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Contract reading

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

Every clause below is published by TotalFX 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: Onam Trading (Pty) Ltd

hidden feesole discretiondeemed acceptanceprofit voidingmarketing gapunilateral amendmentwithdrawalsaccount closureburied clausecomplaint deadline

TotalFX charges 3.5% to send back money you deposited but never traded, and its own contract names 5% for the same thing. Any balance of $10 or less is taken as fees and cannot be withdrawn at all. On suspicion alone, TotalFX can cancel every trade you made, keep the profit and refuse to discuss it. You get two business days to object to a statement before it becomes final.

Back to TotalFX

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.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
22
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
10
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 22 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical8
Warning11
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.

4 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.

Critical3.5%Fee you were not shown. Jump to the clause this comes from.Taking back money you never traded costs 3.5%Critical2 working daysTime to complain. Jump to the clause this comes from.Two business days to object or the statement standsCritical$5Fee on an unused account. Jump to the clause this comes from.Dormancy fees can empty and then close the accountCritical$10Withdrawal limit. Jump to the clause this comes from.Balances of ten dollars or less cannot be withdrawn

What the documents say

22 clauses worth knowing about, worst first, each quoted from TotalFX's own files

01

Deposit with TotalFX, change your mind, and you pay 3.5% of the money to get it back. Clause 21.10 of the Terms of Business sets that rate. Clause 21.2 of the same contract sets 5% for the same situation, and the contract never says which one you pay.

Why this matters

You have not placed a single trade and you are already down. On $1,000 that is $35 at the lower rate and $50 at the higher one. Nothing on the TotalFX website tells you either number before you deposit.

Exhibit 1CriticalRarely seen3.5%

In case Clients withdraw their funds prior to placing any orders, a withdrawal fee of 3.5% per payment will apply.
Clause 21.10 in Terms of Business, p.43
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026Taking back money you never traded costs 3.5% (clause 21.10)Visit this page on the broker's siteDownload the full size image file

What it costsA $1,000 deposit withdrawn before any trade returns $965 at the 3.5% rate in clause 21.10. At the 5% rate in clause 21.2 it returns $950.

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

Firms licensed by the FCA and CySEC must give a retail client the costs and charges of a service before that client trades, in a form the client can compare. This contract prints two different exit rates and publishes neither on the deposit journey.

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

Our readingCharging a percentage to return an untraded deposit is unusual by itself. Two different rates for the same event, 3.5% in clause 21.10 and 5% in clause 21.2, sitting a page apart in one contract, leaves the firm free to pick the higher one.

  • Worse together with Exhibit 2The percentage eats into a small balance, and once what is left drops to $10 or under, the rest is taken as fees too.
  • Worse together with Exhibit 9TotalFX publishes no fee page, so neither the 3.5% nor the 5% figure appears anywhere a depositor would look.
02

TotalFX only has to suspect you of arbitrage or abuse. Clause 12.5 then treats all your trades and all your profit as invalid, closes your accounts and cancels the transactions. You get your deposit back, minus the deposit and withdrawal charges.

Why this matters

Everything you earned can be wiped in one decision that you did not see coming. The contract adds that the decision is final and binding and that no correspondence will be entered into.

Exhibit 4CriticalHarder than usual

In these circumstances, we reserve the right to close/suspend (either temporarily or permanently) all of the Client’s trading Accounts and cancel/or all Transactions.
Clause 12.5 in Terms of Business, p.32
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026Suspicion alone voids every trade and every profit (clause 12.5)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 handle a customer complaint about a decision like this and must give reasons a client can challenge. This contract closes the argument before it starts by making the firm's own view final.

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

  • Worse together with Exhibit 7The firm decides, its own records count as conclusive evidence, and you had two business days to object to the statement in the first place.
03

You get two business days from receiving a TotalFX statement to object in writing. Clause 20.2 says that after that the statement is final and binding on you. Clause 26.9 makes TotalFX's own recordings conclusive evidence in any dispute.

Why this matters

A wrong charge or a wrong fill becomes unchallengeable in under a week. You are timed out before most people have opened the email, and the evidence that settles the argument belongs to TotalFX.

Exhibit 7CriticalHarder than usual2 working days

A statement of Account or certification or confirmation issued by the Company in relation to any transaction or other matter shall be final and binding on the Client, unless the Client file in writing his objection within two (2) business days from the receipt of the said statement of Account or certification or confirmation.
Clause 20.2 in Terms of Business, p.42
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026Two business days to object or the statement stands (clause 20.2)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 accept a complaint from a retail client for months, not days, and cannot treat their own records as conclusive against the client. Two business days is shorter than the time TotalFX itself takes to acknowledge a complaint, which its Complaint Handling Policy sets at seven business days.

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

04

TotalFX can decline your withdrawal or hold it until it is satisfied with your documents, and clause 19.9 puts no deadline on that. Clause 24.7 lets TotalFX stop you withdrawing any assets at all if it finds your money laundering explanations unsatisfactory. Clause 19.10 lets it reverse a withdrawal it has already started.

Why this matters

The test is whether TotalFX is satisfied, and TotalFX decides that. There is no outer limit on the hold, no appeal named, and no promise of a reason.

Exhibit 8CriticalHarder than usual

The Company may either decline a withdrawal request if the request is not in accordance with the provisions of this section of the Agreement, or delay the processing of the transfer request if the Company is not satisfied on the documentation made available by and for the Client and until such time as the Company shall be so satisfied.
Clause 19.9 in Terms of Business, p.40
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026Withdrawals can be refused, delayed or reversed at will (clause 19.9)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 return client money promptly on request and must give a reason and a complaints route when they refuse. This contract names no maximum time and no grounds you could test.

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

05

Stop trading for 90 days and TotalFX can take $5 a month from your account under clause 11.25. Clause 21.8 adds $25 a year after twelve months with no activity. If the balance cannot cover the fee, TotalFX takes what is there and closes the account.

In plain words

Dormancy means an account left unused.

Why this matters

Money you left with TotalFX drains away while you are not looking, and the last step of the ladder ends with the account gone. No clause promises you a warning before the charging starts.

Exhibit 3CriticalHarder than usual$5

In case of absence of any trading activity within 90 calendar days of the Client’s account, the Company reserves the right to charge a fixed payment of 5 USD/EUR/GBP/CHF or 600 JPY (depending on the base account(s) currency) per account, per month in order to maintain the account(s), assuming that the Trading Account(s) has the available funds.
Clause 11.25 in Terms of Business, p.27
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026Dormancy fees can empty and then close the account (clause 11.25)Visit this page on the broker's siteDownload the full size image file

What it costsAn account left alone for a year at $5 a month loses $45 from the ninetieth day onward, before the $25 annual fee in clause 21.8 is added.

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

Firms licensed by the FCA and CySEC must set out charges of this kind in the costs disclosure a retail client sees before opening an account. TotalFX keeps the $5 monthly fee in the orders section and the $25 annual fee in the fees section, twenty pages apart, and puts neither on its website.

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

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After 1 month inactiveTotalFX can archive the account for any reason, without notice.11.26
Day 90A $5 monthly fee starts, taken from the account balance.11.25
Balance under $5 at day 90TotalFX takes a smaller amount instead and closes the account down.11.25
After one year with no funding or tradingA $25 annual administrative fee is charged on top.21.8
Funds not available for the annual feeTotalFX charges a lower amount and closes your account.21.8
  • Worse together with Exhibit 2The monthly fee pushes the balance under $10, and at that point clause 27.5 stops you withdrawing what is left.
06

Clause 18.3 says your funds are kept apart from TotalFX's own money. Clause 18.4 then takes the margin behind your open trades out of that protection: ownership passes to TotalFX, and the margin becomes a debt it owes you rather than client money.

Why this matters

While you hold a position, the money backing it is no longer ring fenced. If TotalFX ran into trouble, you would be owed that margin rather than holding it.

Exhibit 16WarningHarder than usual

In this case, the Margin will be considered as a debt due by the Company to the Client and not as Client Money, therefore it could be used by the Company subject to the repayment obligation.
Clause 18.4 in Terms of Business, p.39
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026The claim, on Trade with Confidence section of the TotalFX About Us pageVisit this page on the broker's siteDownload the full size image file
Our own capture of totalfx.com, taken on Aug 23, 2026What the contract says, clause 18.4Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Firms licensed by the FCA and under the wider ESMA rules are not permitted to enter title transfer collateral arrangements with retail clients at all, precisely because it converts protected client money into an ordinary debt. This contract applies it to every open position.

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

Every TotalFX withdrawal runs on the firm being satisfied, with no clock on it

Clause 19.9 lets TotalFX decline or hold a withdrawal until it is satisfied with your paperwork, and sets no deadline. Clause 24.7 lets it stop you withdrawing any assets at all over money laundering answers it calls unsatisfactory. Clause 19.10 lets it reverse a withdrawal already in progress, and clause 27.5 keeps anything at or below $10.

Exit conditions1 clause flagged

If $10 or less is left in your TotalFX account, you cannot take it out. Clause 27.5 of the Terms of Business says those funds are deducted as fees instead, and the Refund and Cancellation Policy says the whole amount goes on the fee.

Why this matters

Small balances belong to TotalFX by default, not to you. The homepage advertises no minimum deposit, so you can fund an account with an amount the contract will never let you take back.

Exhibit 2CriticalHarder than usual$10

Clients with remaining funds below USD 10 (or currency equivalent) will not be eligible for withdrawal since such funds will be deducted as fees.
Clause 27.5 in Terms of Business, p.51
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026Balances of ten dollars or less cannot be withdrawn (clause 27.5)Visit this page on the broker's siteDownload the full size image file

What it costsA $10 withdrawal returns nothing. The whole $10 is taken as the fee under clause 2.4 of the Refund and Cancellation Policy.

Suspicion is enough for TotalFX to cancel your trades and keep the profit

Clause 12.5 of the TotalFX Terms of Business treats every trade and every profit as invalid on suspicion alone, with abuse and arbitrage left undefined. Clause 12.4 makes that decision final and binding and says no correspondence will be entered into. Clause 4.6 of the Introducer Agreement goes further and lets profit be taken from your related accounts if it was already withdrawn.

Profit voiding1 clause flagged

The Introducer Agreement, a document written for partners, lets TotalFX confiscate profit from a client's related accounts when profit from banned trading has already been withdrawn. The same clause lets TotalFX charge a penalty fee to the introduced client, with the size left to TotalFX.

Why this matters

This reaches your money, and it sits in a contract you were never asked to sign or read. If the account that made the profit is empty, TotalFX can take the shortfall out of your other accounts.

Exhibit 6CriticalRarely seen

Close the account, confiscate any profits that arose from prohibited trading techniques and return the original deposit(s) to the introduced Client. If profits arising out of Prohibited Trading were already withdrawn, profits can be confiscated from the Client’s related accounts in order to make up for the difference.
Clause 4.6.vii in Introducer Agreement, p.10
Downloaded from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026Profit taken from your other accounts, under the partner contract (clause 4.6.vii)Visit this page on the broker's siteDownload the full size image file

Our readingReaching across a person's other accounts to recover money already paid out is a debt collection device, not a trading term. Placing it in the partner agreement rather than the client agreement means the person it is used against has no reason to have read it.

One IP address shared with another client can unwind your trading history

Clause 27.6 of the TotalFX Terms of Business lets the firm terminate you for logging in from the same device or IP address as another client. The Bonus Policy version lets TotalFX reverse and cancel all your previous transactions even where the other person may not have traded abusively. Leverage advertised at 1:1000 can be cut to 1:100 every Friday evening under clause 11.23, and no clause promises you notice before the terms change.

Shared connections3 clauses flagged

Trade from the same home connection or the same laptop as another TotalFX client and clause 27.6 lets TotalFX close you down. The Bonus Policy goes further: it lets TotalFX reverse and cancel all your previous transactions even where the other person may not have done anything wrong.

Why this matters

Two people in one house, one office or one internet cafe is enough to trigger this. Using a VPN counts too. Your completed trades can be unwound because of what somebody else on your connection is suspected of.

Exhibit 5CriticalRarely seen

if the Company reasonably suspects that the Client logs-in to his/her Trading Account(s) and/or trades under the same device and/or under the same IP address as other Client(s) who performed or performs abusive trading and/or is suspected that the Client trades in cooperation with another Client(s) and where the Client and other Client(s) use the same or similar trading patterns.
Clause 27.6.ix in Terms of Business, p.52
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026Sharing an IP address can undo your whole trading history (clause 27.6.ix)Visit this page on the broker's siteDownload the full size image file

Our readingOne account per connection rules are common. What is unusual here is the Bonus Policy wording "who may or may not have performed or performs abusive trading", which removes the need for the other person to have done anything at all, and still allows every past transaction on your account to be reversed.

  • Worse together with Exhibit 4A shared address makes you a suspected abusive trader, and the abusive trading clause then voids the profit.
  • Worse together with Exhibit 6Once accounts are treated as connected, the Introducer Agreement lets profit be taken from the other accounts as well.

TotalFX advertises leverage up to 1:1000, which means you can hold a position worth a thousand times the money you put up. Clause 11.23 lets TotalFX drop that to 1:100 every Friday evening, and change your leverage at any time without your consent.

Why this matters

The number that sold you the account is not the number you get when you want to open a position. Clause 13.2 also makes you cover TotalFX for any loss caused by its own widening of spreads.

Exhibit 12WarningRarely seen

At every Friday, the Company has the discretionary right between the hours 21:00 and 24:00 server time to set the maximum leverage at 1:100 for opening a new position.
Clause 11.23 in Terms of Business, p.27
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026The claim, on Special Client Perks list on the TotalFX partners pageVisit this page on the broker's siteDownload the full size image file
Our own capture of totalfx.com, taken on Aug 23, 2026What the contract says, clause 11.23Visit this page on the broker's siteDownload the full size image file

Our readingBrokers routinely reserve the right to change leverage and spreads. Making the client indemnify the firm for losses that the firm's own discretionary widening causes is the unusual part, because it turns the firm's decision into the client's bill.

TotalFX can change your fees without asking you, and clause 28.10 puts the duty on you to keep visiting its website to find out. No clause promises you notice of a change to the Terms of Business. The partners who introduce clients get three business days notice under their own contract.

Why this matters

A fee can change on a Tuesday and bind you on the Wednesday. The people selling you the account are told before you are.

Exhibit 18WarningHarder than usual

The Client shall regularly visit Company’s website to obtain updated information.
Clause 28.10 in Terms of Business, p.55
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 give a retail client advance notice of changes to a continuing contract, in a durable form such as email. Here the contract points the client at a website instead.

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

Five TotalFX promises the contract does not keep

The TotalFX registration page promises no fees on deposits while clause 19.1 reserves the right to charge them at any time. The forex page advertises no dealing desk execution while clause 15.6 makes TotalFX the counterparty to every trade. The About Us page says your funds are safe while clause 18.4 moves your margin out of client money, and the published Risk Disclosure contradicts the firm's own negative balance protection.

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.

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.

Site against contract2 clauses flagged

The TotalFX forex page lists "No dealing desk execution" as a feature. Clause 15.6 of the Terms of Business says TotalFX is always the counterparty to every trade, and clause 4.4 says it is the sole execution venue for every order.

Why this matters

TotalFX takes the other side of your trade, so what you lose it can keep. The page that sold you the account says the opposite, and the clause that settles it sits on page 34 of a 62 page PDF.

Exhibit 10WarningHarder than usual

The Company is always the counterparty (or principal) to every trade; therefore if the Client decides to open a position in a Financial Instrument with the Company, then that open position can only be closed with the Company.
Clause 15.6 in Terms of Business, p.34
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026The claim, on MT5 feature list on the TotalFX forex market pageVisit this page on the broker's siteDownload the full size image file
Our own capture of totalfx.com, taken on Aug 23, 2026What the contract says, clause 15.6Visit this page on the broker's siteDownload the full size image file

The Terms of Business define negative balance protection as never losing more than you put in, and clause 17.4 says there is no residual loss beyond the funds in your accounts. The Risk Disclosure on the same website says you will be liable for any resulting loss or deficit.

Why this matters

You cannot tell from TotalFX's own documents whether a bad gap leaves you at zero or leaves you owing money. Clause 17.4 also lets TotalFX pull funds from any other account you hold to clear a negative balance.

Exhibit 20WarningHarder than usual

The Client understands that there can be no residual loss or obligation to provide additional funds beyond those in the Client’s accounts.
Clause 17.4 in Terms of Business, p.38
Read from the broker's site on Open the reference
Our own capture of totalfx.com, taken on Aug 23, 2026The claim, on Effect of Leverage or Gearing section of the published Risk DisclosureVisit this page on the broker's siteDownload the full size image file
Our own capture of totalfx.com, taken on Aug 23, 2026What the contract says, clause 17.4Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA and under the ESMA rules must give retail CFD clients negative balance protection on a per account basis and must state it clearly. Here the promise and its contradiction sit in two documents published side by side.

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

TotalFX charges to give back money you never traded, and prints two different rates for it

Clause 21.10 of the TotalFX Terms of Business charges 3.5% to withdraw a deposit before you place an order. Clause 21.2 of the same contract charges 5% for the same event, and nothing says which applies. A chargeback costs a further $150 under clause 17.5, TotalFX keeps the interest on your balance, and the fee schedule you warrant you have read is on no page of totalfx.com.

Cost disclosure3 clauses flagged

Clause 19.13 makes you warrant that you have read the deposit and withdrawal costs for each payment method "available on the Company's website". We looked: totalfx.com has no fees page, no deposit page and no withdrawal page. Clause 19.1 lets TotalFX add deposit and withdrawal fees at any time.

Why this matters

You are signing a promise that you have read something you cannot find. TotalFX can then change those costs whenever it likes and point at the same website you already could not use.

Exhibit 9WarningHarder than usual

The Client warrants and acknowledges that he/she has read understood and accepted the additional information, including costs and fees, regarding deposits and withdrawals provided for each payment method which are available on the Company’s website. The Company reserves the right to amend at its discretion all such costs and fees.
Clause 19.13 in Terms of Business, p.41
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 give a retail client the costs and charges of a service in good time before that client is bound. Here the disclosure is a warranty that the client has read a document, rather than the document itself.

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

Ask your bank to reverse a card payment to TotalFX and clause 17.5 charges you USD 150 as a research fee. The clause applies whether you did it on purpose or not, and it sits in the account section of the contract rather than with the other fees.

Why this matters

A card dispute you raised by mistake costs you $150 before anyone looks at who was right. The same clause lets TotalFX cancel profits and close the account over it.

Exhibit 17WarningHarder than usual$150

In case that a Client place a chargeback (intentionally or unintentionally) in his/her account with the Company, the Company reserves the right to charge a “USD 150 – as research fee” to his/her account upon receiving the chargeback for its investigation expenses.
Clause 17.5 in Terms of Business, p.38
Read from the broker's site on Open the reference

Clause 19.15 has you waive every right to interest earned on the money TotalFX holds for you, and clause 23.3 says your account balance does not bear interest. TotalFX keeps that interest to cover its own administration costs.

Why this matters

Idle cash in your trading account earns you nothing while it earns TotalFX something. On a balance held for a year that is a real amount you never see.

Exhibit 21NoticeStandard wording

By entering into this Agreement the Client waives any and all rights to receive any interest earned in moneys held in the Bank Clients’ Account and consents that the Company shall benefit from any such interest earned to cover the registration, general expenses, charges, fees and interest related to the administration and maintenance of the Banks Clients’ Account.
Clause 19.15 in Terms of Business, p.41
Read from the broker's site on Open the reference

TotalFX can rewrite the bonus rules backwards over trades you already made

Clause C.6 of the TotalFX Bonus Policy replaces the terms you accepted with the newest promotion terms, applied retroactively, and treats your consent as carried over. Withdrawing a deposit without trading is listed in clause C.2 as a reason to cancel all profits. Any withdrawal strips the bonus in proportion to what you take out.

Promotion terms1 clause flagged

Take a TotalFX bonus and clause C.6 lets TotalFX replace the terms you agreed with whatever the newest promotion says, applied backwards, with your consent treated as carried over. Withdrawing without trading is listed as a reason to cancel all your profits.

Why this matters

The rules governing your money can change after you have played by the old ones. A withdrawal also strips the bonus in proportion to what you take out, so pulling money out shrinks the buying power you were trading on.

Exhibit 13WarningRarely seen

Clients acknowledge and agree that any previous promotions Terms and Conditions may, at the Company's discretion, be retroactively substituted with the most recent promotions Terms and Conditions and by agreeing with this promotion or any past or future promotions, Clients acknowledge and agree that their consent is carried over to the new promotion Terms and Conditions.
Clause C.6 in Bonus Policy, p.9
Read from the broker's site on Archived copyOpen the reference

Our readingRetroactive substitution of promotion terms, with consent deemed to carry over to terms that did not exist when you agreed, removes the fixed point that a promotion normally has. Most bonus terms at least bind the firm to the version in force when the bonus was credited.

A Cyprus company handles TotalFX payments while disputes go to South African courts

Clause 19.16 names Rateo Ltd of Limassol, Cyprus as the company facilitating payments for Onam Trading (Pty) Ltd. That clause was rewritten since July 2025 to call Rateo an independent representative rather than a payment agent, and it is the only edit made to the 62 page contract in that time. Clause 34.1 still sends every dispute to the courts of South Africa.

Who holds the money1 clause flagged

Rateo Ltd, a Cyprus company, handles payments for TotalFX. Clause 19.16 used to call Rateo a payment agent. It now calls Rateo an independent representative, which loosens the link between the licensed South African company and the company that touches your money.

Why this matters

If a payment goes wrong, the entity that took it sits in Cyprus while your contract sends every dispute to the courts of South Africa. The change of wording is the only edit TotalFX has made to this 62 page contract since July 2025.

Exhibit 15WarningHarder than usual

Rateo Ltd, a company incorporated in Cyprus with registration number HE 457844 and having its registered address at Spyrou Kyprianou 78, Limassol, Cyprus, is acting as an independent representative on behalf of Onam Trading (Pty) Ltd (South Africa), which is the License Holder, by facilitating payments on behalf of the latter.
Clause 19.16 in Terms of Business, p.41
Read from the broker's site on Open the reference

TotalFX gives you thirty days to verify before it closes your positions

Clause 24.7 lets you trade unverified while deposits stay at or below $2,000, for 30 calendar days from the first payment. Cross $2,000 inside that window and TotalFX sets the account to close only. Miss day 30 and TotalFX ends the relationship, closes any open position at that moment and returns the balance with any profit.

Verification clock1 clause flagged

TotalFX lets you trade unverified while your deposits stay at or below $2,000, for 30 calendar days. Go over $2,000 in that window and the account is set to close only. Miss the thirtieth day and TotalFX ends the relationship and closes your open positions.

Why this matters

Your positions are shut at whatever price the market gives at the deadline, not at a price you chose. TotalFX does say it will send reminders during the thirty days and will return your balance including any profit.

Exhibit 14WarningStandard wording30 days

the cumulative amount of deposited funds of a customer/beneficial owner should not exceed $2,000, irrespective of the number of accounts the client/beneficial owner holds with the Company.
Clause 24.7.i in Terms of Business, p.46
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Initial depositYou can trade unverified while total deposits stay at or below $2,000.24.7.i
Redeposit above $2,000TotalFX sets the account to close only until verification is done.24.7.iii
Day 30TotalFX ends the relationship, closes open positions and returns the balance.24.7.v

TotalFX sets the price, takes the other side, and keeps its mark-up off your confirmation

Clause 4.4 makes TotalFX the principal and the sole execution venue for every order you place. Clause 21.11 lets TotalFX and its associates share in a mark-up on your trades and states that the details will not appear on your trade confirmations. TotalFX will tell you the amount only on request and only at its own discretion.

Who profits1 clause flagged

TotalFX and its associates can take a commission, mark-up or mark-down on your trades. Clause 21.11 then says the details will not appear on your trade confirmations, and that TotalFX will tell you the amount only on request and only if it chooses to.

In plain words

Remuneration means payments it receives.

Why this matters

You cannot see what a trade actually cost you. TotalFX sets the prices you trade at, takes the other side, and keeps the size of its own margin off the paperwork.

Exhibit 11WarningHarder than usual

Details of any such remuneration or sharing arrangement will not be set out on the relevant Trade Confirmations.
Clause 21.11 in Terms of Business, p.43
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 disclose payments received from third parties in connection with a client's business, and must show a retail client the actual costs of their trades. This clause states the opposite as a term of the contract.

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

  • Same clause as Exhibit 10The firm that sets the price also takes the other side and keeps its mark-up off the confirmation.

You get two business days to dispute a TotalFX statement

Clause 20.2 makes a TotalFX statement final and binding unless you object in writing within two business days of receiving it. Clause 26.9 makes the firm's own recordings conclusive evidence in any dispute. The complaints policy allows TotalFX up to 60 business days to answer, and says the procedure itself can be cancelled at any time.

Challenge window1 clause flagged

TotalFX gives itself the right to amend or cancel its own complaints procedure whenever it likes. The policy allows up to 60 business days for a final answer, and then points you to the FAIS Ombud in South Africa, which you have six months to use.

Why this matters

Waiting three months for an answer is long, but the Ombud route is real and free. What the first line takes away is your certainty that the procedure will still exist when you need it.

Exhibit 19NoticeHarder than usual60 working days

Kindly note that Company’s internal complaints resolution procedure may be amended or cancelled by us at any time.
Quoted in Complaint Handling Policy, p.2
Read from the broker's site on Open the reference

You contract with Onam Trading (Pty) Ltd on one South African licence

Clause 1.1 names Onam Trading (Pty) Ltd, registration 2015/302489/07, authorised by the FSCA as a Financial Service Provider under number 51105. The Copy Trading terms describe the same firm as holding a Securities Dealer License, which is not what that licence is. No compensation scheme is named in any of the ten documents TotalFX publishes.

The counterparty1 clause flagged

Onam Trading (Pty) Ltd holds FSCA licence 51105 in South Africa, and the Terms of Business name it in clause 1.1. The Copy Trading terms describe the same firm as authorised "subject to its Securities Dealer License", which is not what a South African provider licence is called.

Why this matters

One licence covers everything TotalFX offers you, and no compensation scheme is named anywhere in the document set. If the firm fails, no fund stands behind your balance.

Exhibit 22NoticeStandard wording

TotalFX is the tradename of Onam Trading (Pty) Ltd, a company with registration number 2015/302489/07 and having its registered address at 14 Trinity Street, Bloubergstrand, Cape Town, Western Cape, 7441, South Africa duly authorized by the Financial Sector Conduct Authority (the “FSCA”) as Financial Service Provider (“FSP”) under FSP number 51105 (hereafter the “Company” or “TotalFX”).
Clause 1.1 in Terms of Business, p.3
Read from the broker's site on Open the reference
Set against a regulated standard: FSCA (South Africa), FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA, CySEC and comparable regimes sit inside a statutory compensation scheme that pays a capped amount if the firm fails. The FSCA licence TotalFX holds carries no equivalent fund, and the document set names none.

TotalFX 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 registration page promises no deposit fees while the contract you sign on it reserves the right to charge them at any time.

Said in public, in English

No fees on deposits

TotalFX Benefits list on the live account registration page at secure.totalfx.com

In the contract · clause 19.1

Our Company reserve the right to impose deposit/withdrawal limits and deposit/withdrawal fees in our system(s) at any time.

02

The advertised 1:1000 leverage can be cut to a tenth of that every Friday evening at the firm's discretion.

Said in public, in English

cTrader with 1:1000 leverage

Special Client Perks list on the TotalFX partners page

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

In the contract · clause 11.23

At every Friday, the Company has the discretionary right between the hours 21:00 and 24:00 server time to set the maximum leverage at 1:100 for opening a new position.

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

03

The site sells execution with no dealing desk while the contract makes TotalFX the counterparty and the only venue for every trade.

Said in public, in English

No dealing desk execution

MT5 feature list on the TotalFX forex market page

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

In the contract · clause 15.6

The Company is always the counterparty (or principal) to every trade; therefore if the Client decides to open a position in a Financial Instrument with the Company, then that open position can only be closed with the Company.

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

04

The page promises your funds are safe while the contract moves the margin behind your open trades out of client money and into a debt.

Said in public, in English

TotalFX offers a secure and transparent trading environment, ensuring that your funds are safe and your trades are executed with precision.

Trade with Confidence section of the TotalFX About Us page

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

In the contract · clause 18.4

In this case, the Margin will be considered as a debt due by the Company to the Client and not as Client Money, therefore it could be used by the Company subject to the repayment obligation.

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

05

There is no minimum to put money in, but under the contract anything at or below $10 can never come back out.

Said in public, in English

No min. deposit

Account Types comparison table on the TotalFX homepage

In the contract · clause 27.5

Clients with remaining funds below USD 10 (or currency equivalent) will not be eligible for withdrawal since such funds will be deducted as fees.

06

One TotalFX document says you can be left owing money and another says you never can.

Said in public, in English

Failing to comply with a request for a deposit of additional funds, may result in closure of your position(s) by TotalFX on your behalf and you will be liable for any resulting loss or deficit.

Effect of Leverage or Gearing section of the published Risk Disclosure

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

In the contract · clause 17.4

The Client understands that there can be no residual loss or obligation to provide additional funds beyond those in the Client’s accounts.

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

What changed quietly

This is our first reading of TotalFX, so there is no earlier version of this page to set it against.

  • REWRITTENClause 19.16 · 2025-07-27 (archived) to 2026-08-23 (downloaded today)

    The company that handles your payments stopped being called an agent of TotalFX and became an independent representative, which weakens the tie between the two.

    Rateo Ltd, a company incorporated in Cyprus with registration number HE 457844 and having its registered address at Spyrou Kyprianou 78, Limassol, Cyprus, is acting as an independent representative on behalf of Onam Trading (Pty) Ltd (South Africa), which is the License Holder, by facilitating payments on behalf of the latter.

  • ADDEDClause · 2026-03-11 (archived) to 2026-08-23 (read today)

    Copy trading terms joined the legal documents page after March 2026, and nothing else on that page changed.

    Terms Of Business - Copy Trading

The documents this reading is based on

10 files, all published by TotalFX. 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 TotalFX publishes.

How this reading was done

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

This reading was published on .

Documents
9 of 10downloaded from the broker's site, and 9 read in full
Pages opened
28pages walked to find those documents, footer links included
Older copies
9earlier versions downloaded, 3 identical to the copy we hold by fingerprint
Marketing pages
2public pages set against what the contract says

Who the contract is with

Onam Trading (Pty) Ltd

You contract with Onam Trading (Pty) Ltd, registration number 2015/302489/07, of 14 Trinity Street, Bloubergstrand, Cape Town, South Africa. TotalFX is that company's trading name, and clause 1.1 of the Terms of Business says so. It holds one licence, FSCA Financial Service Provider number 51105 in South Africa, and clause 34.1 sends any dispute to the courts of South Africa. Your money is not always handled by that company: clause 19.16 says Rateo Ltd, a Cyprus company, facilitates payments as an independent representative on its behalf. The Copy Trading terms describe the firm's authorisation as a "Securities Dealer License", which is not what an FSCA provider licence is called. No compensation or investor protection scheme is named anywhere in the document set.

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

TotalFX publishes its full document set as free PDFs on one page, with no login and no dead links. The complaints policy names the FAIS Ombud in South Africa with a postal address, a phone number and a six month window to escalate, which is a real independent route that most offshore CFD brands do not offer. The money laundering checks are written out as a clear ladder: $2,000 and 30 days to verify, written reminders during that time, and the balance returned with any profit if you never verify. Clause 18.3 states plainly that client funds are held apart from the firm's own money.

We read the Terms of Business, the Refund and Cancellation Policy, the Bonus Policy, the Copy Trading terms, the Risk Disclosure, the Complaint Handling Policy and form, the Privacy Policy and the Legal Documents page in full, all from TotalFX's own site. We read only part of the 17 page Introducer Agreement: we searched it clause by clause for terms that reach a retail client and read those, not the partner commission schedules. TotalFX's registration page at secure.totalfx.com answered "Access to this website is restricted from your location", so we could not see which countries the signup form actually accepts. TotalFX runs no other language version of its site that we could find, so there was no localised marketing to hold against the English contract. Three of the earlier copies were identical fingerprints to today's files, so we checked them rather than reading them.

How to check any of this yourself

Every quote above links to the TotalFX 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 TotalFX 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 TotalFX 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 Aug 23, 2026.

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

Back to the TotalFX profile