause 21.3 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Buried at section 38 of 50 in the TNFX Terms and Conditions (PDF), 76% of the way through.

Our readingAgreements that police swap-free accounts normally stop at charging back the financing they waived. Clause 21.9 goes past that and reaches the money you paid in.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Status reviewedTNFX can withdraw swap-free status at any time, with no notice to you.21.3
Financing charged backIt can debit the swap it never charged, at its own published rates.21.6
Profit voidedIt can void those trades and restate the profit on them as nil.21.7
Profit already withdrawnMoney you took out becomes a debt, recoverable from any account you hold.21.8
Treated as serious or repeatedIt can keep all or part of the balance, your deposit included, and close the account.21.9
14 daysYour window to complain about the decision closes.21.14
  • Worse together with Exhibit 6Clause 21.8 reaches any account held by a person connected with you, and clause 22.1.c decides who that is.
03

Take the deposit bonus and TNFX can decide your trading was abusive. Clause 9 of its Bonus Policy then lets it take your profits and the capital you paid in, with no explanation owed to you.

Why this matters

A bonus you did not ask for, credited on deposit, puts your own money inside that rule. Nothing in the policy defines abuse, names who decides, or gives you a way to answer back.

Exhibit 3CriticalRarely seen

The abusive strategies are extremely prohibited, Bonus abusive is considered as a breach of this agreement, and if it is committed the company has the right to seize the capital and the profits when abusing is accrued without any explanation.
Clause 9 in Bonus Policy
Read from the broker's site on Open the reference

Our readingBonus terms normally let a broker cancel the bonus and the profit made with it. Reaching the client's own deposit, and stating that no explanation is owed, is well past that.

  • Worse together with Exhibit 7The rule that can take your capital sits in the one document whose figures the bonus page contradicts.
04

The whole withdrawal policy is clause 5, five sentences describing a back office that checks your request. No clause in either contract gives TNFX a deadline to pay you.

Why this matters

Nothing in your agreement is broken if your money takes a month. The only timing promise, one to two business days, is in clause 6 and covers a refund of money you never traded with.

Exhibit 4CriticalHarder than usual2 working days

Client logs into his account and places a withdrawal request. Back-office team process the request along with the trading rules.
Clause 5 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 9 of 50 in the TNFX Terms and Conditions (PDF), near the start.

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

Firms licensed by the FCA or CySEC must pay a retail client's money promptly on request and tell the client how long it takes. This contract sets no period for a withdrawal, and clause 28.1 lets TNFX hold one for as long as it considers reasonably necessary.

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

  • Worse together with Exhibit 8A payout with no deadline also has a floor that is set outside the contract and can be changed there.
05

Two sets of terms sit side by side in TNFX's footer. One names TNFX Ltd in Seychelles, the other names TNFX MARKETS LTD in St Vincent. The last line of the second has you consent to TNFX choosing which company you get.

Why this matters

Which company holds your money decides who supervises it, and the St Vincent document says nobody licenses this business there. Neither contract names a governing law or a court, so nothing tells you where a claim would go.

Exhibit 5CriticalHarder than usual2

TNFX MARKETS LTD. is incorporated in Saint Vincent and the Grenadines. Saint Vincent and the Grenadines does not regulate or license forex and CFD brokerage activities.
Clause Regulatory Disclosure in TNFX MARKETS LTD. Terms and Conditions, p.1
Read from the broker's site on Open the reference

Buried at section 26 of 26 in the TNFX MARKETS LTD. Terms and Conditions, 100% of the way through.

  • Worse together with Exhibit 17The entity you are assigned decides not only who regulates you but which of the two rulebooks exists at all.
06

TNFX counts anyone on your internet connection, your device or in your family as a Connected Person. Clause 25.3 then treats all of those accounts as one relationship when it decides whether trading was abusive.

Why this matters

Two people in one house share one connection, and clause 25.5 lets TNFX suspend every account involved until documents arrive. Clause 27.1 reaches a Connected Person's account too, to the extent of your interest in it.

Exhibit 6CriticalRarely seen

accesses the System from an internet protocol address, device or client identifier also used by you; is a member of your immediate family; acts on your instructions or in concert with you
Clause 22.1.c in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Buried at section 40 of 50 in the TNFX Terms and Conditions (PDF), 80% of the way through.

Our readingA definition built on a shared internet address, a shared device or a family tie comes from fraud screening, not from a trading contract. It makes another person's conduct part of the case against your account.

  • Worse together with Exhibit 15The accounts stay suspended until documents arrive, and no clause says how long TNFX may take to accept them.

TNFX charges from a fee schedule it has not published

Clause 18.4 of the TNFX agreement charges from a Schedule of Fees that appears nowhere on the site. Clause 9.1 lets TNFX apply fees on any basis it decides from time to time. Three more clauses point to charges published on the website, for dormancy, copy trading and the VPS, and those rates are not published either.

In plain words

Dormancy means an account left unused.

Cost disclosure1 clause flagged

Clause 18.4 charges your estate whatever sits in the Schedule of Fees. No schedule of that name is published anywhere on the site. Clause 9.1 also lets TNFX apply fees on any basis it decides from time to time.

Why this matters

You cannot check a charge against a list that does not exist. Three more clauses point to charges published on the website, for dormancy, copy trading and the VPS, and those rates are not published either.

Exhibit 12WarningHarder than usual

Any applicable charges as detailed in the Schedule of Fees will still be charged until the Account is closed.
Clause 18.4 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Buried at section 31 of 50 in the TNFX Terms and Conditions (PDF), 62% of the way through.

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

Firms licensed by the FCA or CySEC must give a retail client the costs and charges of a service before they trade. This contract charges from a schedule it has not published.

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

Every withdrawal is a review with no clock on it

TNFX's withdrawal policy is clause 5, five sentences long, and it gives TNFX no deadline to pay you. The only timing in the contract, one to two business days, sits in clause 6 and covers a refund of money you never traded with. A $50 floor applies to every payout route and appears only on the website.

Exit conditions1 clause flagged

Every payout route carries a $50 minimum, and TNFX publishes that on its website rather than in your agreement. Clause 5 sets no minimum, so nothing holds the figure where it is today.

Why this matters

A $60 balance cannot be taken out in pieces. Two of the deposit rails TNFX sells in Iraq, Q-Card and Zain Cash, cannot pay out at all.

Exhibit 8WarningStandard wording$50

The withdrawal destination of the funds must be the same as the origin of the funds or an account proved to be owned by the client.
Clause 5 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 9 of 50 in the TNFX Terms and Conditions (PDF), near the start.

What it costsOvadot takes a $5 deposit, the smallest TNFX accepts. You then need ten times that in the account before any withdrawal is allowed.

The bonus page and the Bonus Policy do not match

TNFX advertises a bonus capped at $10,000 for life, and its Bonus Policy caps it at $5,000. The page says bonus profit comes out above $50, and clause 12 of the policy says $100. The policy credits the bonus only to a Standard account, which leaves the Turbo account TNFX sells in neither the eligible nor the excluded list.

Bonus arithmetic1 clause flagged

The bonus page caps the bonus at $10,000 for life. The Bonus Policy caps it at $5,000. The page puts a $50 floor on withdrawing bonus profit, and clause 12 of the policy puts it at $100.

Why this matters

Whichever figure is right, you cannot plan against both. Clause 23.3 says the Terms beat a policy in a conflict, and the Terms give no bonus figure at all.

Exhibit 7WarningHarder than usual$5000

maximum Bonus offered is $5000.
Clause 8 in Bonus Policy
Read from the broker's site on Open the reference

What it costsDeposit $1,000 and the advertised tier adds $500 of bonus credit. Keep depositing and the policy stops the bonus at $5,000, while the page promises up to $10,000.

One wi-fi connection can put three accounts in one case

TNFX's clause 22.1.c counts anyone sharing your address, device, payment method or internet connection as a Connected Person. Clause 25.3 treats those accounts as one relationship when TNFX decides whether trading was abusive, and clause 25.5 can suspend them all until documents arrive. Objecting to a change in the terms costs you the account under clause 16.2, and clause 26.1 leaves you owing any negative balance.

Who else counts as you2 clauses flagged

TNFX can change these terms by posting them on its website. You are bound 10 business days later, or sooner if you place a trade. Object in writing and clause 16.2 suspends your account and tells you to close it.

Why this matters

Disagreeing with one new clause ends the relationship. You must close every open position and withdraw, and if you do not, TNFX closes your positions for you.

Exhibit 13WarningHarder than usual10 working days

Any such amendment will come into effect on the date specified by us which will, in most cases, be at least 10 Business Days from the date of our amendment notice.
Clause 16.1 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 27 of 50 in the TNFX Terms and Conditions (PDF), 54% 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
Notice published or emailedTNFX posts the new terms on its website or sends you an email.16.1
Your next orderPlacing any order other than a closing one binds you to the change at once.16.1.b
10 business daysYou are treated as bound, whether you read the notice or not.16.1.a
Objection filedThe change does not bind you, but your account is suspended and you must close it.16.2

A loss that runs past your deposit leaves you owing TNFX the difference, under clause 26.1. TNFX can write it off, but clause 26.2 calls that a concession rather than your right. The stop out fires at 20% margin.

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 fast gap can close your positions below zero, and the shortfall becomes a debt. Clause 27.1 lets TNFX set that debt off against any account you hold.

Exhibit 14WarningStandard wording20%

You are liable for any negative or debit balance on your Account.
Clause 26.1 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Buried at section 43 of 50 in the TNFX Terms and Conditions (PDF), 86% of the way through.

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

Firms licensed by the FCA, or by a regulator applying the European rules, must give a retail client negative balance protection, so a loss can never exceed the money in the account. This contract puts the shortfall on you and makes any cover a favour.

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

Complaining means emailing support, and nothing else

Clause 15 of the TNFX agreement is the whole complaints route: an email to support@tnfx.co, with no deadline on TNFX and no independent body named. The only deadline runs against you, the 14 days in clause 21.14. Card depositors also give up every chargeback claim under clause 9.3.c, which bites outside Iraq, where card funding is closed.

Challenging a decision2 clauses flagged

Clause 15 is the whole complaints route: send an email to support@tnfx.co. TNFX gives itself no deadline to answer you and names no outside body you can take it to.

Why this matters

If TNFX keeps your capital under clause 21.9, you have 14 days from its notice to object. TNFX has no deadline at all.

Exhibit 9WarningHarder than usual14 days

Any complaints or objections shall be directed to TNFX Support Department by email at support@tnfx.co.
Clause 15.1 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 26 of 50 in the TNFX Terms and Conditions (PDF), 52% of the way through.

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

Firms licensed by the FCA or CySEC must acknowledge a complaint and give a final answer inside set periods, then point an unhappy client to an independent scheme. TNFX publishes an email address and no timetable of its own.

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

  • Only applies after Exhibit 2The only deadline in the complaints route starts running when TNFX has already acted on your balance.

Fund by card and clause 9.3.c has you give up every chargeback claim, for good. Clause 9.3.b sends card money back only to the card. It adds that TNFX will only accept requests to withdraw profits from the account.

Why this matters

You lose the one route a card gives you to dispute a payment, whatever happens next. On a card-funded account the contract leaves only your profit withdrawable.

Exhibit 10WarningHarder than usual

You agree and undertake not to enter into or initiate any chargeback transaction with your Card issuer and irrevocably and unconditionally forfeit any future claims to make such chargeback regardless of the Losses incurred in your Account, or your overall satisfaction with the services provided to you in relation to your trading activities.
Clause 9.3.c in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 17 of 50 in the TNFX Terms and Conditions (PDF), 34% of the way through.

Which TNFX you contract with is TNFX's choice

Two companies publish terms as TNFX: TNFX Ltd in Seychelles, licensed as a Securities Dealer under SD133, and TNFX MARKETS LTD in St Vincent, where its own document says nobody licenses this business. The last line of the St Vincent terms has you consent to the entity being assigned by your country of residence, and no page says which countries get which company. Neither contract names a governing law or a court.

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.

Counterparty1 clause flagged

The second contract TNFX publishes runs to 20 clauses against 35 in the Seychelles one. It still carries the note from whoever drafted it. Nothing in it covers bonuses, connected accounts, set-off or dormancy fees.

Why this matters

If TNFX puts you under the St Vincent company, the rules its marketing pages explain by clause number are not in your contract at all. The clauses that take money are also not there to limit.

Exhibit 17WarningRarely seen15

I have prepared the final SVG version of your Terms and Conditions in this document. It includes the correct company name, address, and regulatory disclosure for TNFX MARKETS LTD..
Clause Opening note in TNFX MARKETS LTD. Terms and Conditions, p.1
Read from the broker's site on Open the reference

Where it sits: section 3 of 26 in the TNFX MARKETS LTD. Terms and Conditions, near the start.

Our readingA published contract does not normally carry the sentence its drafter wrote to the company that ordered it. This one opens with it, above the corporate details.

A document request with no deadline and no list

Clause 28.1 lets TNFX suspend your account and refuse withdrawals while it investigates, for as long as it considers reasonably necessary. Clause 28.2 makes an unanswered document request a ground on its own for keeping the suspension. TNFX's anti-money-laundering policy says a person, not a system, applies every restriction, and that each decision can be appealed.

Documents and freezes1 clause flagged

TNFX can suspend your account and stop your withdrawals while it investigates. Clause 28.2 makes your failure to answer a document request a reason on its own to keep that suspension running.

Why this matters

No clause limits how long the hold lasts or lists what will satisfy TNFX. Clause 4.2 also lets it ask credit reference agencies and your employer about you, again and again.

Exhibit 15WarningHarder than usual

We may require information or documents from you for that purpose. Failure to provide them within a reasonable period is itself a ground for continuing the suspension.
Clause 28.2 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Buried at section 45 of 50 in the TNFX Terms and Conditions (PDF), 90% of the way through.

TNFX is the other side of your trade, in one line of clause 11.4

TNFX states that it only acts as principal, which means it is the counterparty to your trades. That sentence sits inside the referral agents clause, while clause 1.1 tells you it takes no part in your gain or loss. The Conflicts of Interest Policy named in clause 23.1 opens the terms page.

Whose side of the trade1 clause flagged

TNFX names a Conflicts of Interest Policy in clause 23.1 and links it in its own footer. The link opens the terms. The only statement of TNFX's role sits inside the referral agents clause: it acts only as principal.

Why this matters

Acting as principal means TNFX is the other side of your trade, which is ordinary for this business. Clause 1.1 tells you the opposite, that it takes no part in your gain or loss.

Exhibit 16WarningStandard wording

We only act as Principal, and therefore are not responsible for the size of the commissions, fees or charges paid by you to your Referral Agent.
Clause 11.4 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 20 of 50 in the TNFX Terms and Conditions (PDF), 40% of the way through.

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

Firms licensed by the FCA or CySEC must keep a conflicts of interest policy and tell a retail client when they deal on their own account. TNFX lists that policy as binding and publishes nothing under the name.

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

A dormancy fee with both of its numbers missing

Clause 34.1 of the TNFX agreement starts dormancy after the period published on its website, and clause 34.2 charges at the rate published on its website. Neither figure is published. The only page that mentions the fee repeats that the period is published, and does at least confirm the charge cannot exceed your balance.

Dormancy1 clause flagged

TNFX can charge a dormancy fee at the rate published on its website, once your account has been quiet for the period published on its website. Neither number is published. The fee cannot exceed your balance.

Why this matters

You cannot work out when the charge starts or what it costs. The one page that mentions it repeats that the period is published, and then does not publish it.

Exhibit 11WarningHarder than usual

An Account is dormant where no Transaction has been executed and no login has occurred for the period published on the Website.
Clause 34.1 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference
Our own capture of tnfx.co, taken on Oct 10, 2026The claim, on Spreads page, in the list of costs that are not the spreadVisit this page on the broker's siteDownload the full size image file

Buried at section 48 of 50 in the TNFX Terms and Conditions (PDF), 96% of the way through.

  • Only applies after Exhibit 12Both clauses hand the figure to a website page, and the page carrying those figures does not exist.

Clause 23.1 binds you to policies that do not exist

TNFX's clause 23.1 makes five published policies part of your contract, and two of them are real documents. The privacy link reprints clause 20, the complaints link reprints clause 15, and the conflicts link opens the terms. Client money segregation is promised on the Persian page and appears in no clause of either contract.

What is published2 clauses flagged

Clause 23.1 makes five published policies part of your contract. Two of them are real documents. The privacy link reprints clause 20, the complaints link reprints clause 15, and the conflicts link opens the terms themselves.

Why this matters

You cannot read a rule that was never written. Data handling, complaint handling and conflicts are governed by documents TNFX calls binding on you and does not publish.

Exhibit 18WarningHarder than usual

The policies we publish on the Website form part of these Terms and are binding on you, including our Bonus Policy, Anti-Money Laundering and Counter-Terrorist Financing Policy, Complaint Handling Policy, Conflicts of Interest Policy and Privacy Policy.
Clause 23.1 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Buried at section 41 of 50 in the TNFX Terms and Conditions (PDF), 82% of the way through.

TNFX's Persian page says client funds are held apart from company money. Neither contract contains a segregation clause. Clause 17.5 hands your funds back subject to charges and rights of set-off.

Why this matters

A promise on a page is not a term of your contract. Nothing you accept at signup says your money is held apart from TNFX's own.

Exhibit 19WarningHarder than usual

If termination occurs, we will, as soon as reasonably practicable and subject to these Terms, deliver to you any funds or investments in your Account(s) subject to any applicable charges and rights of set-off.
Clause 17.5 in TNFX Terms and Conditions (PDF)
Read from the broker's site on Archived copyOpen the reference

Buried at section 30 of 50 in the TNFX Terms and Conditions (PDF), 60% of the way through.

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

Firms licensed by the FCA or CySEC must hold retail client money in segregated accounts and belong to an investor compensation scheme. TNFX's Persian page says no compensation fund exists in its regime, and its contract says nothing at all about segregation.

TNFX 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 page says TNFX may never keep a deposit, and clause 21.9 of the same agreement says it may keep deposited capital.

Said in public, in English

What we may not do is keep funds you deposited. Voiding applies to profit arising from abusive transactions and to bonuses, which are not your deposited funds (clause 22.1b). Your own capital is your own capital.

English fair trading page, under what TNFX may do when abuse is established

In the contract · clause 21.9

Where we consider the conduct to be serious, to have been repeated, or to have occurred together with another breach of these Terms, we may retain all or part of the funds standing to the credit of the Account, including deposited capital, and close the Account.

02

The Arabic page promises a client's capital is untouchable, while the Bonus Policy claims the right to seize capital and profits with no explanation.

Said in public, in Arabic

أما ما لا يجوز لنا فهو الاحتفاظ بالأموال التي أودعتها. الإلغاء يطال الأرباح الناشئة عن صفقات مسيئة والمكافآت، وهي ليست أموالاً أودعتها (البند ٢٢‑١‑ب). رأس مالك يبقى رأس مالك.

Word for word in English: What we are not allowed to do is keep the funds you deposited. Voiding reaches the profits arising from abusive trades and the bonuses, which are not funds you deposited (clause 22.1.b). Your capital stays your capital.

Arabic fair trading page, the section on remedies

In the contract · clause 9

The abusive strategies are extremely prohibited, Bonus abusive is considered as a breach of this agreement, and if it is committed the company has the right to seize the capital and the profits when abusing is accrued without any explanation.

03

The page says no time limit applies to a swap-free position, and clause 21.4 makes how long you hold it a reason to withdraw the status.

Said in public, in English

No. Swap-free applies for as long as you hold the position.

Swap-free page, answer to whether there is a time limit on holding positions

In the contract · clause 21.4

In reaching a view under clause 21.3 we may take into account any matter we consider relevant, including the duration for which positions are held

04

Same day payment is promised on the website, and the contract's withdrawal clause commits TNFX to no period at all.

Said in public, in English

Most local withdrawals are paid the same working day once your account is verified.

Withdrawals page, answer to how long a withdrawal takes

In the contract · clause 5

Client logs into his account and places a withdrawal request. Back-office team process the request along with the trading rules.

05

The Arabic page presents one licensed company, and TNFX also publishes terms for a second company in a place that licenses nobody.

Said in public, in Arabic

نعم. TNFX Ltd مرخّصة كتاجر أوراق مالية من هيئة الخدمات المالية في سيشل بترخيص SD133، ومقرها المسجّل CT House, Office 9A, Providence, Mahe.

Word for word in English: Yes. TNFX Ltd is licensed as a securities dealer by the Financial Services Authority in Seychelles under licence SD133, with its registered office at CT House, Office 9A, Providence, Mahe.

Arabic about page, the answer on whether TNFX is licensed

In the contract · clause Regulatory Disclosure

TNFX MARKETS LTD. is incorporated in Saint Vincent and the Grenadines. Saint Vincent and the Grenadines does not regulate or license forex and CFD brokerage activities.

06

Segregation is promised on the Persian page, and the only clause about returning your money makes it subject to charges and set-off instead.

Said in public, in Persian

بله. وجوه مشتریان جدا از سرمایه عملیاتی شرکت نگهداری می‌شود. این با صندوق جبران خسارت سرمایه‌گذار که در این رژیم وجود ندارد یکی نیست.

Word for word in English: Yes. Client funds are kept separate from the company's operating capital. This is not the same as an investor compensation fund, which does not exist in this regime.

Persian about page, the answer on whether client money is segregated

In the contract · clause 17.5

If termination occurs, we will, as soon as reasonably practicable and subject to these Terms, deliver to you any funds or investments in your Account(s) subject to any applicable charges and rights of set-off.

07

The Arabic page advertises a lifetime bonus cap of $10,000, and the Bonus Policy caps the bonus at $5,000.

Said in public, in Arabic

50% على أول 1000$ من إجمالي إيداعاتك، ثم 20% على ما زاد، بسقف 10,000$ مدى الحياة.

Word for word in English: 50% on the first $1,000 of your total deposits, then 20% on anything above that, with a lifetime cap of $10,000.

Arabic about page, the bonus section

In the contract · clause 8

maximum Bonus offered is $5000.

08

The bonus page sets a $50 floor on withdrawing bonus profit, and the Bonus Policy sets $100.

Said in public, in English

Profits you made while trading with the bonus are yours and are withdrawable in the normal way, subject to the $50 minimum that applies to every route.

English bonus page, on how a bonus behaves at withdrawal

In the contract · clause 12

The minimum amount of the profit generated by using the bonus that the trader can withdraw is 100$ or what equals to in any other currency.

09

Both the page and the clause point at a published dormancy period, and no period is published anywhere on the site.

Said in public, in English

Dormant accounts may carry a fee after a published period. It never exceeds your balance and never pushes an account negative.

Spreads page, in the list of costs that are not the spread

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

In the contract · clause 34.1

An Account is dormant where no Transaction has been executed and no login has occurred for the period published on the Website.

10

A $50 floor on every payout lives on a marketing page, while the contract's withdrawal clause sets no minimum and nothing fixes the figure.

Said in public, in English

Minimum withdrawal is $50 on every method.

Payment methods page, under the deposit and withdrawal table

In the contract · clause 5

The withdrawal destination of the funds must be the same as the origin of the funds or an account proved to be owned by the client.

The documents this reading is based on

8 files, all published by TNFX. 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 TNFX publishes.

How this reading was done

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

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

Documents
8 of 8downloaded from the broker's site, and 8 read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
AR vs EN vs FAthe language it advertises in, against the language it contracts in
Position measured
17clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

TNFX Ltd

TNFX Ltd is the company in the 35-clause agreement, registered in Seychelles at CT House, Office 9A, Providence, Mahe, and licensed by the Seychelles Financial Services Authority as a Securities Dealer under SD133. A second company, TNFX MARKETS LTD of Suite 305, Griffith Corporate Center, Kingstown, St Vincent, publishes its own 20-clause terms under the same brand and the same trade name. That document says St Vincent does not regulate or license this business, and its last line has you consent to the entity being assigned by your country of residence. No page on the site says which countries get which company, and the first step of the account opening form names neither. The Bonus Policy gives the Seychelles address as Office 3A rather than Office 9A.

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 TNFX’s documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Sep 2, 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
5 clauses
We rate critical
6 now, 5 then
Our risk score
8.5 out of 10, unchanged

The client agreement is the same file as last time, at a new address, so every clause flagged before still stands unchanged. New this time: TNFX's fair trading page promises it cannot keep money you deposited, and clause 21.9 says it can. The bonus page and the Bonus Policy also disagree on the cap and on the floor for withdrawing bonus profit. The four policies we reported as dead links now open, two of them real documents, so that warning is narrower rather than repeated, and the score stays at 8.5.

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 8.5/1019 clauses6 critical
  2. Risk 8.5/1015 clauses5 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

TNFX publishes more of its own rules than most brokers in this market. Its fair trading page names the exact clause it relies on when it restricts an account, in English, Arabic and Persian. Its anti-money-laundering policy states that no system can freeze an account on its own, and that every restriction decision can be appealed. The Arabic page says SD133 is the only licence it holds, that it holds none from the FCA, ASIC or CySEC, and tells you to search the register yourself. Clause 34.2 caps the dormancy fee at your balance, and clause 34.4 says the money stays yours. The payment pages name the two Iraqi rails that take deposits and cannot pay out, Q-Card and Zain Cash, before you fund anything.

Four of the seven documents in TNFX's legal footer end in.pdf and open as web pages. Every quotation from the anti-money-laundering, privacy and complaints documents comes from those pages. The Conflicts of Interest link opens the Terms and Conditions page, so there is no conflicts policy to read. The earlier copy of the client agreement is the same file as today's, so its wording has not changed. We did not go past the first step of the account opening form, so we cannot say which company's contract a new client is shown.

How to check any of this yourself

Every quote above links to the TNFX 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 TNFX 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 TNFX 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 10, 2026.

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

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