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Contract reading

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

Every clause below is published by Ubuntu Markets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on . We have read it 2 times.

Contracting entity: Ubuntu We Sizwe Two Four Seven (Pty) Ltd

sole discretionhidden feeprofit voidingwithdrawalskyc freezemissing documentbonus lockcountry restrictionentity sprawlmarketing gap

Ubuntu Markets now publishes its 48 page client agreement. It charges you 2% to 4% to take your own money out, and no page on the website says so. The homepage promises immediate withdrawals; clause 5.3.9 allows up to 28 working days. Clause 20 lets Ubuntu Markets cancel a trade you have already closed, at any time.

Back to Ubuntu Markets

Contract risk

Payout refusable
9.0/10

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.
9
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.
8
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

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.

Critical9
Warning11
Notice2

section 22 of 23is where the deepest clause sits, 96% 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.

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.

Critical20000Bonus requirement. Jump to the clause this comes from.A bonus you must trade 20,000 times to keepCritical28 working daysIn the contract. Jump to the clause this comes from.Immediate withdrawals promised, 28 working days allowedCritical100Profit at risk. Jump to the clause this comes from.Trades reversed on a 100 point move, called client protectionCritical10 working daysAccount limit. Jump to the clause this comes from.A loss below zero becomes a debt you owe

What the documents say

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

01

Accept a bonus above 20% and you must trade R20,000 for every R1 of it before you can withdraw. Ubuntu Markets offers a 30% bonus for referring a friend, which lands in the tier above 20%.

Why this matters

Take the R12,000 bonus the referral page advertises and you owe R240 million of trading before you can touch it. Clause 8 goes further: with a bonus you did not deposit for, none of your profits can be withdrawn either.

Exhibit 2CriticalRarely seen20000

The minimum trading volume required will be R20,000 (Twenty Thousand Rand) for every Rand given as a bonus by The Company to the Account. In such a case, a client who receives R100 bonus will need to generate a minimum trading volume of R2,000,000. (Two Million Rand).
Clause 10(b) in Terms and Conditions for Bonuses offered by Ubuntu Markets, p.2
Read from the broker's site on Open the reference
Our own capture of ubuntumarkets.com, taken on Oct 3, 2026The claim, on Cash Or Bonus? You Decide! section of the English referral programme pageVisit this page on the broker's siteDownload the full size image file

What it costsThe referral page's own example pays a R12,000 bonus. At R20,000 of turnover for every R1, that is R240,000,000 of trading before the bonus unlocks.

Our readingTurnover conditions are normal on a bonus. A multiple of twenty thousand times the bonus is not a condition a retail client can meet, so the bonus functions as money that stays in the account rather than money you can take.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Bonus creditedThe bonus arrives as margin and Ubuntu Markets says it does not belong to you.7
Day 45Ubuntu Markets may remove the bonus even if you hold open positions.2
Any withdrawal before the volume is metWithdrawing anything strips every bonus you received, which can close your trades.11
Volume reachedAfter R20,000 traded for every R1 of bonus, it becomes money you can withdraw.10
  • Worse together with Exhibit 7You cannot reach the volume without trading hard, and heavy trading is what clause 16 treats as suspicious.
02

The homepage lists immediate deposits and withdrawals as a reason to join. The contract gives Ubuntu Markets 28 working days to send a withdrawal above R1 million, and 14 working days whenever it decides a case is specific.

Why this matters

The two documents also disagree with each other. Clause 14 says three business days and clause 5.3.7 says seven business days, so nothing in the contract tells you when your money arrives.

Exhibit 3CriticalHarder than usual28 working days

Should the withdrawal be for a sum of above 1 million Rand, the Company has up to 28 working days to send the funds
Clause 5.3.9 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.43
Read from the broker's site on Open the reference

What it costs28 working days is about six calendar weeks of waiting on a request the homepage calls immediate.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
What clause 14 saysUbuntu Markets processes your request within three business days.14
What Schedule D saysUbuntu Markets has seven business days from receiving the request.5.3.7
Specific casesUbuntu Markets may take 14 working days, and it decides alone when this applies.5.3.8
Above R1 millionUbuntu Markets has 28 working days to send the funds.5.3.9
03

A move of more than 100 points at market open lets Ubuntu Markets cancel your open trades and put the account back where it was before. The agreement defines a point as 0.00001, so the trigger is a very small move.

Why this matters

A gap in your favour can be undone and you keep nothing from it. Clause 2.1.6 files this under creating a safe and controlled trading environment, and clause 3.9.1.6 files it under client protection.

Exhibit 4CriticalRarely seen100

Furthermore, any open trades at market open, with extreme volatility of a move in excess of 100 point in either direction, will be cancelled and reinstated to its position prior to the opening as this is contrary to the companies policy of creating a safe and controlled trading environment for clients.
Clause 2.1.6 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.24
Read from the broker's site on Open the reference

What it costsAt 0.00001 a point, 100 points is 0.001 of a quoted price. On the agreement's own example quote that is 1.40000 moving to 1.40100.

Our readingReversing trades on a fixed price move is unusual: most agreements void a trade only for a quoted error or an off market price. The agreement's own definition puts the trigger very low, because it calls 0.00001 a point and also calls that 0.1 of a pip.

  • Worse together with Exhibit 8A profit can be cancelled by the price move rule or by the abuse rule, and neither needs your agreement.
04

Clause 11.3 lets Ubuntu Markets pledge, lend or invest the money and assets you deposited, to itself or to other people, mixed in with other clients' property. Clause 5.1.14 lets it move funds out of segregated accounts to liquidity providers' banks without telling you.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

Your deposit stops being only yours while you are still trading on it. Clause 11.2 puts it with a company called Ubuntu We Sizwe Two Four Seven Investment Limited under a general lien, and clause 11.4 makes Ubuntu Markets your attorney so it can sign for you without notice.

Exhibit 5CriticalRarely seen

The Client hereby also grants to the Company the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by the Company as margin or security.
Clause 11.3 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.10
Read from the broker's site on Open the reference

Buried at section 21 of 23 in the Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], 91% of the way through.

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

Firms licensed by the FCA and CySEC must hold retail client money separately from their own and may not use it for their own account. This agreement grants the opposite right in clause 11.3 and allows transfers out of segregated accounts in clause 5.1.14.

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

Our readingA right to pledge and lend a client's assets, including to the firm itself, is a lending and prime brokerage device. Pointed at a retail balance it means the money you think is being held for you can be used as somebody else's security.

  • Worse together with Exhibit 10One clause lends your deposit out and the other sweeps your other accounts to clear a debt, so neither balance is ring fenced.
05

One sentence headed Absolute Discretion lets Ubuntu Markets refuse your order, change it, cancel it, change a trade already executed, cancel a trade already executed, or end the agreement. It needs no reason, and it tells you as soon as practicable, which is after it has happened.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Any trade you have finished can be reopened or deleted, so a result you are counting on is never final until Ubuntu Markets says so. Nothing in the clause gives you a test to argue against or an appeal.

Exhibit 6CriticalRarely seen

The Company may refuse to accept an order, or adjust an order, cancel an order, adjust an executed trade, cancel an executed trade or terminate this Agreement at any time by giving you notice as soon as practicable.
Clause 20 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.19
Read from the broker's site on Open the reference

Our readingMost agreements list the grounds for cancelling an executed trade, such as a manifest error or an off market price. This clause sets out the power with no grounds at all, and this agreement already has separate clauses for errors and for abuse.

06

Taking your own money out of Ubuntu Markets costs you between 2% and 4% of it. Clause 14 calls that the going market rate, picks no single number, and no page on the website mentions a withdrawal fee at all.

Why this matters

You pay this every time you withdraw, win or lose. Ubuntu Markets chooses where in the range the fee lands, and clause 5.3.19 puts every other withdrawal charge on you as well.

Exhibit 1WarningHarder than usual4%

The Company will charge the going market rate of between two and four percent in respect of all withdrawals.
Clause 14 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.12
Read from the broker's site on Open the reference

What it costsA $1,000 withdrawal costs you $20 at the bottom of the range and $40 at the top. Withdraw $1,000 a month for a year and the top of the range takes $480.

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

Firms licensed by the FCA and CySEC must tell a retail client the costs and charges of a service before they trade. This agreement states a range rather than a price, and the website's pricing page shows no fee at all.

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

  • Worse together with Exhibit 3The same withdrawal carries the fee and the wait, so the money is both smaller and later.

Ubuntu Markets can cancel a profit three different ways

Clause 2.1.6 of the Ubuntu Markets agreement cancels open trades after a move of more than 100 points at market open, and the agreement defines a point as 0.00001. Clause 19.3 cancels any profit from trading it decides was abusive, including scalping and hedging, with clause 19.4 giving it the sole right to decide. The bonus terms add a third route: on a belief that a bonus was used for arbitrage, profits can be cancelled or recalculated, and that decision is final.

Profit reversal2 clauses flagged

If Ubuntu Markets believes you used a bonus to take advantage of arbitrage, it can cancel the profits, or recalculate them as though you never had the bonus. Its own example says a client with a 100% bonus may lose 50% of their profits.

Why this matters

Ubuntu Markets decides alone whether your trading was suspicious, and clause 16 says its decision is final. Nothing defines arbitrage, so the same clause reaches ordinary hedging as easily as abuse.

Exhibit 7CriticalHarder than usual50%

Should the Company believe that the use of the bonus is in order to defraud the company and/or to take advantage of arbitrage (“suspicious trading”), the Company has the right to either cancel any profits arising from use of that bonus, or may calculate profits to the client as if the client was trading without the bonus.
Clause 16 in Terms and Conditions for Bonuses offered by Ubuntu Markets, p.3
Read from the broker's site on Open the reference

What it costsTurn a $1,000 deposit plus a $1,000 bonus into $4,000 of profit and the recalculation route hands back $2,000. The other route cancels the trades and returns the deposit only.

  • Worse together with Exhibit 16The decision is final under the bonus terms, and the complaints procedure meant to review it is not published.

Ubuntu Markets can cancel any profit from your trades, without warning you first, once it decides your trading was abusive. The list it draws on includes scalping, hedging, arbitrage on its own prices and using an automated trading tool.

Why this matters

Scalping and hedging are ordinary techniques, and clause 19.4 gives Ubuntu Markets the sole right to decide what counts. The clause does say it must use good faith discretion, which is the only limit on it.

Exhibit 8CriticalHarder than usual

Where such a determination is made, the Company reserves the right to cancel any profit or loss generated directly or indirectly from the trades without prior notice to you.
Clause 19.3 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.17
Read from the broker's site on Open the reference
  • Same clause as Exhibit 6Clause 19 needs a finding of abuse to cancel a trade and clause 20 needs nothing at all.

Every withdrawal is a request Ubuntu Markets can decline

Clause 5.3.21 of the Ubuntu Markets agreement lists four grounds for refusing a withdrawal, and clause 5.3.22 then says the list is not exhaustive. Clause 5.1.10.2 lets the firm cap what you take out in whatever way it considers appropriate, and clause 5.3.1 blocks any request until verification is complete. If the money goes missing in transit, clause 5.3.23 makes you pay for the search.

Exit conditions1 clause flagged

Clause 5.3.21 lists four reasons Ubuntu Markets can decline your withdrawal, then clause 5.3.22 says that list is not exhaustive and any objective reason will do. Clause 5.1.10.2 lets it cap what you may take out in whatever way it considers appropriate.

Why this matters

An open ended reason is not something you can prepare for or argue with. If your money goes missing in transit, clause 5.3.23 makes you pay for the search and lets Ubuntu Markets take that cost from your account.

Exhibit 9CriticalHarder than usual

The Company may decline a withdrawal request should there occur objectives reasons necessitating the same.
Clause 5.3.22 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.45
Read from the broker's site on Open the reference
  • Worse together with Exhibit 16A refusal on open grounds is reviewed by a complaints procedure the website does not carry.

Clause 20 lets Ubuntu Markets undo a trade you have already closed

One sentence headed Absolute Discretion lets Ubuntu Markets cancel an executed trade at any time, with notice as soon as practicable and no reason required. Clause 12.2.2 and clause 12.3 then give two different stop out levels, 50% and 100%, and clause 12.3 says the firm need not warn you that liquidation is close. A clause on shared internet addresses lets it suspend all your transactions, and breaks off at a colon before saying what it will demand.

Sole discretion5 clauses flagged

If a forced closure leaves your account below zero, Ubuntu Markets can take the shortfall from your other accounts with it. If those do not cover it, you have 10 business days to pay in, and then it can go to court and charge interest.

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

You can end up owing Ubuntu Markets more than you ever deposited. There is no negative balance protection here, meaning nothing writes off a loss that runs past your account balance.

Exhibit 10CriticalHarder than usual10 working days

If after the forced order closure the Client’s trading account reaches a negative balance, the Company reserves the right to eliminate the negative balance by applying funds from other account(s) held by the Client or, if there are no sufficient funds in the other account(s), to require the Client to put the account in funds within 10 (ten) business days from the forced order closure date, failing which the Company may refer the matter for settlement to court and chargean interest on the debit balance.
Clause 3.8.4 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.32
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA, CySEC and other regulators following the ESMA measures must give retail CFD clients negative balance protection, so a client cannot lose more than the money in the account. This agreement makes the shortfall a debt instead.

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

Clause 12.2.2 says Ubuntu Markets may close all your positions once your margin level reaches 50% or less. Clause 12.3 says it may close them at 100% or less, and clause 3.8.3 sends you to the website for the real numbers.

Why this matters

You cannot work out from this contract when your trades get closed, and the two clauses are 50 percentage points apart. Clause 12.3 also says Ubuntu Markets is not obliged to tell you when your account is close to liquidation.

Exhibit 15WarningHarder than usual50%

Once your Margin level reaches 50% or less, the company may in its entire discretion and without further notice, Close Out all of your open positions unless additional funds are deposited into the Account or the market moves such that the account value returns above the minimum Margin Level.
Clause 12.2.2 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.11
Read from the broker's site on Open the reference

Two people logging in from the same address, or trading on each other's accounts, lets Ubuntu Markets suspend all your transactions. The clause then breaks off at a colon and never says what it will ask you for.

Why this matters

A household or an office on one connection meets this test without doing anything wrong. Your trading stops while a demand you cannot read in advance is made, and the contract sets no deadline for lifting the suspension.

Exhibit 17WarningHarder than usual

In case the same IP-address is used to log into the Back Offices of different persons and/or trading transactions are performed on trading accounts of different persons, the Company reserves the right to suspend all Client’s transactions and request the Client:
Clause Schedule B 1.10 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.22
Read from the broker's site on Open the reference

Ubuntu Markets advertises Shariah accounts. Hold a CFD position on one for more than 10 calendar days and it charges a daily commission, with the amount decided at its own discretion.

Why this matters

A ten day limit rules out holding a long term position, which is the usual reason for taking a swap free account. Clause 17.6 also lets Ubuntu Markets cancel the swap free status at any time without giving you any explanation.

Exhibit 18WarningRarely seen10 days

Clients holding swap-free accounts are obligated to close any open CFD position within 10 (Ten) calendar days of opening.
Clause 17.5 (Islamic accounts) in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.16
Read from the broker's site on Open the reference

Our readingA ten day cap on holding a position applies only to accounts taken for religious reasons, and the charge after day ten is set by Ubuntu Markets when it applies it. Swap free accounts elsewhere usually carry an administration fee at a published rate instead.

Ubuntu Markets does not take clients from Europe, the United States, or anywhere a financial licence is required. That sits in the risk warning under the sign up form, below the button you press to open the account.

Why this matters

If you live in one of those places, you can fill in the form and deposit before anyone mentions it. The about page meanwhile says clients from the majority of the world can safely trade here.

Exhibit 21NoticeStandard wording

Ubuntu Markets offers trading in jurisdictions where it is allowed to offer its services. It does not offer services to clients from Europe, the United States and other jurisdictions where a financial license in required
Clause Risk Warning in Account registration: terms acceptance and risk warning
Read from the broker's site on Open the reference

Getting your money out costs 2% to 4%, and no page says so

Clause 14 of the Ubuntu Markets client agreement charges between two and four percent on every withdrawal, and calls that the going market rate. No page on the website mentions a withdrawal fee. Clause 10.5 puts the non-trading fee schedule behind an email to support, clause 10.2 allows monthly fees to be posted later, and the account types page grades spreads as standard, very low and ultra low without a single number.

Cost disclosure1 clause flagged

Ubuntu Markets charges a non-trading fee if you deposit and withdraw without trading, and clause 10.5 tells you to email support for the schedule. Clause 10.2 adds monthly fees it may post on the website later, and the definitions allow a mark-up on top of the spread.

Why this matters

You cannot total up what trading here costs before you open the account. The account types page grades spreads as standard, very low and ultra low, with no number anywhere on it.

Exhibit 11WarningHarder than usual

The Company will charge a non-trading fee for those who deposit and withdraw without trading. This non-trading fee will be to cover administrative costs.
Clause 10.5 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.9
Read from the broker's site on Open the reference

Buried at section 22 of 23 in the Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], 96% of the way through.

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 they trade, in a form that shows the total. This agreement puts one fee schedule behind an email request and leaves another to be posted later.

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

The complaints procedure the contract relies on is not published

Clause 22.1 of the Ubuntu Markets agreement routes every claim about trades and withdrawals through a complaints procedure it says is on the website, and the website does not carry one. Clause 22.3 then sends unresolved disputes to arbitration seated in Sandton, for a firm that advertises to Africa and the Middle East. No ombud is named anywhere in the document set.

Complaint route1 clause flagged

Every claim about your trades or your withdrawals goes to a complaints procedure that clause 22.1 says is on the website. It is not on the website, and the legal page carries only the client agreement and seven other files, none of them a complaints procedure.

Why this matters

You cannot read the rules of the only process that reviews a refused withdrawal. If that fails, clause 22.3 sends you to arbitration seated in Sandton, which is a long way from a client in the Middle East.

Exhibit 16WarningHarder than usual

All claims arising under this Agreement relating to the trading operations withdrawals or claims or complaints by the clients shall be dealt with in terms of the Company's complaints resolution procedure ("Complaints Procedure") which is available on the Company's website.
Clause 22.1 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.19
Read from the broker's site on Open the reference
Set against a regulated standard: FSCA (South Africa), FCA (UK)

Firms licensed by the FSCA must publish a complaints procedure and tell clients how to take a complaint to the FAIS Ombud. In the UK, the FCA requires firms to point retail clients to the Financial Ombudsman Service. This agreement names no ombud and its complaints procedure is not published.

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

The contract calls Lirel Holdings both your agent and your principal

Clause 1.1.2 of the Ubuntu Markets agreement makes Lirel Holdings the agent and Ubuntu Markets the principal, while clause 1.1.24 and clause 2.3 reverse the roles and place Lirel Holdings Ltd in Seychelles as the issuer of your CFD. Clause 11.2 says your money sits with Ubuntu We Sizwe Two Four Seven Investment Limited, a name used nowhere else. Clause 24.4 gives exclusive jurisdiction to South African courts.

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

Clause 1.1.2 makes Lirel Holdings the agent and Ubuntu Markets the principal. Clause 1.1.24 and clause 2.3 say the reverse: Lirel Holdings Ltd of Seychelles is the principal who issues your CFD, and Ubuntu Markets is only its agent.

Why this matters

If a trade goes wrong you need to know which company owes you, and the contract answers that question twice in opposite directions. The company that issues your contract sits in Seychelles while clause 24.4 sends you to South African courts.

Exhibit 19WarningRarely seen

“Agent” means Lirel Holdings as an agent for Ubuntu We Sizwe Two Four Seven Ltd(the Principal)
Clause 1.1.2 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.3
Read from the broker's site on Open the reference

Our readingAgent and principal are the two sides of one relationship, and a contract normally fixes which party is which in a single line. Two definitions that swap the roles leave the identity of your counterparty unsettled in the document itself.

Late paperwork costs $100 out of the money you sent

Clause 8 of the Ubuntu Markets agreement charges $100 if your identity and address documents are not in within seven days of a deposit, and takes it before returning what is left. Clause 5.1.5 lets the firm ask for documents at any time at its own discretion, and clause 5.3.1 blocks withdrawals until verification is done. The privacy policy names a different company again, Pioneer International Limited, as the controller of everything you send.

Verification cost2 clauses flagged

Send money and then take more than seven days to produce your identity and address documents, and Ubuntu Markets can charge you $100 before it returns the rest. Clause 5.1.5 also lets it ask for documents at any time, at its own discretion.

Why this matters

The fee comes out of money you already sent, for paperwork the broker needs rather than anything you did wrong. Clause 5.3.1 blocks every withdrawal until verification is finished, so the delay and the fee land together.

Exhibit 13WarningRarely seen$100

Should The Client not produce the requested FICA/ KYC documentation outlined in clause 7 within 7 days of depositing funds, the Company has the right to charge an administrative fee of $100 for failure to doing so, before returning the Client their outstanding funds
Clause 8 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.8
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 verify a client's identity before the client can trade, and must disclose any charge in the cost schedule beforehand. This agreement takes the deposit first and charges for the delay afterwards.

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

Our readingA fee for not completing the broker's own identity checks is not an ordinary retail term. The charge is taken from money you have already transferred, before the remainder is sent back to you.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Deposit madeYour money arrives before Ubuntu Markets has verified who you are.7
Day 7With no identity and address documents in, Ubuntu Markets can charge $100.8
Funds returnedUbuntu Markets returns what is left after taking the fee.8

The privacy policy says the Company means Pioneer International Limited of Sandton, and makes that company the controller of your personal data. Pioneer International Limited appears in none of the other documents Ubuntu Markets publishes.

Why this matters

The data protection rights in that policy are rights against a company you never contracted with and cannot place. The same policy lets it pass your details to business partners for promotions, and sets no end date for keeping them.

Exhibit 20WarningRarely seen

Company (referred to as either "the Company", "We", "Us" or "Our" in this Agreement) refers to Pioneer International Limited, Sandton, Johannesburg.
Clause Definitions in Privacy Policy, p.2
Read from the broker's site on Archived copyOpen the reference

Our readingA privacy policy normally names the same company as the client agreement, because the controller has to be the party that collected the data. Naming a different company leaves no clear address for an access or deletion request.

Ubuntu Markets underwrites your trades and can lend your collateral

Clause 6.2 of the Ubuntu Markets agreement makes the platform provider the market maker underwriting every transaction, and clause 1.1.22 names Ubuntu We Sizwe 247 as that provider. Clause 11.3 lets the firm pledge, lend or invest your deposited assets, to itself or to others, mixed with other clients' property. Clause 5.1.14 lets it move funds out of segregated accounts to liquidity providers' banks in its sole discretion and without telling you.

Who holds your money1 clause flagged

Clause 6.2 says the platform provider acts as market maker and underwrites all transactions, and clause 1.1.22 names Ubuntu We Sizwe 247 as that platform provider. Clause 3.4.2.1 lets Ubuntu Markets keep your order as the counterparty rather than pass it on.

Why this matters

On the other side of your winning trade is the firm holding your money. Clause 2.1.11 then makes its own quotes the only prices you may rely on, so you cannot point at another feed to dispute a fill.

Exhibit 14WarningStandard wording

The Platform provider acts as market maker and underwrites all Transactions under this Agreement.
Clause 6.2 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.8
Read from the broker's site on Open the reference

Buried at section 17 of 23 in the Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], 74% of the way through.

  • Worse together with Exhibit 4The firm sets the price, takes the other side, and can reverse the trade on a move of its own measuring.

One month without a new position starts a fee

Clause 10.3 of the Ubuntu Markets agreement charges $10 or R150 for an account with no new position opened for one month, and says the decision to charge is the firm's alone. Clause 10.4 takes up to $100 or R1,500 more after twelve consecutive months of non use. No other broker agreement reviewed by WIKILIX has a dormancy clock this short.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Go one month without opening a new position and Ubuntu Markets may charge you $10 or R150. Clause 10.3 says the decision whether to charge you is the company's alone.

Why this matters

One month is the shortest dormancy trigger we see, and a month off is normal for most people. After twelve quiet months clause 10.4 takes up to $100 or R1,500 more out of the balance.

Exhibit 12WarningHarder than usual$10

The Company may also charge a dormancy fee for accounts who are inactive for 1 month. Inactivity means no new positions have been opened in this time.
Clause 10.3 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.9
Read from the broker's site on Open the reference

What it costsLeave $500 sitting unused for a year and the monthly fee alone takes $120 of it. The annual administration fee can take $100 more.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Month 1Ubuntu Markets may charge $10 or R150 for a month with no new position.10.3
Month 12An administration fee of up to $100 or R1,500 comes out of the account.10.4

An FSCA licence on the homepage, a Seychelles issuer in the contract

Ubuntu Markets claims FSCA licence FSP 52532 in clause 2.2 and calls itself fully FSCA licensed on its homepage, while clause 1.1.7 names Lirel Holdings Ltd as the company that issues your CFD. Eight legal files sit in the footer, and none of them is a complaints procedure or a conflict of interest policy. No compensation scheme is named anywhere. Whether the licence is current, and what it is worth, is covered in the broker's scam check.

Licence and documents1 clause flagged

Clause 2.2 says Ubuntu Markets holds FSCA licence FSP 52532 for derivative instruments, and the homepage calls the firm fully FSCA licensed. The company that issues your CFD under clause 1.1.7 is Lirel Holdings Ltd, which the contract places in Seychelles.

Why this matters

The licence named belongs to the firm taking your order, not to the firm on the other side of your trade. No document here names a compensation scheme that would pay you if either company failed.

Exhibit 22NoticeHarder than usual

The Company is authorised and regulated by the FSCA with FSP number 52532 an Authorised Financial Services Provider holding the category 1 FAIS licences for Derivative Instruments:
Clause 2.2 in Client Agreement between Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets and [Name of Client], p.5
Read from the broker's site on Open the reference
Set against a regulated standard: FSCA (South Africa)

Firms licensed by the FSCA must publish a complaints procedure and a conflict of interest policy. This shelf carries a client agreement, a bonus schedule, a privacy policy, a cookie policy, a risk disclaimer, a money laundering policy for staff and a PAIA manual, and neither of those two documents.

Ubuntu Markets is not licensed by this regulator, 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 homepage sells immediate withdrawals while clause 5.3.9 allows 28 working days to send the money.

Said in public, in English

Immediate Deposits and Withdrawals

Trust strip on the English homepage, listed beside FSCA Licensed and 100% Transparent Pricing

In the contract · clause 5.3.9

Should the withdrawal be for a sum of above 1 million Rand, the Company has up to 28 working days to send the funds

02

Pricing is called 100% transparent on the homepage while one fee schedule is only available if you email support for it.

Said in public, in English

100% Transparent Pricing

Trust strip on the English homepage

In the contract · clause 10.5

For the updated “Non trading fee” schedule, you should send an email to support@ubuntumarkets.com

03

The homepage says Ubuntu Markets only passes orders to liquidity providers and succeeds when you do, while clause 6.2 makes the platform provider the market maker underwriting every trade.

Said in public, in English

With our clear vision on what Ubuntu Markets needs to be, we only uses top tier liquidity providers to ensure the best possible trading environment for our clients. When you succeed, we succeed.

Why Ubuntu Markets section on the English homepage

In the contract · clause 6.2

The Platform provider acts as market maker and underwrites all Transactions under this Agreement.

04

A 30% referral bonus is offered as a reward while the bonus terms demand R20,000 of trading for every R1 of it before you can withdraw.

Said in public, in English

Choose between a 10% cash reward or a hefty 30% bonus added straight to your trading account.

Cash Or Bonus? You Decide! section of the English referral programme page

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

In the contract · clause 10(b)

The minimum trading volume required will be R20,000 (Twenty Thousand Rand) for every Rand given as a bonus by The Company to the Account.

The documents this reading is based on

8 files, all published by Ubuntu Markets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Ubuntu Markets publishes.

How this reading was done

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

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

Documents
6 of 8downloaded from the broker's site, and 6 read in full
Pages opened
44pages walked to find those documents, footer links included
Older copies
5earlier versions downloaded, 3 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Position measured
3clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Ubuntu We Sizwe Two Four Seven (Pty) Ltd

The agreement's cover page names Ubuntu We Sizwe Two Four Seven (Pty) Ltd t/a Ubuntu Markets as the company you contract with, and clause 2.2 claims FSCA licence FSP 52532. That company is not who issues your trade. Clause 1.1.7 names Lirel Holdings Ltd as the CFD issuer, clause 1.1.24 names Lirel Holdings Ltd Seychelles as the principal, and clause 2.3 says Ubuntu Markets deals with you as Lirel's agent. Clause 11.2 then says your money sits with Ubuntu We Sizwe Two Four Seven Investment Limited, a name that appears nowhere else. The privacy policy names a different company again, Pioneer International Limited of Sandton, as the controller of your personal data. Verana Solutions Ltd in Cyprus and Verana Solutions UK Ltd take your payments and the footer says neither offers investment services.

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 Ubuntu Markets’ documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Aug 25, 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
20 clauses
Off our list
7 clauses
We rate critical
9 now, 4 then
Our risk score
8.5 to 9 out of 10

Ubuntu Markets has published the client agreement we said last time was missing, and the sign up form now links to it. Reading it moved the risk score from 8.5 to 9.0. The agreement charges 2% to 4% on every withdrawal, lets Ubuntu Markets cancel a trade after it has closed, and lets it lend your collateral. The bonus terms are published too, so we no longer flag a bonus with no rules: instead we flag the R20,000 of turnover it demands for every R1. The cookie policy, privacy policy and risk disclaimer have not changed at all since the previous review.

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 9/1022 clauses9 critical
  2. Risk 8.5/109 clauses4 criticalReplaced

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

In fairness, and what we could not check

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

Ubuntu Markets publishes far more than it did a year ago. The client agreement, the bonus terms, the money laundering policy, the PAIA manual and the FSCA certificate are now linked from the footer of every page. The sign up form's terms link opens the agreement itself. The bonus terms carry Ubuntu Markets' own worked example of the cross account rule, which most brokers leave you to work out. Clause 23.2 gives you five days written notice before a change to the agreement, where many contracts give none. Clause 3.8.1 gives one business day of notice before a margin call closes your position.

No earlier copy of the client agreement or the bonus terms is available, so we cannot say which of their clauses are new to the document. The FSCA certificate is published as a picture with no text in it, so its contents are not covered. The review covers five of the eleven pages of the PAIA manual. The agreement sends you to the website for a complaints procedure, trading terms, margin and stop out levels and a monthly fee schedule, but none of them appear there. Ubuntu Markets publishes in English only, so there was no second language version to compare. The review does not cover the client portal, where some of those numbers may appear after you deposit.

How to check any of this yourself

Every quote above links to the Ubuntu Markets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Ubuntu Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Ubuntu Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 3, 2026.

If you represent Ubuntu Markets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Ubuntu Markets. Whether its licence is real and current is a separate check on the broker profile.

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