Wikilix
Contract reading

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

Every clause below is published by Valor 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: VALOR MARKETS LTD

withdrawalssole discretionunilateral amendmentaffiliateforum waiverhidden feecountry restrictiondeemed acceptancekyc freezemissing document

Valor Markets Ltd contracts from the Union of Comoros and gives itself the final word on your money. It can decide your trading was abusive, delete the profit and reset your balance to what you paid in. It can refuse a withdrawal at its own discretion, and it holds the right to lend out your deposit. You get one business day to object to anything, and the affiliate terms answer to a different country's courts.

Back to Valor

Contract risk

Money at risk
8.4/10

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

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
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.
7
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.

Critical6
Warning16
Notice1

section 33 of 34is where the deepest clause sits, 97% 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.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical5 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals refusable at Valor's sole discretionCritical15Bonus requirement. Jump to the clause this comes from.Bonus needs 15 lots per $30 released, and a withdrawal cancels itCritical1 working daysTime to complain. Jump to the clause this comes from.One business day to object, then silence counts as consent$10In the contract. Jump to the clause this comes from.Lifetime rebates end on thirty days notice

What the documents say

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

01

Valor runs a full Vietnamese version of its website, with Vietnamese menus, a Vietnamese help centre and a Vietnamese sign up button. Item 4 of its own Risk Policy lists Vietnam as a restricted territory.

Why this matters

If you open an account from Vietnam, Valor has already written down that it does not serve you. That clause is the one it can point to later when it freezes the account or refuses to pay you out.

Exhibit 1CriticalRarely seen

Restricted Territories include, but are not limited to: Afghanistan, Botswana, Burma (Myanmar), the Democratic Republic of Congo, Crimea, Cuba, Ethiopia, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Pakistan, the Republic of Congo, the Russian Federation, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Vietnam, Yemen, Australia, New Zealand, and Zimbabwe.
Clause 4 in Risk Policy
Read from the broker's site on Open the reference
Our own capture of valormarkets.com, taken on Aug 23, 2026The claim, on Main heading of the Vietnamese language homepage, which also carries a Vietnamese menu, a Vietnamese help centre and Vietnamese signup buttonsVisit this page on the broker's siteDownload the full size image file
Our own capture of valormarkets.com, taken on Aug 23, 2026What the contract says, clause 4Visit this page on the broker's siteDownload the full size image file

Our readingMarketing a service in the language of a country the same firm lists as restricted turns the restriction into an option the firm can exercise whenever it suits, rather than a rule it applies at signup.

  • Worse together with Exhibit 12Three separate Valor documents publish three different restricted country lists, and Vietnam appears on only one of them.
02

If Valor decides your trading was abusive, clause 4.8.5 lets it take back any profit and rewrite your balance to the position it thinks would have existed without those trades. Clause 2.3.3 lets it do the same to swap and dividend amounts with no notice at all.

Why this matters

Money you have already made can be removed from your account after the fact, and the trade history itself can be edited to match. Valor decides whether the rule was broken.

Exhibit 2CriticalHarder than usual

remove, reverse or withhold any profit, gain, credit, rebate, bonus, benefit or other amount derived from or connected with the Abusive Trading Practice;
Clause 4.8.5 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of valormarkets.com, taken on Aug 23, 2026Profit removed and balance reset at Valor's judgement (clause 4.8.5)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 35 of 67 in the Terms and Conditions, 52% of the way through.

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

Firms licensed by the FCA or CySEC must treat clients fairly and cannot rewrite an executed trade at will outside narrow, defined error conditions. This contract lets Valor adjust balance, equity and trading history on its own determination of abuse.

Valor 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 investigation that can delete your profit can also hold the withdrawal you asked for while it runs.
  • Limited by Exhibit 9Clause 4.8.1 promises Valor will not act against you only because a legitimate strategy made money, and clause 4.8.6 says profitability alone does not prove abuse.
03

Clause 4.3.3 says you can withdraw "whenever necessary". Clause 4.3.11 then lets Valor restrict, delay or refuse any withdrawal at its sole discretion where it sees risk, compliance or operational concerns, and clause 4.3.4 gives it up to 5 business days just to process a request.

Why this matters

Nothing in the contract tells you what would make a refusal wrong, and nothing puts a deadline on a hold. You cannot appeal a decision that needs no stated reason.

Exhibit 3CriticalHarder than usual5 working days

The Company reserves the right to restrict, delay, or refuse withdrawals at its sole discretion where an account reflects outstanding liabilities, unresolved negative balances, or other risk, compliance, or operational concerns.
Clause 4.3.11 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of valormarkets.com, taken on Aug 23, 2026Withdrawals refusable at Valor's sole discretion (clause 4.3.11)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 30 of 67 in the Terms and Conditions, 45% of the way through.

What it costsClause 4.3.4 allows 2 to 5 business days to process, then a further 2 to 3 business days to reach your card, bank or wallet. That is up to 8 business days before money moves, with no promise attached.

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

Firms licensed by the FCA or CySEC must pay client money out promptly on request and must give reasons when they refuse. This contract attaches no test and no time limit to a refusal.

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

04

Clause 7.8 lets Valor pledge, invest or lend the money you deposit, and says it never has to give you back the same property. Clause 2.1.5 adds that your account is separated only in Valor's own books and that your funds are not insured.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

Your deposit is not sitting in a protected account with your name on it. The Risk Policy spells out where that ends: if Valor fails, you are a general creditor at the back of the queue.

Exhibit 4CriticalHarder than usual

The CLIENT hereby grants Valor Markets Ltd the right to pledge, repledge, invest or loan any funds, securities, currencies, and foreign currency or off-exchange transactions of the CLIENT held by Valor Markets Ltd as margin or security.
Clause 7.8 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of valormarkets.com, taken on Aug 23, 2026Your deposit can be lent out and is not insured (clause 7.8)Visit this page on the broker's siteDownload the full size image file

Buried at section 51 of 67 in the Terms and Conditions, 76% of the way through.

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

Firms licensed by the FCA, CySEC or ASIC must hold retail client money in segregated accounts and cannot use it for their own business. This contract grants the opposite permission in clause 7.8, and names no compensation scheme anywhere.

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

05

The 30% bonus only becomes yours $30 at a time, and each $30 takes 15 standard lots of trading. Ask for a withdrawal before you finish and clause 6.2 lets Valor cancel what is left.

Why this matters

You cannot take the bonus out, and trying to take your own money out shrinks it. Clause 8.2 goes further: on suspicion alone, Valor can claw back bonus you already converted plus any profit connected to it.

Exhibit 5CriticalHarder than usual15

For every fifteen (15) standard lots traded by the Participant, thirty United States Dollars (USD 30) shall be deducted from the Bonus credit and simultaneously transferred to the Participant’s account balance.
Clause 4.2 in Valor Markets Balance Bonus Promotion Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of valormarkets.com, taken on Aug 23, 2026Bonus needs 15 lots per $30 released, and a withdrawal cancels it (clause 4.2)Visit this page on the broker's siteDownload the full size image file

What it costsA $1,000 deposit earns a $300 bonus, and Valor's own clause 4.8 says releasing all $300 takes 150 standard lots. The maximum $3,000 bonus works out at 1,500 standard lots.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Deposit $100A 30% bonus is credited as trading credit that you cannot withdraw.2.3
Every 15 standard lots$30 moves from bonus credit into your withdrawable balance.4.2
On a withdrawal requestValor can cut or cancel whatever bonus credit you have not yet converted.6.2
On suspicion of abuseValor can revoke the bonus, the amounts you already converted and any related profit.8.2
06

Clause 6.1.5 gives you one business day to tell Valor about a disputed transaction, and makes you cover its losses if you miss it. Clause 4.2.2 then treats saying nothing as agreement to everything Valor has already done.

Why this matters

A trade that goes wrong on Friday can be settled against you by Tuesday, whether or not you logged in. Clause 4.2.3 says not receiving the confirmation is no excuse.

Exhibit 6CriticalRarely seen1 working days

The CLIENT agrees to indemnify and hold harmless Valor Markets Ltd from any damage or liability resulting from the CLIENT’s failure to notify Valor Markets Ltd within one (1) business day of any of the occurrences mentioned in this agreement.
Clause 6.1.5 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of valormarkets.com, taken on Aug 23, 2026One business day to object, then silence counts as consent (clause 6.1.5)Visit this page on the broker's siteDownload the full size image file

Buried at section 42 of 67 in the Terms and Conditions, 63% of the way through.

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

Firms licensed by the FCA or CySEC must accept complaints for years, not days, and must give retail clients access to an independent ombudsman. This contract names no complaints scheme and sets the window at one business day.

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

Our readingComplaint windows in retail agreements are normally measured in weeks or months. One business day, combined with a clause turning silence into acceptance, closes the dispute before most clients have looked at the statement.

  • Worse together with Exhibit 10The one day window closes the complaint, and the class action waiver closes the only route left for clients hit by the same clause.

Valor sells in four languages and contracts in one

Valor Markets runs its site in English, Spanish, Vietnamese and Thai, and serves the English contract on all of them. Vietnam is a restricted territory in Valor's own Risk Policy, yet the Vietnamese site has its own menus, help centre and signup buttons. The partners page and the privacy policy each promise something their own clauses withdraw.

Language arbitrage3 clauses flagged

The partners page advertises "Advanced real-time tracking and reporting." Clause 5.2 of the Affiliate Terms says Valor does not provide statements on referral transactions, and tells you to ask your own referrals for theirs.

Why this matters

Valor calculates what it owes you and will not show you the underlying trades. To question the figure you have to persuade the clients you referred to hand over their own statements.

Exhibit 18WarningRarely seen

Should the IB wish to check the calculations, the IB may request statements from their Referrals, on the basis of which an appeal may be made concerning the Company’s calculations. The Company does not provide statements on Referral transactions.
Clause 5.2 in Affiliate Terms
Read from the broker's site on Open the reference
Our own capture of valormarkets.com, taken on Aug 23, 2026The claim, on Partner benefits list on the Partners pageVisit this page on the broker's siteDownload the full size image file
Our own capture of valormarkets.com, taken on Aug 23, 2026What the contract says, clause 5.2Visit this page on the broker's siteDownload the full size image file

Where it sits: section 12 of 34 in the Affiliate Terms, 35% of the way through.

Our readingThe party that owes the money is also the only record keeper, and the contract explicitly declines to produce records. That removes any way to audit a commission figure.

The partners page promises "Lifetime rebates on referred clients." and "Daily payouts on every closed lot". Clause 11.2 lets either side end the agreement on 30 days notice for no reason, and clause 7.1 holds your commission until it reaches $10.

Why this matters

Your lifetime income can be cancelled in a month, and clause 9.3 cuts it off at the date of any breach Valor finds. Payouts are also on request once you pass $10, not daily.

Exhibit 19WarningHarder than usual$10

Should the commissions accumulate to less than the ten USD ($10) threshold, commissions will remain unpaid until the ten USD ($10) threshold is met.
Clause 7.1 in Affiliate Terms
Read from the broker's site on Open the reference
Our own capture of valormarkets.com, taken on Aug 23, 2026The claim, on Partner benefits list on the Partners pageVisit this page on the broker's siteDownload the full size image file
Our own capture of valormarkets.com, taken on Aug 23, 2026What the contract says, clause 11.2Visit this page on the broker's siteDownload the full size image file

Where it sits: section 17 of 34 in the Affiliate Terms, 50% of the way through.

Section 27 says Valor has not disclosed, sold or shared any personal information with third parties in the past twelve months, and has no plans to. Section 15.2 shares your data with vendors, section 11 shares it with the partner who referred you, and section 1 names Google AdSense and Microsoft Clarity.

Why this matters

The sentence that reassures you is contradicted twelve sections earlier in the same document. Your name, account identifier and trading activity go to the affiliate who referred you, and accepting the terms counts as your consent.

Exhibit 20WarningHarder than usual

To deliver the Services, the Company collaborates with various third-parties, and your personal information may be shared to ensure adherence to the Company’s Terms & Conditions and to prevent fraud or manipulation involving the Company or third-parties.
Clause 15.2 in Privacy Policy
Read from the broker's site on Open the reference

Buried at section 43 of 52 in the Privacy Policy, 83% of the way through.

Valor names its charges and publishes no prices

Clause 4.2.4 of the Valor Markets terms makes you pay mark-ups, statement charges, idle account charges, order cancellation charges and transfer charges. No document on the site states what any of them cost. The same clause lets Valor change its fees without prior notice, and clause 4.2.5 lets it debit your account for them.

Cost disclosure1 clause flagged

Clause 4.2.4 makes you pay mark-ups, statement charges, idle account charges, order cancellation charges and transfer charges. No document on the site says what any of them cost, and the same clause lets Valor change its fees without telling you.

Why this matters

Clause 4.2.5 lets Valor take these amounts straight out of your account. You agree to a price list that does not exist and can change while you hold a position.

Exhibit 8WarningHarder than usual

Valor Markets Ltd reserves the right to modify its fees without prior notice.
Clause 4.2.4 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 27 of 67 in the Terms and Conditions, 40% of the way through.

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

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before they trade. This contract names the charges and publishes no figures.

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

  • Same clause as Exhibit 9The same sentence that hides the fee amounts is the only place an inactivity charge is mentioned at all.

Every withdrawal is a decision Valor can decline

Clause 4.3.4 gives Valor Markets 5 business days to process a withdrawal and 3 more for the money to land. Clause 4.3.11 then lets it restrict, delay or refuse the payment at its sole discretion, with no test and no time limit. The minimum withdrawal amount lives on the website rather than in the contract, and clause 4.3.6 lets Valor change it without telling you.

Exit conditions2 clauses flagged

Clause 4.3.6 lets Valor reject any withdrawal below a minimum that appears only on the website, and change that minimum whenever it likes with no notice to you.

Why this matters

A small balance can be stranded if the minimum moves above it. Clause 4.3.5 also locks you into withdrawing by the exact method you deposited with.

Exhibit 21WarningHarder than usual

The Company reserves the right to amend the minimum withdrawal amount from time to time, with no notice provided to the CLIENT.
Clause 4.3.6 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 30 of 67 in the Terms and Conditions, 45% of the way through.

Clause 4.3.11 makes you responsible for any negative balance, whatever caused it. There is no negative balance protection here, meaning Valor does not write off a loss that takes your account below zero.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

A weekend gap can leave you owing more than you ever deposited, and the same clause lets Valor refuse withdrawals while that debt stands.

Exhibit 22WarningHarder than usual

The CLIENT remains solely responsible for any negative balance incurred on their account, regardless of the circumstances under which such negative balance arises.
Clause 4.3.11 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 30 of 67 in the Terms and Conditions, 45% of the way through.

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

The FCA, CySEC and ESMA require negative balance protection for retail CFD clients, so losses cannot exceed the money in the account. This contract puts the whole negative balance on you.

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

Valor sets the terms, the leverage and the country list as it goes

Clause 2.1.2 lets Valor Markets amend the agreement at any time by publishing a new version, while clause 8.8.1 in the same contract says no amendment counts without your signature. Clause 2.5.3 changes leverage with no notice and applies it to positions already open. Three documents publish three different restricted country lists, and the Risk Policy's margin close-out sentence breaks off before it states the level.

Unilateral control4 clauses flagged

The Terms bar 29 places including Australia and Haiti. The Risk Policy bars a different set, adding Botswana, Sri Lanka and Vietnam while dropping the United States. The site footer prints a third list that leaves Australia out.

Why this matters

If you live in Botswana, Sri Lanka, Vietnam or Australia, whether Valor serves you depends on which of its documents you read. It can pick the list that suits it after you have deposited.

Exhibit 12WarningHarder than usual

Australia; Afghanistan; Burma (Myanmar); the Democratic Republic of Congo; Crimea; Cuba; Ethiopia; Haiti; Iran; Iraq; Japan; Lebanon; Libya; Malta; New Zealand; North Korea; Pakistan; the Republic of Congo; the Russian Federation; Somalia; South Sudan; Sudan; Syria; Trinidad and Tobago; Tunisia; United States of America; Venezuela; Yemen; and Zimbabwe.
Clause 2.1.4 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 10 of 67 in the Terms and Conditions, near the start.

Clause 2.1.2 lets Valor amend the agreement at any time and simply publish the new version on its website. Clause 8.8.1 says no amendment counts unless you sign it. Both are in the same contract.

Why this matters

In practice the first clause wins, because Valor controls the website and you get no notice. You are bound by terms you have not read, and the clause protecting you is contradicted eleven sections later.

Exhibit 13WarningHarder than usual

The Agreement may be amended, changed, revised, supplemented, and/or modified at any time by Valor Markets Ltd.
Clause 2.1.2 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 11 of 67 in the Terms and Conditions, near the start.

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

Firms licensed by the FCA or CySEC must give retail clients advance notice of changes that affect them. This contract requires no notice and no notification.

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

Clause 2.5.3 lets Valor change leverage at any time with no notice, and apply the change to positions already open. Leverage is how much you can control with a small deposit, so a cut raises the margin you must hold at once.

Why this matters

A leverage cut mid-trade can push you into a margin call or a forced close on positions that were safe minutes earlier. Clause 2.5.2 lists your own "trading behaviour" as a reason Valor may do it.

Exhibit 14WarningHarder than usual

The Company reserves the right to amend leverage levels at any time, including without prior notice, and such changes may apply to existing open positions.
Clause 2.5.3 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 16 of 67 in the Terms and Conditions, near the start.

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

The FCA and ESMA cap retail CFD leverage at 30:1 on major currency pairs. Valor's homepage advertises 1:1000, and its Risk Policy illustrates the danger at 100:1.

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

Item 3 of the Risk Policy starts to explain when Valor closes your positions, then breaks off mid-sentence into unrelated text about software bugs. The trading page advertises a 30% stop-out, but the document that should state it never finishes the sentence.

Why this matters

The one number that tells you when your trades get closed is missing from the document you must acknowledge at signup. The whole policy is also published as a single block with literal escape characters instead of line breaks.

Exhibit 15WarningRarely seen

If the Customer’s account value falls below the free of programming bugs that could prevent trading, position keeping, or any other required functionality of the Trading Platform and other relevant software applications associated with Valor Markets Ltd, including but not limited to clearing and escrow Account software, from functioning properly or without errors.
Clause 3 in Risk Policy
Read from the broker's site on Open the reference

Our readingA risk disclosure that stops mid-sentence at the margin close-out rule leaves the client acknowledging a warning the firm never actually wrote down.

One business day to object, and no ombudsman to hear it

Clause 6.1.5 of the Valor Markets terms gives you one business day to report a disputed transaction and makes you cover Valor's losses if you are late. Clause 4.2.2 treats silence as acceptance of everything already done, and clause 4.2.3 says never receiving the confirmation is no excuse. Clause 7.6.5 waives your right to join any group action anywhere, and no complaints scheme is named in any document.

Complaint window1 clause flagged

Clause 7.6.5 makes you give up, irrevocably, any right to join a class or group action in any country. Valor names no ombudsman and no complaints procedure, and its contact page offers only a web form.

Why this matters

If the same clause costs a thousand clients $500 each, none of you can act together. Bringing a case alone in the courts of the Comoros Union is the only route the contract leaves.

Exhibit 10WarningHarder than usual

The CLIENT irrevocably waives the right to participate in, or to be represented in, any class action, collective action, or representative proceeding of any kind before any court, tribunal, or other authority in any jurisdiction.
Clause 7.6.5 in Terms and Conditions
Read from the broker's site on Open the reference

Buried at section 50 of 67 in the Terms and Conditions, 75% of the way through.

Comoros, Saint Vincent, or unnamed, depending on the document

Clause 10 of the Valor Markets terms sends every dispute to the exclusive jurisdiction of the Comoros Union. Clause 16 of the Affiliate Terms names Saint Vincent and the Grenadines instead, a country mentioned nowhere else on the site. The bonus terms name no country at all. Clause 8.9 also lets Valor transfer your account to another legal entity without asking you.

Forum1 clause flagged

The Terms send disputes to the Comoros Union. The Affiliate Terms name Saint Vincent and the Grenadines, a country Valor says nothing about anywhere else. The bonus terms name no country at all, only "the contracting entity".

Why this matters

If you are a client who also refers friends, two of your agreements answer to two different legal systems. Neither is anywhere near most of the people this site markets to.

Exhibit 11WarningHarder than usual

This Agreement is governed by the law of the Saint Vincent and the Grenadines and will be subject to the exclusive jurisdiction of the Saint Vincent and the Grenadines Courts.
Clause 16 in Affiliate Terms
Read from the broker's site on Open the reference

Buried at section 33 of 34 in the Affiliate Terms, 97% of the way through.

Documents can be demanded at the moment you withdraw

Clause 7.2.5 lets Valor Markets suspend your account and return the balance if it cannot verify your details, at any point in the relationship. Clause 4.3.7 lets it ask for source of funds and source of wealth papers when you request a withdrawal rather than when you deposit. The AML policy keeps your records for a minimum of ten years.

Verification holds1 clause flagged

Clause 7.2.5 lets Valor demand more documents at any time and suspend your account until it is satisfied. Clause 4.3.7 lets it ask where your money came from at the moment you try to withdraw.

Why this matters

The document request can arrive after months of trading, triggered by your withdrawal rather than by any risk. Your positions stay exposed while the account is suspended.

Exhibit 17WarningHarder than usual

Valor Markets Ltd reserves the right to suspend the account and return any applicable balance if we are unable to verify the CLIENT’s registered details and if the CLIENT is unable and/or refuses to provide the requested documentation and/or information.
Clause 7.2.5 in Terms and Conditions
Read from the broker's site on Open the reference

Buried at section 47 of 67 in the Terms and Conditions, 70% of the way through.

  • Worse together with Exhibit 3A source of funds request at withdrawal time is also a compliance concern under clause 4.3.11, which is grounds to refuse the payout.

Valor may take the opposite side of your position

Clause 4.6.3 of the Valor Markets terms says the company may act as principal and take the opposite position to your trade, and the footer of every page confirms it is the counterparty to all transactions. Clause 4.6.1 lets it choose trade by trade whether to pass your order out or keep it in house. Clause 4.7.5 relies on an Execution Policy that Valor does not publish.

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.

Both sides of the trade1 clause flagged

Clause 4.6.3 says Valor may act as principal and take the opposite position to your trade, so it can gain when you lose. Clause 4.7.5 promises it will follow its Execution Policy, and that policy is published nowhere on the site.

Why this matters

You cannot check the rules Valor says govern your fills. It also picks, trade by trade, whether to pass your order out or keep it on its own book.

Exhibit 16WarningStandard wording

Where transactions are internalised, the Company may act as principal and take the opposite position to the CLIENT’s trade.
Clause 4.6.3 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 32 of 67 in the Terms and Conditions, 48% of the way through.

An idle account charge with no number attached

Valor Markets mentions "idle Account charges" exactly once, inside a list of payable items in clause 4.2.4. It never says how many days make an account idle, how much the charge is, or whether it stops when the balance is gone. There is no dormancy section anywhere in the document set.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

"Idle Account charges" appear once, in a list of things you must pay in clause 4.2.4. Valor never says how long counts as idle, how much the charge is, how often it repeats, or what happens when your balance runs out.

Why this matters

You cannot work out the cost of leaving money in a dormant account, and you get no notice before the charge starts. Valor can debit it directly under clause 4.2.5.

Exhibit 9WarningHarder than usual

The CLIENT shall pay all charges (including – but not limited to – mark-ups and mark-downs, statement charges, idle Account charges, order cancellation charges, account transfer charges, introducing broker and money manager fees if applicable, and other charges) arising from Valor Markets Ltd.’s provision of services pursuant to this Agreement.
Clause 4.2.4 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 27 of 67 in the Terms and Conditions, 40% of the way through.

One company, three named regulators, two contracts

You contract with VALOR MARKETS LTD of Bonovo Road, Fomboni, Comoros. Its homepage badge says MISA Regulated, its footer names the Financial Services Regulatory Authority of the Union of Comoros under licence BFX2024002, and its AML policy names the Banque Centrale des Comores. Clause 7.8 lets Valor lend out your deposit, no compensation scheme is named, and the signup form serves a 53 page PDF that differs from the terms on the website.

Counterparty2 clauses flagged

The homepage badge says "MISA Regulated". The footer of the same page says Valor is authorised by the Financial Services Regulatory Authority of the Union of Comoros under licence BFX2024002. The AML policy names a third body, the Banque Centrale des Comores.

Why this matters

You cannot tell from Valor's own pages who supervises it or where to escalate a complaint. Whether any of these licences carries real protection is covered in our scam report.

Exhibit 7WarningHarder than usual

We further adhere to the guidelines and oversight of the Banque Centrale des Comores (“BCC”) and the Comoros Cellule de Renseignement Financier (“CRF”) for AML/CFT matters2.
Clause 2 in KYC & AML Terms
Read from the broker's site on Open the reference

The signup form asks you to accept a 53 page PDF held on Valor's client portal, while clause 2.1.2 promises the current agreement lives on the website. The Affiliate Terms define your Client Agreement as the document at valormarkets.com/terms, and that address returns a 404.

Why this matters

You cannot tell which text binds you. The version you ticked at signup and the version on the website are different files in different places, and the affiliate agreement's core reference goes nowhere.

Exhibit 23NoticeHarder than usual

“Terms of Use” means the Company’s Terms of Use at https://www.valormarkets.com/terms as amended from time to time.
Clause 1.16 in Affiliate Terms
Read from the broker's site on Open the reference

Where it sits: section 4 of 34 in the Affiliate Terms, near the start.

Where the marketing and the contract disagree

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

01

Valor markets a full Vietnamese site while its Risk Policy lists Vietnam as a restricted territory.

Said in public, in Vietnamese

Được Xây Dựng Cho Những Nhà Giao Dịch Đòi Hỏi Hơn

Word for word in English: Built For Traders Who Demand More

Main heading of the Vietnamese language homepage, which also carries a Vietnamese menu, a Vietnamese help centre and Vietnamese signup buttons

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

In the contract · clause 4

Restricted Territories include, but are not limited to: Afghanistan, Botswana, Burma (Myanmar), the Democratic Republic of Congo, Crimea, Cuba, Ethiopia, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Pakistan, the Republic of Congo, the Russian Federation, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Vietnam, Yemen, Australia, New Zealand, and Zimbabwe.

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

02

The homepage promises fast withdrawals while the contract lets Valor refuse one at its sole discretion with no deadline.

Said in public, in English

Fast Withdrawals

Badge in the feature strip below the homepage hero

In the contract · clause 4.3.11

The Company reserves the right to restrict, delay, or refuse withdrawals at its sole discretion where an account reflects outstanding liabilities, unresolved negative balances, or other risk, compliance, or operational concerns.

03

The homepage badge names MISA as Valor's regulator while the footer of the same page names a differently titled Comoros authority.

Said in public, in English

MISA Regulated

Badge in the feature strip below the homepage hero

In the contract · clause Footer

This website is operated by VALOR MARKETS LTD, a company incorporated in the Union of Comoros under registration number HY01223079 and authorised by the Financial Services Regulatory Authority of the Union of Comoros under licence number BFX2024002.

04

Partners are sold real-time reporting while the Affiliate Terms refuse to provide statements on referral transactions.

Said in public, in English

Advanced real-time tracking and reporting.

Partner benefits list on the Partners page

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

In the contract · clause 5.2

The Company does not provide statements on Referral transactions.

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

05

Lifetime rebates are advertised under an agreement either side can end without cause on thirty days notice.

Said in public, in English

Lifetime rebates on referred clients.

Partner benefits list on the Partners page

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

In the contract · clause 11.2

by either Party at any time without cause upon thirty (30) days prior written notice to each other.

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

06

The Privacy Policy denies sharing personal information while the Terms commit to sharing account data with the affiliate who referred you.

Said in public, in English

In the preceding twelve (12) months, the Company has not disclosed, sold, or shared any personal information with third parties for business or commercial purposes.

Section 27 of the published Privacy Policy

In the contract · clause 6.3.1

The CLIENT acknowledges and agrees that, where their account has been opened or linked using an Introducing Broker (“IB”) affiliate code, certain personal and account-related information will be shared with that IB.

07

The homepage sells 1:1000 while the risk warning illustrates the danger at 100:1, and the Vietnamese page advertises 1:500.

Said in public, in English

1:1000 Leverage

Badge in the feature strip below the homepage hero; the Vietnamese version of the same badge reads 1:500

In the contract · clause 2

Valor Markets Ltd offers a 100:1 or greater leverage on the majority of trading products to the majority of its clients. With 100:1 leverage, the Customer can control a one million USD ($1,000,000) position with only ten thousand USD ($10,000) in their account.

The documents this reading is based on

7 files, all published by Valor. 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 Valor publishes.

How this reading was done

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

This reading was published on .

Documents
6 of 7downloaded from the broker's site, and 6 read in full
Pages opened
27pages walked to find those documents, footer links included
Marketing pages
4public pages set against what the contract says
Languages
EN vs VIthe language it advertises in, against the language it contracts in
Position measured
19clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

VALOR MARKETS LTD

You contract with VALOR MARKETS LTD, registered in the Union of Comoros under number HY01223079, at Bonovo Road, Island of Moheli, Fomboni. Clause 10 of the Terms sends every dispute to the courts of the Comoros Union. The company says in its own footer that it "acts as the principal and counterparty to all trading transactions", so it is the other side of your trades rather than a broker passing them to a market. Two of its own documents point elsewhere. The Affiliate Terms name the courts of Saint Vincent and the Grenadines, and the bonus terms name no country at all. Whether any of the licences named on this site means anything is a question for our scam report, not for a reading of the contract.

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

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

In fairness, and what we could not check

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

The bonus terms are the best writing on this site. Valor publishes them in full on the promotion page, states plainly that your own deposit is spent before the bonus credit, and works its own example: 150 standard lots to release a $300 bonus. Clause 4.8.1 also says out loud that Valor will not act against you just because a legitimate strategy made money, and clause 4.8.6 repeats that profit alone does not prove abuse. Most offshore brokers write neither sentence. The restricted territories list is also printed in the footer of every page rather than buried in a PDF.

We read all five legal documents on the website end to end. We did not read the contract that matters most at the moment of signing. The registration form at our.valormarkets.com links a separate 53 page Terms and Conditions PDF, and that file would not open as text, so nothing in this report is quoted from it. We could not compare today's wording against any earlier copy, because no archived version of these pages was available. We checked the English, Vietnamese, Spanish and Thai versions of the site, and we read the Vietnamese legal pages, which serve the English contract text. We did not test which countries the account application actually accepts, because that needs a completed registration.

How to check any of this yourself

Every quote above links to the Valor 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 Valor 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 Valor 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 Valor 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 Valor. Whether its licence is real and current is a separate check on the broker profile.

Back to the Valor profile