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Contract reading

What PRIME CDEX legally published, but does not want you to read

Every clause below is published by PRIME CDEX 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: Trade Nation Europe Empresa de Investimento, S.A.

withdrawalshidden feemarketing contradictionclient moneycounterpartykyc freezenegative balance protectionprofit voidingaccount closureaccount security

Your contract is with Trade Nation Europe, a Portuguese firm licensed by the CMVM, and no document mentions PRIME CDEX. Trade Nation sells fixed spreads and guaranteed stops, yet its contract lets spreads change in volatile markets and stops fail across gaps. It can void winning trades it suspects of market abuse while enforcing losing ones. An email left unanswered for 20 business days counts as a default.

Back to PRIME CDEX

Contract risk

Harder than average
5.0/10

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.
1
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
23
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
13
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 23 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.

Critical1
Warning12
Notice10

section 14 of 20is where the deepest clause sits, 70% of the way into the document it is in

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

20 working daysAccount limit. Jump to the clause this comes from.An email unanswered for 20 business days is a default0.45%Fee you were not shown. Jump to the clause this comes from.A 0.45% fee on foreign-currency profits and losses$50Withdrawal limit. Jump to the clause this comes from.A €50 minimum withdrawal the contract never mentions5 working daysDocument deadline. Jump to the clause this comes from.Documents can be demanded at any time, including at withdrawal

What the documents say

23 clauses worth knowing about, worst first, each quoted from PRIME CDEX's own files

01

If Trade Nation suspects market abuse, such as insider dealing, it can void your winning trades, enforce your losing ones and give no reason. The voiding becomes final unless you satisfy Trade Nation that you did nothing wrong.

Why this matters

You carry the burden of proof, and Trade Nation judges your evidence. The trigger is limited to suspected market abuse, but the test is suspicion, not proof.

Exhibit 2CriticalStandard wording

If we have reasonable grounds to suspect that you have placed or closed a Transaction or placed an Order in breach of the representations and warranties given in Clause 16.1, we may, without being under any obligation to inform you of our reasons, take any or all of the following steps:
Clause 16.5 in Client Agreement, p.25
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
Reasonable grounds to suspectTrade Nation may close your trades, enforce the losing ones, void the winning ones and cancel your orders, without giving reasons.16.5
Three months after Trade Nation actsIf you have not produced evidence Trade Nation accepts, the voided trades become finally void.16.5(c)
  • Worse together with Exhibit 11Clause 17.7 makes Trade Nation's records conclusive evidence, while clause 16.5 asks you to disprove a suspicion to Trade Nation's own satisfaction.
02

Trade Nation tells you its spreads, the gap between its buy and sell prices, stay fixed even in turbulent markets. Its contract says the spread varies with market conditions, and its risk notice says it can change in volatile markets.

Why this matters

The spread is the main cost of every trade. If it widens when you close in a fast market, you pay more than you planned, and the contract decides, not the website.

Exhibit 1Warning

The dealing spread may vary depending on trading hours as listed in the Market Information Sheets and is subject to change in times of volatile market conditions.
Clause 8 in Risk Disclosure Notice, p.3
Read from the broker's site on Archived copyOpen the reference

Buried at section 14 of 20 in the Risk Disclosure Notice, 70% of the way through.

Set against a regulated standard: ESMA (EU)

Under MiFID II, the EU rules that ESMA coordinates, investment firms must make all information for clients, marketing included, fair, clear and not misleading. Trade Nation's website says its spreads hold in turbulent markets, and its own risk notice says they can change in volatile ones.

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

03

You pay a premium for a guaranteed stop, an order Trade Nation sells as closing your trade at exactly your price. The contract says the guarantee may not apply if the market jumps past your level while it is closed.

Why this matters

Trade Nation's own guide says price jumps are most likely at night and over weekends, exactly when you would want the guarantee. Your trade may then close at the next available price instead.

Exhibit 3WarningHarder than usual

we will only execute a GSLO during Normal Trading Hours for the relevant Instrument. If the market gaps through your GSLO level outside of Normal Trading Hours, the guarantee may not apply and your position may be closed at the next available market price;
Clause 9.9(c) in Client Agreement, p.13
Read from the broker's site on Open the reference
04

If you do not answer an email from Trade Nation within 20 business days, the contract counts it as an Event of Default. Trade Nation may then close your open trades, treat trades as void and close your accounts.

Why this matters

The clock starts when Trade Nation sends the email, not when you read it, so a holiday or a spam folder can set it off. Trade Nation must act reasonably, but silence sits on the same list as failing to pay.

Exhibit 4WarningHarder than usual20 working days

you fail to respond to any written notice or correspondence from us within 20 business days of that notice being sent to your registered contact details; or
Clause 18.1(k) in Client Agreement, p.28
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
Email sentThe email counts as received the moment Trade Nation sends it.19.7(a)
20 business days without a replyYour silence becomes an Event of Default.18.1(k)
Event of DefaultTrade Nation may close out your trades at market price, cancel your orders and close your accounts.18.2
  • Same clause as Exhibit 6Both rest on clause 8.6, which lets Trade Nation void a trade on a list of grounds that includes any Event of Default.
05

Trade Nation promises you will never lose more than you deposit, a safeguard called negative balance protection. Clause 23.6 lets it reverse that protection and claim the shortfall if it believes a breach by you caused it.

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

The trigger covers any breach of the contract, not only fraud, and Trade Nation needs only reasonable grounds to believe it. You could owe money after your account has already reached zero.

Exhibit 5WarningHarder than usual

If we have reasonable grounds to believe that the negative balance arose as a result of market abuse, fraud or any other breach of this Agreement by you, we reserve the right to reverse the adjustment and seek recovery of the relevant amount from you.
Clause 23.6 in Client Agreement, p.33
Read from the broker's site on Open the reference

Trade Nation's costs go beyond the spread it advertises

Trade Nation charges a 0.45% conversion fee on foreign-currency profits and losses and a 2.5% yearly administration charge on overnight positions. Its contract also lets it deduct bank charges from withdrawals, change financing terms on 14 days' notice and keep the interest earned on your cash.

Cost disclosure5 clauses flagged

Trade Nation tells you it charges nothing for withdrawals and covers all costs on its side. The contract still lets it deduct bank charges from a withdrawal, and payment processing fees from money it returns when your account closes.

In plain words

Dormancy means an account left unused.

Why this matters

No clause names an amount, so you cannot know these charges in advance. Clause 11.16 only says Trade Nation will try to absorb withdrawal bank charges where possible.

Exhibit 8WarningStandard wording

we are entitled to deduct from any such payment any and all amounts outstanding and owed to us, together with any bank charges incurred in processing the payment to you;
Clause 11.4(a) in Client Agreement, p.16
Read from the broker's site on Open the reference

When you trade a market priced in another currency, Trade Nation applies a 0.45% conversion fee to the profit or loss. It converts at an exchange rate its own platform generates, which its policy says may differ from the market rate.

Why this matters

The fee applies to losses as well as profits, so a losing trade costs you slightly more. You cannot check the exchange rate in advance, so you do not know the full cost before you trade.

Exhibit 9WarningStandard wording0.45%

Where the quote currency of an instrument differs from the client's account base currency, a conversion fee of 0.45% is applied to the profit or loss at the time the position is closed, using the prevailing market exchange rate.
Quoted in Costs & Charges Disclosures, p.3
Read from the broker's site on Open the reference

Where it sits: section 9 of 46 in the Costs & Charges Disclosures, near the start.

What it costsA €1,000 profit on a dollar-priced market loses €4.50 to the fee. A €1,000 loss grows to €1,004.50.

Set against a regulated standard: ESMA (EU)

Under MiFID II, firms in the EU must tell clients about all costs before they trade, including the currency conversion rates and costs that apply. Trade Nation states its 0.45% fee, but not how far its own platform rate may sit from the market rate.

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

Trade Nation promises you 30 days' notice of material cost changes. Schedule 1 of the same contract gives it only 14 days to change financing charges or commission, and Schedule 1 wins any conflict.

Why this matters

Trade Nation advertises zero commission, yet its contract keeps commission open and lets the terms change at short notice. Its cost document adds that some financing rates may change without prior notice.

Exhibit 14NoticeStandard wording14 days

We reserve the right to vary the method of calculating the financing charge, the applicable financing rates and the types of CFDs to which the financing charge applies. We will give you no less than 14 days written notice of any such change
Clause Schedule 1, 3(d) in Client Agreement, p.50
Read from the broker's site on Open the reference

If you hold a position past 22:00 UK time, Trade Nation adds a 2.5% yearly administration charge to the funding cost. On commodities the charge is 3%, and on currency pairs buyers and sellers can both end up paying.

Why this matters

Trade Nation's cost document then contradicts itself: one example calls a negative figure a cost to you, another calls a negative figure a credit. You cannot rely on those examples to work out what you will pay.

Exhibit 15NoticeStandard wording2.5%

Overnight funding on Spot FX CFDs reflects the interest rate differential between the two currencies in the pair, adjusted by an administration charge of 2.5% per annum applied by Trade Nation Europe.
Quoted in Costs & Charges Disclosures, p.3
Read from the broker's site on Open the reference

Where it sits: section 10 of 46 in the Costs & Charges Disclosures, near the start.

What it costsOn a €10,000 position held for a full year, the 2.5% administration charge alone comes to €250, before the interest-rate part.

Set against a regulated standard: ESMA (EU)

Under MiFID II, cost information for EU clients must be fair, clear and not misleading. Two worked examples in Trade Nation's cost document use opposite signs for the same kind of figure.

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

Trade Nation pays you no interest on the money in your account, however much and however long. It keeps any interest its client money accounts earn.

Why this matters

Idle cash in your account earns money for Trade Nation, not for you. The contract says the details are in the Costs and Charges Disclosure, which does not mention it.

Exhibit 16NoticeStandard wording

We do not pay interest on client money held on your behalf, regardless of the amount held or the duration for which it is held. Any interest earned on client money accounts is retained by us in accordance with the Client Money Rules.
Clause 12.6 in Client Agreement, p.19
Read from the broker's site on Open the reference

A relative's payment or a small balance can keep money in

One deposit from anyone other than you lets Trade Nation hold your whole balance until its checks finish, and its policy sets no deadline. Trade Nation's help centre also sets a minimum withdrawal of 50 units of your currency that the contract does not contain.

Exit conditions2 clauses flagged

If anyone else pays into your account, even a relative, Trade Nation can hold all the money in it, profits included. The hold lasts until its checks finish, and the policy sets no deadline.

Why this matters

During the investigation Trade Nation can stop you opening new trades. If you do not comply, it can close the account, close your trades and send the remaining money back to its source.

Exhibit 10WarningHarder than usual

Trade Nation retains the right to hold any funds made via third-party sources.
Clause 1.3 in Third Party Payment Policy, p.2
Read from the broker's site on Open the reference
  • Worse together with Exhibit 18A third-party payment starts a hold on your whole balance, and clause 28.2(c) releases money only after checks finish, with no deadline in either document.

Trade Nation's help centre says you cannot withdraw less than 50 units of your account currency, such as €50. The contract sets no minimum and says Trade Nation will transfer any funds in your cash balance.

Why this matters

If your balance falls below 50, the help centre rule could leave it stuck in your account. Clause 11.4 is the text to point to, because it sets no minimum.

Exhibit 17NoticeStandard wording$50

On receipt of a withdrawal request from you, we will transfer to you any funds standing to the credit of your cash Account balance.
Clause 11.4 in Client Agreement, p.16
Read from the broker's site on Open the reference
Our own capture of support.tradenation.com, taken on Oct 21, 2026The claim, on Portuguese support centre article 'Têm um montante mínimo de levantamento?'Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 19A balance under the help centre minimum cannot be withdrawn, and clause 12.9(d) lets Trade Nation treat small balances as unclaimed before the usual six years.

Trade Nation can void winning trades after the fact

Two clauses let Trade Nation take back profit you have already made. Clause 16.5 voids winning trades on suspicion of market abuse while enforcing losing ones. Clause 8.6 voids trades struck at a price Trade Nation decides was wrong. Neither sets a deadline for Trade Nation to act.

Profit at risk1 clause flagged

Trade Nation can void your trade if it decides the price was wrong for any reason, including slow or frozen price data. In exceptional cases it can also reverse an executed trade for its own protection, and you must cover its costs.

Why this matters

No time limit applies, so a profit you have already withdrawn can turn into a debt to Trade Nation. Clause 8.6 does require Trade Nation to use this power reasonably.

Exhibit 6WarningHarder than usual

the Transaction was entered into at a price that is incorrect for any reason, including but not limited to poor quality market data, latency in price delivery, or stale prices caused by underlying market data freezing;
Clause 8.6(e) in Client Agreement, p.10
Read from the broker's site on Open the reference

Silence or suspicion can freeze a Trade Nation account

Twenty business days of silence after an email from Trade Nation is an Event of Default under its contract. Trade Nation may then close out your trades and your accounts. It can also suspend an account at once, and may lock you out of the platform while open trades keep running.

Account control1 clause flagged

Trade Nation can suspend or restrict your account at once, including when it considers that serving you may expose it to reputational risk. During a suspension you may be unable to reach the platform while your open trades stay exposed to the market.

Why this matters

You still have to keep enough margin, the cash that holds trades open, but you may be unable to close anything. Trade Nation accepts no liability for those losses unless the suspension came from its own fraud, wilful deceit or gross negligence.

Exhibit 7WarningHarder than usual

We may at any time and with immediate effect suspend, restrict or place conditions on your ability to use all or any part of our services or your Account.
Clause 27.1 in Client Agreement, p.38
Read from the broker's site on Open the reference

Trade Nation's records win and its liability is capped

Twelve months of deposits is the most Trade Nation owes you on most claims, and its contract excludes liability for ordinary mistakes. Its electronic records count as conclusive evidence, and you must dispute a trade confirmation immediately. You also cover Trade Nation's losses from any login made with your details.

Challenging a trade3 clauses flagged

If a trade confirmation looks wrong, you must tell Trade Nation immediately. Otherwise the contract treats the trade as confirmed and binding, and Trade Nation's own records count as conclusive evidence.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

The contract gives no number of days, so you cannot know when the window closes. Clause 20.1 still lets you complain at any time, but you would be arguing against records the contract calls conclusive.

Exhibit 11WarningHarder than usual

unless we receive notice from you immediately disputing a Confirmation, we will treat the Transaction as accurately confirmed and binding on you; and
Clause 8.5(b) in Client Agreement, p.9
Read from the broker's site on Open the reference

Trade Nation accepts liability to you only for fraud, wilful deceit or gross negligence, not for ordinary mistakes. For any claim that remains, the contract caps the total at what you deposited in the 12 months before the problem.

Why this matters

If you deposited nothing in the year before a problem, the cap is zero, however large your balance. Clause 17.4 keeps any liability that Portuguese law does not allow Trade Nation to exclude.

Exhibit 12WarningHarder than usual

However, save in the case of our own fraud, wilful deceit or gross negligence, we will not be liable to you for any losses, costs, damages or expenses of any kind arising from any act or omission on our part under this Agreement or in connection with any Transaction.
Clause 17.2 in Client Agreement, p.26
Read from the broker's site on Open the reference

If anyone logs into your account with your username and password, you must cover Trade Nation's resulting losses. The contract says this applies whether or not you authorised the access.

Why this matters

If someone steals your login and trades, Trade Nation can pass its resulting losses and legal costs to you. Clause 19.5 adds that it owes you nothing for unauthorised access where you failed to keep your details secure.

Exhibit 13WarningHarder than usual

To the extent permitted by applicable law, you agree to indemnify us and hold us harmless from and against all losses, costs, claims, damages, expenses and liabilities (including reasonable legal costs) that we may suffer or incur as a direct or indirect result of:
Clause 17.1 in Client Agreement, p.25
Read from the broker's site on Open the reference

Expect document checks before Trade Nation pays you

A bank trace taking up to five business days is one of the checks Trade Nation can run before paying a withdrawal. It can request new identity or source-of-funds documents at any time and restrict the account until they arrive. When an account closes, money leaves only after all checks finish.

Verification1 clause flagged

Trade Nation can ask you for new identity or source-of-funds documents at any point and restrict your account until you provide them. At withdrawal it may want a certified bank statement or a bank trace taking up to five business days.

Why this matters

When you close your account, Trade Nation releases your money only after these checks finish, and the contract sets no time limit. This is normal for an EU-regulated firm, so plan for it.

Exhibit 18NoticeStandard wording5 working days

We may ask for updated documentation at any time during the lifetime of your Account. We reserve the right to restrict or suspend your Account if you fail to provide requested documentation within a reasonable time.
Clause 5.6 in Client Agreement, p.6
Read from the broker's site on Open the reference

Trade Nation trades against you and pays those who refer you

Trade Nation is the counterparty to every trade and triggers your orders on its own prices. It also pays introducers who refer clients, and the contract points to two documents for the details, neither of which contains them.

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.

Whose side2 clauses flagged

Trade Nation is the counterparty to your trades, so when you make money it may lose, and when you lose it may gain. Your stop and limit orders trigger on Trade Nation's own prices, not on the underlying market.

Why this matters

An order can trigger at a level the underlying market never reached, if Trade Nation's own price touches it. Both the contract and the website say Trade Nation is your counterparty.

Exhibit 20NoticeStandard wording

We will at all times deal with you as your contracting counterparty. This means that when you enter into a Transaction with us, we are the other side of that trade.
Clause 3.1 in Client Agreement, p.3
Read from the broker's site on Open the reference

Trade Nation may pay whoever referred you, and its partners page says they earn commission as you trade. The contract sends you to its costs document and a Conflicts of Interest Policy for the details. The costs document says nothing about introducers, and the policy is missing from Trade Nation's legal page.

In plain words

Remuneration means payments it receives.

Why this matters

An introducer paid on your trading has a reason to push you to trade more, and you cannot see what they earn from you.

Exhibit 21NoticeStandard wording

the Introducer may receive remuneration from us in connection with your referral. Details of any such arrangements and their potential impact on you are set out in our Costs and Charges Disclosure and our Conflicts of Interest Policy
Clause 31.2(b) in Client Agreement, p.43
Read from the broker's site on Open the reference

No dormancy fee at Trade Nation, but a slow route to charity

After 180 days without a trade a Trade Nation account turns dormant, though Trade Nation charges no dormancy fee. After six years untraceable, Trade Nation can give the balance to a charity of its choice, though you can still claim it back.

Idle accounts1 clause flagged

Trade Nation charges you no dormancy fee, and your account turns dormant after 180 days without a trade. If you then stay untraceable for six years, Trade Nation can give the balance to a charity it chooses.

Why this matters

A deposit alone does not keep the account active; only a trade does. You keep the right to claim the money back, but Trade Nation can move small balances before six years.

Exhibit 19NoticeStandard wording180 days

Dormant - your Account is classified as dormant where you have not placed an opening, closing or pending Transaction within the previous 180 days.
Clause 24.1(c) in Client Agreement, p.33
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
90 days without a tradeThe account becomes inactive, and bonuses or credits from your first deposit may be removed.24.2
180 days without a tradeThe account becomes dormant, and any remaining bonuses or credits may be removed.24.3
Dormant with a zero balanceTrade Nation may close the account.24.4
Six years dormant and untraceableTrade Nation may move the balance out of client money after trying to contact you.24.5
28 days after the final contact attemptThe money goes to a registered charity of Trade Nation's choice, and you can still claim it back.24.5(c)

A CMVM-licensed Portuguese firm whose documents disagree in places

Trade Nation Europe Empresa de Investimento, S.A. holds CMVM licence 601 in Portugal and is the company EU clients contract with. None of its documents mentions PRIME CDEX. Trade Nation holds client money on trust and compensation reaches €25,000, but its risk notice contradicts the contract on losses beyond your deposit.

Who you contract with2 clauses flagged

Your contract is with Trade Nation Europe Empresa de Investimento, S.A., a Portuguese investment firm authorised by the CMVM under number 601. None of the documents mentions PRIME CDEX, PREMIER Q SECURITIES LTD or a Hong Kong licence.

Why this matters

You complain to Trade Nation first, then to the CMVM or its free arbitration centre. Trade Nation holds your money on trust in segregated accounts, and the compensation scheme pays up to €25,000 if the firm fails.

Exhibit 22NoticeStandard wording

Trade Nation Europe Empresa de Investimento, S.A. is authorised and regulated by the Comissão do Mercado de Valores Mobiliários ("CMVM") as an investment firm under firm reference number 601.
Clause 1.2 in Client Agreement, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU)

Firms authorised under MiFID II must keep client money apart from their own. Trade Nation's contract says it holds your money on trust and keeps it segregated from its own at all times.

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

Trade Nation's risk notice warns you may lose far more than you invest, while its contract caps your losses at your account balance. Its best execution policy still carries the placeholder 'License number TBC'.

Why this matters

Where documents conflict, clause 2.2 makes the client agreement win, so its protection is the one that counts. Read the agreement itself rather than the shorter notices.

Exhibit 23Notice

You may incur a loss which is far greater than the amount you invest.
Quoted in Risk Disclosure Notice, p.2
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 4 of 20 in the Risk Disclosure Notice, near the start.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The homepage says your spreads will not move when markets move, while the contract says the spread varies with market conditions.

Said in public, in English

Unlike other brokers, Trade Nation's low, fixed spreads mean when the markets move, your spreads won't — with a variable spreads option also available on commodity markets.

EU homepage, 'Meet the game changers' section

In the contract · clause 13.2(a)

The spread applies each time you open and close a position and varies by Instrument and market conditions.

02

The About us page promises fixed spreads during market turbulence, while the risk notice says the spread can change when markets are volatile.

Said in public, in English

Guaranteeing clarity and prioritising cost-effectiveness with our commitment to low fixed spreads – even during market turbulence.

EU About us page, 'Best deal' panel

In the contract · clause 8

The dealing spread may vary depending on trading hours as listed in the Market Information Sheets and is subject to change in times of volatile market conditions.

03

The help centre says closing costs what you knew when you opened, while the risk notice says the closing spread can be wider than the opening one.

Said in public, in English

A fixed spread removes that risk: the cost to get out is the cost you knew when you got in.

Support centre article linked from the EU site, 'Why do we offer fixed and variable spreads on metals?'

In the contract · clause 8

There may be circumstances in which the spread that we charge you to close a transaction may be greater than the spread that we charged you to open the transaction and vice-versa.

04

The guide says a guaranteed stop always closes at your level, while the contract says the guarantee may not apply when the market gaps while closed.

Said in public, in English

Unlike a standard stop-loss or a trailing stop-loss, guaranteed stops won’t be affected by slippage as they will close at the exact predetermined level at which you placed the stop order, regardless of whether slippage occurs.

EU site guide 'What is Slippage in Trading', section 'Place guaranteed stop-loss orders'

In the contract · clause 9.9(c)

If the market gaps through your GSLO level outside of Normal Trading Hours, the guarantee may not apply and your position may be closed at the next available market price;

05

The website says you will never lose more than you deposit, while the contract keeps a right to reverse that protection and recover the shortfall.

Said in public, in English

Negative balance protection: You will never lose more than the funds deposited in your CFD account, although you may lose them in full.

'Investment Risks and Considerations' panel at the foot of every EU page

In the contract · clause 23.6

If we have reasonable grounds to believe that the negative balance arose as a result of market abuse, fraud or any other breach of this Agreement by you, we reserve the right to reverse the adjustment and seek recovery of the relevant amount from you.

06

The Portuguese help page says Trade Nation covers all costs on its side, while the English contract lets it deduct bank charges from your withdrawal.

Said in public, in Portuguese

Assumimos todos os custos da nossa parte, porém, não nos é possível garantir que não haja custos imputados pelo seu banco ou prestador de serviços de pagamento.

Word for word in English: We take on all the costs on our side; however, it is not possible for us to guarantee that there are no costs charged by your bank or payment service provider.

Portuguese support centre article 'Cobram alguma comissão pelos levantamentos?'

In the contract · clause 11.4(a)

we are entitled to deduct from any such payment any and all amounts outstanding and owed to us, together with any bank charges incurred in processing the payment to you;

07

The help centre sets a minimum withdrawal of 50 units, while the contract promises to transfer any funds in your cash balance and names no minimum.

Said in public, in Portuguese

Sim, o montante mínimo de levantamento é de 50 unidades da moeda da sua conta, por exemplo, 50 EUR, 50 USD, 50 AUD

Word for word in English: Yes, the minimum withdrawal amount is 50 units of your account currency, for example, 50 EUR, 50 USD, 50 AUD

Portuguese support centre article 'Têm um montante mínimo de levantamento?'

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

In the contract · clause 11.4

On receipt of a withdrawal request from you, we will transfer to you any funds standing to the credit of your cash Account balance.

What changed quietly

This broker's legal documents have not been reviewed before, so no changes can be shown yet.

  • REWRITTENClause 1.3 · June 2026 (V1), earlier upload to June 2026 (V1)

    The contract now cites Portugal's law for investment firms instead of its banking law, which matches how Trade Nation Europe is licensed and changes nothing about your money.

    the Legal Framework for Investment Firms (Regime Jurídico das Empresas de Investimento (DL n.º 22/2022))

The documents this reading is based on

13 files, all published by PRIME CDEX. 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 PRIME CDEX publishes.

How this reading was done

Every clause above was read out of a document PRIME CDEX publishes itself

This reading was published on .

Documents
12 of 13downloaded from the broker's site, and 12 read in full
Pages opened
69pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
4public pages set against what the contract says
Languages
EN vs PTthe language it advertises in, against the language it contracts in
Position measured
4clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Trade Nation Europe Empresa de Investimento, S.A.

Every document here is published on Trade Nation's own site, tradenation.com, and the client agreement names Trade Nation Europe Empresa de Investimento, S.A., company number 517156091, as the firm you contract with. The CMVM in Portugal authorises it as an investment firm under number 601. None of the documents mentions PRIME CDEX, PREMIER Q SECURITIES LTD, Hong Kong or the SFC. The same website serves Trade Nation companies regulated in the UK, Australia, the Bahamas, the Seychelles and South Africa, and their clients sign different contracts. The UK privacy policy in this set belongs to Trade Nation Financial UK Ltd, not to the EU company.

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

Trade Nation publishes its EU legal documents together on one page, most of them dated, and its cost document works through examples for every asset class. It charges no deposit, withdrawal or dormancy fee of its own and aims to process withdrawals within one business day. Clause 20.1 puts no time limit on complaints, and the CMVM's arbitration centre is free to use. Retail clients get negative balance protection, money held on trust in segregated accounts at Banco Santander Totta and compensation of up to €25,000.

This review covers all twelve current documents in full, including the 54-page client agreement. No legal documents were found under the PRIME CDEX or PREMIER Q SECURITIES LTD name. tradenation.com also serves Trade Nation companies in the UK, Australia, the Bahamas, the Seychelles and South Africa, but the review covers only the EU company's documents plus one UK privacy policy. Clients outside the EU sign different terms that this review does not cover. The review does not cover the Key Information Documents or the Portuguese versions of the policies. An earlier upload of the same June 2026 client agreement is still online, and comparing the two clause by clause, only clause 1.3 changed. The UK privacy policy matches its September 2025 copy, and no earlier copies of the other ten documents were available. Text copied from the Third Party Payment Policy turns the letters fi into T, so the second sentence of its clause 1.3 is quoted as it reads on the page.

How to check any of this yourself

Every quote above links to the PRIME CDEX 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 PRIME CDEX 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 PRIME CDEX 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 21, 2026.

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

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