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Contract reading

What Varchev Finance legally published, but does not want you to read

Every clause below is published by Varchev Finance 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: Варчев Финанс ЕООД

hidden feeprop tradingwithdrawalsdeemed acceptancesole discretionunilateral amendmentmarketing mismatchprofit voidingdormancyforced closure

Varchev Finance is genuinely regulated in Bulgaria, and its Varchev Funded programme sells accounts of up to $1,000,000 in "real capital" while the same page's own terms say every account, balance and result in the programme is simulated. Retail clients pay 0.5% a year on the cash sitting in their account, charged monthly, and professional clients pay nothing. You get three days to object to a change in the trading rules, or they bind you. A bonus needs 10 standard lots traded for every $1 before you can withdraw it.

Back to Varchev Finance

Contract risk

Money at risk
7.5/10

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

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
14
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
36
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
59
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 36 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.

Critical14
Warning16
Notice6

section 47 of 104is where the deepest clause sits, 45% 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.

Critical$1000000In the contract. Jump to the clause this comes from.Funded accounts sold as real capital, defined as simulatedCritical0.5%Fee you were not shown. Jump to the clause this comes from.A yearly charge on your cash that professionals do not payCritical3 daysAccount limit. Jump to the clause this comes from.Three days to object, then the trading rules change for youCritical10Bonus requirement. Jump to the clause this comes from.Ten lots traded for every dollar of bonus

What the documents say

36 clauses worth knowing about, worst first, each quoted from Varchev Finance's own files

01

Varchev Funded sells you an evaluation account and says you will trade real capital of up to $1,000,000. The conditions page for the same product says every account, balance, trade and result in the programme is simulated.

Why this matters

You pay from $40 to enter a programme whose own terms say no real capital is provided to you and no real trades are placed. Your 80% "profit share" is a fee calculated on results in a simulated environment, not a share of money made in a market.

Exhibit 1CriticalRarely seen$1000000

Предоставените акаунти, баланси, търговски операции и резултати в рамките на програмата са симулирани и не представляват предоставяне или инвестиране на реален капитал на участника.
Clause Disclaimer in Varchev Funded Accounts — Условия и параметри
Read from the broker's site on Open the reference
Our own capture of varchev.com, taken on Oct 10, 2026The claim, on Varchev Funded product page, main heading blockThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Our own capture of varchev.com, taken on Oct 10, 2026What the contract says, clause DisclaimerVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 2The conditions that define the capital as simulated are also the conditions Varchev Finance applied to accounts that were already open.
02

Varchev Finance takes 0.5% a year from the cash sitting in your account, worked out monthly on your month end balance. The same tariff says the charge is not collected from professional clients.

Why this matters

Money you have not invested still shrinks every month, whether or not you place a single trade. You pay this because you are classified as a retail client, and the fee is on page 3 of a tariff, not on the page where deposits and withdrawals are explained.

Exhibit 3CriticalRarely seen0.5%

Начин на изчисление: паричните средства към последният работен ден на месеца се умножават по 0.5% и се делят на 12.
Clause 16.2 in Тарифа ИП Варчев Финанс / Двойно обозначаване, p.3
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client all costs and charges in good time before they trade, in one place and in cash terms. This charge appears only in the tariff table, and the deposit and withdrawal page that lists the other fees does not mention it.

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

  • Worse together with Exhibit 20The monthly charge runs on an untouched account until the contract cancels itself at twelve months, so a forgotten balance pays for the silence twice.
03

Varchev Finance can change its execution policy and its international markets trading rules by posting them on the website. If you do not object in writing within three days, they bind you with nothing further from you.

Why this matters

You carry a duty to watch a website. Miss three days and the rules that govern your margin, your close out and your costs have changed, and your silence counted as agreement.

Exhibit 4CriticalHarder than usual3 days

Ако в срок от 3 (три) дни от публикуване на документа, клиентът не се противопостави изрично и писмено на новите документи, същите влизат в сила за него, без да е необходимо допълнително волеизявление от негова страна за приемането им.
Clause 89 (4) in Общи условия, за сделки с финансови инструменти на инвестиционен посредник "ВАРЧЕВ ФИНАНС" ЕООД, p.22
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client notice of a change to the terms in a durable form and in good time. The same general terms promise one month and written confirmation for the general terms and the tariff, and three days with no confirmation for the trading rules.

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

  • Worse together with Exhibit 15The trading conditions page says new swap figures take effect the moment they are published, which is shorter than the three days you have to object to them.
  • Limited by Exhibit 12If you reject a change you may end the contract without notice and without penalty, though the firm still settles its own costs and losses from your balance first.
04

Once Varchev Finance decides, at its own discretion, that your trading tried to take advantage of errors or delays in its quotes, it may cancel all your earlier profits from that method by deducting them from your account. It may also close your platform access and end the contract at once.

Why this matters

Profit already credited to you can be taken back, and the test is the firm's own view of your strategy. Using an automated system is named in the rule, so an expert adviser that works well is enough to start the conversation.

Exhibit 5CriticalHarder than usual

Да анулира (като ги прихване/ удържи) от сметката на Клиента всички предходни печалби, които са били спечелени в резултат на подобен метод на търговия.
Clause 1.14.3 in Правила, приложими към договорите за търговия на световните финансови пазари, чрез системите за електронна търговия на ИП "Варчев Финанс" ЕООД, p.4
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 may cancel a trade on a clear pricing error, but have to treat a client fairly and show the error. These rules let Varchev Finance reach back over earlier profits on its own assessment of your method, and the only stated check is that it acts in good faith.

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

  • Worse together with Exhibit 24Varchev Finance sets the quote you trade on, and the same quote decides whether your profit came from a pricing error.
05

A Varchev Finance bonus can only be withdrawn once you have traded 10 standard lots for every $1 of it. One lot is 100,000 currency units, and the bonus itself is a virtual addition to your margin account.

Why this matters

The $250 bonus on a $3,000 deposit needs 2,500 lots traded before you can take it out, which is 250 million dollars of turnover. Withdrawing your own money cuts the bonus by the same share you withdrew.

Exhibit 6CriticalRarely seen10

Бонусът може да бъде изтеглен единствено и само, когато клиента има изтъргуван обем от 10 стандартни лота в Meta Trader (1 лот = 100 000 валутни едници) за всеки $1 (един долар) бонус.
Clause Бонус "Акаунт", note 5 in Бонуси и промоции (условия)
Read from the broker's site on Open the reference
Our own capture of varchev.com, taken on Oct 10, 2026Ten lots traded for every dollar of bonus (clause Бонус "Акаунт", note 5)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 7The refunded loss in the cashback promotion is itself a bonus, so the money that was supposed to protect you carries the same turnover lock.

Three days of silence changes the rules you trade under

Varchev Finance can amend its execution policy and its international markets rules by publishing them, and if you do not object in writing within three days they bind you. In a market the firm itself decides is extraordinary, it may close your positions and suspend or amend any term of the contract. The funded conditions were rewritten on 25 September 2026 and applied six days later to accounts that were already open.

Terms that move5 clauses flagged

Varchev Finance rewrote the Varchev Funded conditions on 25 September 2026 and brought them into force on 1 October 2026. The new conditions apply to every account, including accounts that were already active under the old ones.

Why this matters

You bought an account under one set of rules and six days of notice replaced them. The tougher payout conditions, the consistency test and the inactivity rule now apply to the account you are already trading, and you were not asked to agree.

Exhibit 2CriticalHarder than usual6 daysNew

От 01.10.2026 новите условия важат за всички акаунти, включително вече активните.
Clause Нови условия от 01.10.2026 in Varchev Funded Accounts — Условия и параметри
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Our own capture of varchev.com, taken on Oct 10, 2026New funded rules applied to accounts already trading (clause Нови условия от 01.10.2026)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC have to give a retail client advance notice of a change to the contract terms and a real chance to exit before it bites. Varchev Finance's own general terms set that period at not less than one month. The funded conditions gave six days and reached accounts already open.

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

  • Worse together with Exhibit 4One document gives you three days to object to a change, the other gives six days before a change binds an account you already hold.

Varchev Finance decides for itself whether an extraordinary market situation exists, including on its own expectation that prices will move sharply. It may then raise margin, close some or all of your positions, and suspend or amend any term of the rules and of your contract.

Why this matters

The power to change the agreement sits with one side and starts whenever that side says conditions are unusual. Nothing in the clause caps how long the suspension lasts or which terms survive it.

Exhibit 9CriticalHarder than usual

В такива случаи Варчев Финанс може да повиши маржин изискванията си, да закрие някои или всички маржин сделки, открити от Клиента и/или да преустанови или измени приложението на всяко или всички условия на тези Правила и договора с Клиента
Clause 10.2 (Разни) in Правила, приложими към договорите за търговия на световните финансови пазари, чрез системите за електронна търговия на ИП "Варчев Финанс" ЕООД, p.12
Read from the broker's site on Open the reference

The rules you sign let Varchev Finance close your positions without notice once your margin level falls to 30%. The same rules say the firm does not undertake to send you a margin call and that watching your own positions is your job.

Why this matters

The lower the close out level, the more of your money is gone before the position is shut. Varchev Finance now publishes 50% as the level for retail clients on another page, so the rules you agreed to understate your own protection.

Exhibit 10CriticalHarder than usual30%

Ако процентът на Маржин ниво се понижи до 30%, Варчев Финанс има право да закрие без предизвестие, частично или изцяло, отворените позиции.
Clause 4.7.2 in Правила, приложими към договорите за търговия на световните финансови пазари, чрез системите за електронна търговия на ИП "Варчев Финанс" ЕООД, p.8
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), FCA (UK), CySEC (Cyprus)

Firms applying the ESMA retail measures, which the Bulgarian regulator mirrored in its 2019 decision, must close a retail client's CFD positions when the money in the account falls to 50% of the margin required. These rules, adopted in August 2017, set the level at 30% and draw no distinction between retail and professional clients.

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

Varchev Finance restarts its servers every night. During the restart the platform stops accepting orders to open, close or change a position, and the firm says it carries no liability for your losses or lost profit in that case.

Why this matters

A leveraged position you cannot exit is a position the market can move against you for free. The only route left is a phone call or a chat message to a dealer, and the general terms put the whole risk of the firm being unable to perform on you.

Exhibit 14CriticalHarder than usual

По време на оптимизацията на платформата връзката към сървърите на Varchev Absolute Trader се преустановява и ордери за отваряне, затваряне, модификация на позиции не се приемат през платформата.
Clause Условия за търговия с центови акаунти in Условия за търговия чрез Varchev Absolute Trader
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  • Worse together with Exhibit 10Positions can be closed at a 30% margin level without notice, while the window when you cannot close them yourself carries no liability for the firm.

If one of your trading accounts goes negative, the balances of your other accounts must cover it within 24 hours. You choose which account pays, and if you do not, Varchev Finance chooses for you.

Why this matters

Money you kept in a separate account to keep it out of harm's way is not out of harm's way. Varchev Finance can also merge or consolidate any of your accounts at any time and without notice.

Exhibit 22WarningHarder than usual

Ако в една от сметките за търговия е с отрицателен баланс, тази отрицателна стойност трябва да бъде покрита от балансите на останалите му акаунти в срок не повече от 24 часа.
Clause 4.8.2 in Правила, приложими към договорите за търговия на световните финансови пазари, чрез системите за електронна търговия на ИП "Варчев Финанс" ЕООД, p.8
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), CySEC (Cyprus), FCA (UK)

Under the ESMA retail measures, mirrored by the Bulgarian regulator, a retail client's liability for all CFDs tied to a trading account is limited to the money in that account. This clause reaches the balances of the client's other accounts and gives 24 hours to move them.

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

The capital is real in the marketing and simulated in the terms

Varchev Funded advertises trading real capital of up to $1,000,000, and the conditions page for the same product defines every account, balance and result in the programme as simulated. The bonus pages promise trading without loss while the trading rules make you confirm that freedom from loss is impossible. Leverage is offered as a choice up to 1:500 on pages that never mention the 1:30 cap that applies to you.

Promise against contract2 clauses flagged

The bonus pages promise you can trade without loss and that the only path is the path of winning. The trading rules you sign make you confirm that freedom from loss is impossible and that nobody at Varchev Finance gave you such an assurance.

Why this matters

What the promise actually buys is a refund of up to $500 of your losses on your first day of trading. The same pages carry the firm's own figure that 63.41% of retail accounts lose money with it.

Exhibit 7CriticalHarder than usual$500

Гарантирането на печалбата или освобождаването от загуба е невъзможно при търговия на финансови инструменти. Клиентът потвърждава, че не е получил такива гаранции или подобни уверения от Варчев Финанс или от който и да било от неговите представители
Clause 1.3.5 in Правила, приложими към договорите за търговия на световните финансови пазари, чрез системите за електронна търговия на ИП "Варчев Финанс" ЕООД, p.1
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 and CySEC must keep marketing fair, clear and not misleading, and must not play down the risk of loss. One page here says you can only win, and the contract behind it says guaranteed freedom from loss is not possible.

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

Varchev Finance tells you on its deposit page and its English bonus page that forex traders choose their own leverage from 1:1 up to 1:500. As a retail client your cap is 1:30 on major currency pairs, which the firm publishes on a second tab of its trading conditions.

Why this matters

The first leverage figure you meet is one you cannot have. The trading conditions page opens on the professional client view, and your own limits need a click to reach.

Exhibit 25WarningHarder than usual

1:30 за всички основни Форекс двойки
Clause Непрофесионални клиенти in Условия за търговия чрез Varchev Absolute Trader
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Our own capture of varchev.com, taken on Oct 10, 2026The claim, on Deposit and withdrawal page, Forex traders panel, no client category statedVisit this page on the broker's siteDownload the full size image file
Our own capture of varchev.com, taken on Oct 10, 2026What the contract says, clause Непрофесионални клиентиVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: ESMA (EU), CySEC (Cyprus), FCA (UK)

Firms applying the ESMA retail measures, which the Bulgarian regulator adopted in 2019, must cap retail CFD leverage at 1:30 on major currency pairs and may not present professional terms as generally available. The 1:500 figure appears with no client category attached on the deposit page.

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

A yearly charge on your cash, and a deposit fee with no ceiling

Varchev Finance takes 0.5% a year from the cash in a retail client's account, worked out monthly, and waives it for professional clients. Card deposits arrive net of every fee its bank charged, never less than 1.10%, and the deposit page that lists all the other payment fees says nothing about cards. On international shares the minimum commission is charged again for each day a limit order keeps filling.

Cost disclosure6 clauses flagged

Money you send by debit or credit card is credited after Varchev Finance deducts every fee its bank charged for the transfer, and never less than 1.10% of what you paid. The tariff sets the floor and not the ceiling.

Why this matters

You cannot work out what a card deposit costs before you make it, because the amount depends on a bank tariff you never see. The page that explains deposits and withdrawals lists the fees for cash, bank transfers and e-wallets, and says nothing about cards.

Exhibit 11CriticalHarder than usual1.1%

Средствата се захранват нетно, след приспадането на всички такси и комисионни, начислени на Варчев Финанс ЕООД за съответния трансфер (В зависимост от тарифата на обслужващата банка)., но не по-малко от 1.10% от сумата на плащането
Clause 15 in Тарифа ИП Варчев Финанс / Двойно обозначаване, p.3
Downloaded from the broker's site on Open the reference
Our own capture of varchev.com, taken on Oct 10, 2026The claim, on Deposit and withdrawal page, the fee list naming cash, bank transfers and e-wallets but not cardsVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must tell a retail client the actual cost of a payment in advance, in cash terms. This entry gives a minimum percentage and leaves the real figure to a third party tariff.

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

  • Worse together with Exhibit 18Money costs an unnamed amount on the way in and is converted at the firm's own rate on the way out.

Varchev Finance reserves the right to change its swap levels at any time, and says the new figures take effect immediately when they appear on the trading conditions page. Swap is the interest charged or paid for holding a position overnight.

Why this matters

The cost of holding your position can change while the position is open, with no notice and no period to react. Wednesday to Thursday the charge is taken at triple size.

Exhibit 15WarningHarder than usual

Varchev Finance си запазва правото да променя Swap нивата по всяко време.Актуалните суапови числа влизат в сила незабавно в момента в който се публикуват тук.
Clause Таблица с актуални SWAP стойности in Условия за търговия чрез Varchev Absolute Trader
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On international share orders the minimum commission is charged on every order whatever the number of trades in it. If a limit order fills in pieces, the minimum is due for each day on which a trade happens until the order is filled or cancelled.

Why this matters

A 25 euro minimum becomes 125 euro if your order fills across five days, and on the Athens exchange the minimum is 200 euro a day. This schedule is in a separate file that the main tariff only links to.

Exhibit 17WarningRarely seen$25

Минималната сума се удържа на всеки ордер независимо от броя сделки по него .В случай на частично изпълнение при лимитиран ордер минималната комисионна се дължи за всеки ден в който има сделка до пълното му изпълнение или отмяна.
Clause Note 4 in ТАРИФА: Търговия с акции на международните фондови пазари, p.2
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If you withdraw in a currency other than your trading account's currency, Varchev Finance converts the amount at its own rate. No document publishes that rate or the margin added to it.

Why this matters

The conversion cost is set by the party paying you and appears nowhere in the tariff. All bank conversion costs between accounts in different currencies are passed to you as well.

Exhibit 18WarningHarder than usual

При теглене на средства във валута, различна от валутата на сметката за търговия, сумата ще бъде превалутирана по курс на Варчев Финанс
Clause Условия за теглене и внасяне на парични средства in Теглене и Захранване: Условия за теглене и внасяне на парични средства
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose the exchange rate basis and any conversion margin applied to a retail client's money. Here the rate is named only as the firm's own.

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

The tariff says its fees apply where nothing else has been agreed, and that separate fees are negotiated for services it does not list. Several lines read by negotiation, including trades on international regulated markets and deals above 50,001 leva.

Why this matters

The schedule you read is a default that an individual agreement can displace, and for some services no published price exists at all. Portfolio management carries 24% including VAT of the realised profit, with nothing said about offsetting earlier losses.

Exhibit 35NoticeStandard wording24%

Регламентираните в тази Тарифа такси и комисиони са валидни в случаите, когато не е договорено друго, като размера договорената комисионна се отбелязва в поръчката на клиента.
Clause ДОПЪЛНИТЕЛНИ РАЗПОРЕДБИ 1 in Тарифа ИП Варчев Финанс / Двойно обозначаване, p.4
Downloaded from the broker's site on Open the reference

Varchev Finance published two tariffs in autumn 2025, labelled as new and effective from 15 September and 1 October. Both close with the line that the tariff was approved on 1 November 2022 and takes effect on 1 December 2022.

Why this matters

You cannot tell from the document which version binds you or when it started. The only difference between the two 2025 files is the address of the linked schedule for international markets, and no fee changed.

Exhibit 36NoticeHarder than usual

Настоящата Тарифа е одобрена с протокол на 01.11.2022 г. и влиза в сила от 01.12.2022 г.
Clause Заключение in Тарифа ИП Варчев Финанс / Двойно обозначаване, p.4
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

The firm's own general terms require every amendment to the tariff to be published with the date it was adopted and the date it takes effect. The current file carries 2022 dates under a 2025 label.

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

Your assets move after the firm has settled its own losses

On termination Varchev Finance deducts all fees, all additional costs and any direct losses it suffered from the ending, and releases your instruments and money only once that is settled, within seven days. Bank withdrawals in leva and euro are free, and a bank withdrawal needs a printed and signed request form. Moving securities to another broker costs 1% of their market value, while bringing them in costs nothing.

Getting money out4 clauses flagged

When the contract ends, Varchev Finance takes or demands every fee and cost owed, plus any direct losses it suffered because of the ending. Only once all of that is settled does it transfer your instruments and your money, and it has seven days to do so.

Why this matters

The amount held back includes the firm's own losses, which no clause defines or caps, and the figure is worked out by the party holding your balance. You must also close every position and say five working days ahead where your assets should go.

Exhibit 12CriticalHarder than usual7 days

Варчев Финанс изисква и/или прихваща от клиента плащане на всички такси, комисиони и други разноски, натрупани до датата на прекратяването, а също и всички допълнителни разходи, както и възникналите за ИП преки загуби вследствие на прекратяването, ако са налице такива.
Clause 85 (5) in Общи условия, за сделки с финансови инструменти на инвестиционен посредник "ВАРЧЕВ ФИНАНС" ЕООД, p.21
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must return client money promptly once it is no longer needed and may hold back only what is properly owed. This clause ties the release of your assets to a loss figure the firm sets itself.

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

  • Only applies after Exhibit 20The contract can end by itself after twelve months without a trade, which starts this settlement without you asking for it.

Moving securities into Varchev Finance from your own depository account or from another broker costs nothing. Moving them out to another broker costs 1% of market value, with a minimum of 10 leva.

Why this matters

The fee lands when you decide to leave, and it is charged on the value of your holdings rather than on the work involved. A 50,000 euro portfolio costs 500 euro to move.

Exhibit 16WarningHarder than usual1%

от клиентска сметка при ИП ''Варчев Финанс" към клиентска сметка при друг ИП 1% от пазарната стойност Минимум 10 лв. (5.11 евро)
Clause 2.3 in Тарифа ИП Варчев Финанс / Двойно обозначаване, p.1
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Varchev Finance advertises account opening entirely online with no printing of documents. To withdraw by bank transfer you must download a request form, print it, sign it and send it back by fax, by email or in person.

Why this matters

Getting money out needs a printer, a signature and a return trip, while getting money in needs a card. Without a request, cash withdrawals are capped at 800 currency units.

Exhibit 19WarningHarder than usual

В случай, че заявката е за превод по банков път е необходимо да изтеглите и разпечатате “Заявка за теглене на средства”.
Clause ТЕГЛЕНЕ НА ПАРИЧНИ СРЕДСТВА in Теглене и Захранване: Условия за теглене и внасяне на парични средства
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Our own capture of varchev.com, taken on Oct 10, 2026The claim, on Real account opening page, online routeVisit this page on the broker's siteDownload the full size image file
Our own capture of varchev.com, taken on Oct 10, 2026What the contract says, clause ТЕГЛЕНЕ НА ПАРИЧНИ СРЕДСТВАVisit this page on the broker's siteDownload the full size image file

A Varchev Funded payout request can be made only on a Friday, after at least three trading days in the period, with net profit of at least 2% of the initial capital and a consistency figure of 40% or less. Friday is the day for asking, not a guarantee of payment.

Why this matters

Four conditions gate the request and no clause says when the money must actually arrive. The 80/20 split is applied to profit measured in an account the same terms describe as simulated.

Exhibit 31WarningHarder than usual2%

Заявка за изплащане може да се подаде само в петък, след минимум 3 различни търговски дни в текущия FUNDED период за изплащане.
Clause 7 in Varchev Funded Accounts — Условия и параметри
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  • Only applies after Exhibit 1The profit being split is a result in a simulated account, which the same page says is not real capital.

Profit already earned can be taken back on the firm's own judgement

Once Varchev Finance decides at its own discretion that your trading exploited errors or delays in its quotes, the rules let it deduct all earlier profits from that method and close the account the same day. In the funded programme a breach of the loss limits or the prohibited practices cancels your right to any reward, and the prohibited list includes emotional trading and trading in quiet hours. The price at which your positions are closed is set by the firm, and the rules say that reading them is your agreement to it.

Profit at risk2 clauses flagged

The Varchev Funded rules treat emotional trading, trading in quiet hours, impulsive trading and chasing losses as toxic flow. Breaches of those rules carry sanctions that include deductions or termination of the contract.

Why this matters

The grounds for taking money off you include a judgement about your state of mind and the hours you choose to trade. Break a loss limit or a prohibited practice and your right to any reward is cancelled outright.

Exhibit 8CriticalRarely seen

Нарушенията водят до санкции (предупреждение, забрана, удръжки или прекратяване на договора).
Clause 3 in Varchev Funded Accounts — Условия и параметри
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Our own capture of varchev.com, taken on Oct 10, 2026Emotional trading listed as grounds for deductions (clause 3)Visit this page on the broker's siteDownload the full size image file
  • Only applies after Exhibit 1The reward that can be cancelled is a share of results in a simulated account, which the same terms say is not real capital.

When positions are closed on a default, Varchev Finance may set the closing levels in its own reasonable judgement. The rules then say that by becoming acquainted with them you agree to the levels it sets.

Why this matters

The price that decides your final loss is chosen by the other side of the trade, and reading the document counts as accepting it. The firm also applies its usual spread and all costs when valuing the positions.

Exhibit 23WarningRarely seen

Варчев Финанс може по своя разумна преценка да определи нивата на затваряне, като взема предвид и пазарни цени на други маркет-мейкъри за съответния период и финансов инструмент. Със запознаването с настоящите Правила, Клиентът се съгласява с така определените нива на затваряне.
Clause 5.5 in Правила, приложими към договорите за търговия на световните финансови пазари, чрез системите за електронна търговия на ИП "Варчев Финанс" ЕООД, p.9
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Two days to object to a confirmation, and a Bulgarian ID to complain

The general terms of Varchev Finance give you two days from receipt to object in writing to a trade confirmation or statement. The separate complaints rules set no deadline on you and promise an answer in seven working days, but require your Bulgarian national identity number as mandatory minimum data, which a foreign client does not have. They name the regulator and the courts as your next step and no free out of court body.

Challenging the firm3 clauses flagged

You have two days from receiving a trade confirmation or statement from Varchev Finance to object in writing. Nothing in the general terms gives you a way to object after that.

Why this matters

A wrong price or a trade you did not place has to be challenged inside two days of the paperwork reaching you, in writing. Miss it and the general terms leave you nothing to work with, though the complaints rules set no deadline of their own.

Exhibit 13CriticalHarder than usual2 days

В двудневен срок от получаването им, в случай, че клииентът не приема потвържденията и отчетите, предоставени от ИП, същият има право да възрази, в писмен вид.
Clause 70 (2) in Общи условия, за сделки с финансови инструменти на инвестиционен посредник "ВАРЧЕВ ФИНАНС" ЕООД, p.17
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must accept and investigate a complaint from a retail client and may not shut it out with a short contractual window. Two days from receipt of a confirmation is far shorter than the periods those regimes work to.

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

  • Limited by Exhibit 29The separate complaints rules put no deadline on you and promise an answer in seven working days, so the two day limit bites on confirmations rather than on complaints in general.

The complaints rules set the mandatory minimum identification for a complaint as your three names, your Bulgarian national identity number and your account number. Varchev Finance communicates with clients in Bulgarian and English.

Why this matters

A client who is not Bulgarian has no such number and cannot meet the stated minimum. The rules also point you only to the regulator and the courts, and name no free out of court body.

Exhibit 29WarningHarder than usual

Когато жалбата е в свободен текст се посочват минимални задължителни данни за идентификация на клиента – трите имена , ЕГН и номер на акаунт.
Clause 9 (4) in Правила за управление на жалби от клиенти на ВАРЧЕВ ФИНАНС ЕООД, p.3
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Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA and CySEC must tell a retail client about the independent ombudsman or alternative dispute body available to them, and may not set identification demands a client cannot meet. These rules name the regulator and the court only.

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

You must pay Varchev Finance back for every loss it suffers from any mistake in instructions given by an authorised person. That includes losses from the firm acting on instructions that merely appear, formally, to come from one.

Why this matters

If someone imitates your authorisation well enough to look right on paper, the cost of the firm acting on it lands on you. A separate clause makes you cover all its losses, present and future, from any breach of the rules by you.

Exhibit 30WarningHarder than usual

Клиентът се задължава да обезщети Варчев Финанс за всички загуби, които Варчев Финанс може да понесе в резултат на каквато и да било грешка в инструкциите/ нарежданията, подадени от упълномощено лице
Clause 1.11 in Правила, приложими към договорите за търговия на световните финансови пазари, чрез системите за електронна търговия на ИП "Варчев Финанс" ЕООД, p.3
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The fastest way to open an account is the one rated highest risk

Varchev Finance names distance onboarding as the key money laundering risk in its business and scores online account opening as high risk, which brings enhanced checks and a review every six months. Every payment under the contract must run from and to one single bank account in your name. On funded accounts, an IP change the firm considers unrealistic can bring a demand for a boarding pass, a passport stamp or a live video of you in the new place.

Checks on you3 clauses flagged

Varchev Finance names distance onboarding as the key money laundering risk in its business and scores online account opening as high risk. A high risk profile brings the enhanced checks, and reviews every six months.

Why this matters

The route the firm advertises as taking a few minutes is the route its own rules treat as the riskiest. Every payment under the contract must also run from and to one single bank account in your name at a bank the rules accept.

Exhibit 26WarningStandard wording

Ключовият риск, който идентифицира ИП, е дистанционното установяване на отношения с клиенти.
Clause IV.Ж in Вътрешни правила за контрол и предотвратяване изпирането на пари и финансирането на тероризма при инвестиционен посредник "Варчев Финанс" ЕООД
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Where it sits: section 47 of 104 in the Вътрешни правила за контрол и предотвратяване изпирането на пари и финансирането на тероризма при инвестиционен посредник "Варчев Финанс" ЕООД, 45% of the way through.

The money laundering rules list unusual curiosity about the firm's client document controls as a sign of a suspicious client. Frequent buying and selling over a short period, and leaving an investment early at a loss, both push you to a high risk profile.

Why this matters

The behaviour the rules flag is ordinary behaviour for an active trader, and asking how your paperwork is handled is on the same list. Buying financial instruments totalling more than 30,000 leva in a short time is a listed trigger.

Exhibit 27NoticeRarely seen

Клиентът показва необичайно любопитство към правилата за контрол на клиентските документи.
Clause 4 (2) in Вътрешни правила за контрол и предотвратяване изпирането на пари и финансирането на тероризма при инвестиционен посредник "Варчев Финанс" ЕООД
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Where it sits: section 20 of 104 in the Вътрешни правила за контрол и предотвратяване изпирането на пари и финансирането на тероризма при инвестиционен посредник "Варчев Финанс" ЕООД, near the start.

Varchev Finance watches the IP activity on funded accounts. If it sees a change it considers unrealistic, it can ask you to prove where you are with a boarding pass, a passport stamp or a live video showing you in the new place.

Why this matters

Travelling is allowed, and travelling can also start a demand for evidence about your physical location. A live video of yourself is listed as an acceptable form of proof.

Exhibit 28NoticeRarely seen

При необичайни промени може да поискаме доказателства за да потвърдите местоположението си с подкрепяща документация.
Clause 12 in Varchev Funded Accounts — Условия и параметри
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Varchev Finance is your counterparty and sets your price

On the products it creates, Varchev Finance is the other side of the trade, makes the market and decides the quote. Its own policy says it may make a gain or avoid a loss at the client's expense, and that its hedging can affect the prices at which clients deal, including stop loss levels. The same rules let it widen the spread on any instrument without limit when it judges the market volatile.

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

On the products it creates, Varchev Finance is the other side of your trade and decides the price it quotes you. Its policy says the firm may make a gain or avoid a loss at your expense, and that its hedging can move the prices at which clients deal, including stop loss levels.

Why this matters

The quote that decides your profit, your loss and your close out comes from the party on the other side of it. The firm may also widen the spread on any instrument without limit when it judges the market volatile.

Exhibit 24WarningStandard wording

При търговия с финансови инструменти, създадени и предлагани от Варчев Финанс, Варчев Финанс е насрещна страна и действа като създател на продуктите, които предлага за търговия, което може да създаде риск от конфликти на интереси. При тези продукти Варчев Финанс определя цената, по която котира предлаганите продукти.
Clause 2.2.4 in Политика за предотвратяване и управление на конфликт на интереси, p.3
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  • Worse together with Exhibit 10The firm's own quote decides when your margin level reaches the 30% at which it may close you out.

A quiet account costs money, then cancels itself

Twelve months without an executed order ends the contract with Varchev Finance by itself, and the general terms set no notice before it happens. Meanwhile the 0.5% yearly charge on your cash keeps coming out monthly. A funded account is blocked automatically after 30 calendar days with no executed trade, and the fee you paid for it is not refundable.

Doing nothing2 clauses flagged

If no client order is executed for twelve months, your contract with Varchev Finance ends by itself. The general terms set no notice before that happens, while the monthly charge on your cash balance keeps running.

Why this matters

The same clause set that ends the contract also requires you to close every position and name a destination for your assets five working days beforehand. If the ending is automatic, there is no date for you to count back from.

Exhibit 20WarningHarder than usual

Договорните отношения, с изключение на тези, по управлението на портфейл се прекратяват и ако в срок от 12 месеца от сключването на конкретен договор или от последното изпълнение на клиентско нареждане по този договор, не са изпълнявани нови клиентски нареждания или не са сключвани сделки за сметка на клиента
Clause 85 (3) in Общи условия, за сделки с финансови инструменти на инвестиционен посредник "ВАРЧЕВ ФИНАНС" ЕООД, p.21
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What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Every monthVarchev Finance takes a twelfth of the yearly 0.5% charge from your cash balance.16.2
5 working days before the endYou must have closed all positions and said where your instruments and money should go.85 (4)
12 monthsThe contract terminates because no order has been executed.85 (3)
7 days after the endVarchev Finance pays out or transfers what is left, once its own costs and losses are settled.86 (1)

A Varchev Funded account is blocked automatically after 30 consecutive calendar days with no executed trade. The participation fee you paid is not refundable.

Why this matters

Logging in, placing a pending order that never fills, or moving a stop loss does none of it: only an executed trade resets the clock. Holding an open position does not stop it either.

Exhibit 21WarningHarder than usual30 days

Правилото се прилага за Стъпка 1, Стъпка 2 и FUNDED. При 30 последователни календарни дни без търговска активност акаунтът подлежи на автоматично блокиране.
Clause 11 in Varchev Funded Accounts — Условия и параметри
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A real Bulgarian licence, shown next to a simulated product

Варчев Финанс ЕООД has held licence RG-03-02-05 from the Bulgarian Financial Supervision Commission since March 2006, and Bulgarian law and Bulgarian courts govern the contract. The funded pages show that licence under a heading of Licence, while the footer of the same page says the programme is not the provision of an investment service. Three companies share the website under one brand, and the client portal for the funded product is signed by a fourth name.

Who you deal with3 clauses flagged

The Varchev Funded pages carry a page headed Licence, showing the full investment firm licence of Варчев Финанс ЕООД. The footer of the same page says taking part in the programme is not the provision of an investment service.

Why this matters

The licence that reassures you covers investment services for real money, and the product beside it is an evaluation in a simulated environment. The client portal for it is signed Varchev Dealing Group, a name with no licence of its own in these documents.

Exhibit 32WarningHarder than usual

Варчев Финанс ЕООД е лицензиран и регулиран от Комисията за финансов надзор – София, България: Пълен Лиценз номер РГ-03-02-05/15.03.2006г.
Clause Лиценз in Varchev Funded: Лиценз
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Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA and CySEC may not present a regulatory authorisation in a way that suggests it covers activities outside its scope. Here the licence and the statement that the programme is not an investment service sit on the same page.

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

The privacy policy says www.varchev.com offers the services of three companies: Varchev Finance EOOD, Varchev Exchange OOD and Varchev Management Company EAD. Only the first is the licensed investment firm you trade financial instruments with.

Why this matters

Which company holds your money depends on which service you signed up for, and the website presents them as one brand. Compensation covers 90% of a claim up to 40,000 leva, a cap unchanged since 2010.

Exhibit 33NoticeStandard wording

The website www.varchev.com offers the services of Varchev Finance EOOD, Varchev Exchange OOD, and Varchev Management Company EAD (VARCHEV FINANCIAL SERVICES), committing to ensure the confidentiality of personal data and non-public information for all users.
Clause 1 in Privacy and Personal Data Protection Policy
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The privacy policy treats opening an account or simply using the website as your agreement to Varchev Finance collecting and using your personal data. Among the stated purposes is providing tailored advertising content.

Why this matters

Consent is taken from the act of visiting, not from a choice you made. The policy gives no retention period at all, while the general terms and the money laundering rules both work to five years.

Exhibit 34NoticeHarder than usual

By opening a trading account with financial instruments at VARCHEV FINANCIAL SERVICES and/or using the website of VARCHEV FINANCIAL SERVICES, the client of the companies and/or the website user agrees to the collection and use of non-public information and personal data by VARCHEV FINANCIAL SERVICES, as outlined in this Privacy Policy.
Clause 12 in Privacy and Personal Data Protection Policy
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Set against a regulated standard: ESMA (EU)

Under the data protection rules that apply across the EU, consent has to be a clear affirmative act, and a controller must state how long it keeps data and tell you about the right to object and to complain to the supervisory authority. This policy takes consent from website use and names no period.

Varchev Finance 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 product is sold as trading real capital of up to one million dollars and its own conditions define every account and result in it as simulated.

Said in public, in BG

Търгувай с истински капитал до 1 000 000$

Word for word in English: Trade with real capital of up to $1,000,000

Varchev Funded product page, main heading block

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In the contract · clause Disclaimer

Предоставените акаунти, баланси, търговски операции и резултати в рамките на програмата са симулирани и не представляват предоставяне или инвестиране на реален капитал на участника.

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02

The bonus page promises trading without loss while the rules make you confirm that no such assurance was ever given to you.

Said in public, in English

Bonus “Cashback” for the first time in Bulgaria Trade without loss. Start to trade now without fear of losing your own money. Start now and the only path is the path of wining.

English bonuses page, Cashback promotion block

In the contract · clause 1.3.5

Гарантирането на печалбата или освобождаването от загуба е невъзможно при търговия на финансови инструменти. Клиентът потвърждава, че не е получил такива гаранции или подобни уверения от Варчев Финанс или от който и да било от неговите представители

03

Leverage is advertised as a choice up to 1:500 while a retail client is capped at 1:30 on major currency pairs.

Said in public, in BG

ФОРЕКС трейдърите сами избират предпочитаното от тях марджин ниво /кредитно рамо/, което започва от 1:1 и достига до 1:500, което позволява гъвкавост при менажирането на съотношението Риск/Печалба.

Word for word in English: Forex traders themselves choose their preferred margin level (leverage), which starts from 1:1 and reaches 1:500, which allows flexibility in managing the risk to profit ratio.

Deposit and withdrawal page, Forex traders panel, no client category stated

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In the contract · clause Непрофесионални клиенти

1:30 за всички основни Форекс двойки

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04

Opening an account is advertised with no printing at all, and withdrawing by bank transfer requires a printed and signed form.

Said in public, in BG

Без изпращане на договор по куриер Без чакане и принтиране на документи Изцяло онлайн от всички устройства

Word for word in English: No sending the contract by courier. No waiting and printing of documents. Entirely online from all devices.

Real account opening page, online route

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In the contract · clause ТЕГЛЕНЕ НА ПАРИЧНИ СРЕДСТВА

В случай, че заявката е за превод по банков път е необходимо да изтеглите и разпечатате “Заявка за теглене на средства”.

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

05

The page that lists every other payment fee gives no figure for card deposits, which the tariff charges at no less than 1.10%.

Said in public, in BG

Внасяне и Теглене на средства на каса: 0,40% минимум 2 BGN /1 EUR или 1 USD/

Word for word in English: Depositing and withdrawing funds at the counter: 0.40% minimum 2 BGN (1 EUR or 1 USD)

Deposit and withdrawal page, the fee list naming cash, bank transfers and e-wallets but not cards

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In the contract · clause 15

Средствата се захранват нетно, след приспадането на всички такси и комисионни, начислени на Варчев Финанс ЕООД за съответния трансфер (В зависимост от тарифата на обслужващата банка)., но не по-малко от 1.10% от сумата на плащането

06

Every page claims strict compliance with the 2019 regulatory decision, while the trading rules adopted in 2017 still set the close out at a 30% margin level rather than the 50% that decision requires for retail clients.

Said in public, in BG

Варчев Финанс ЕООД стриктно спазва Решение №918-ИП/30.07.2019 на Комисия за Финансов Надзор.

Word for word in English: Varchev Finance EOOD strictly complies with Decision No 918-IP/30.07.2019 of the Financial Supervision Commission.

Footer of every page, referring to the Bulgarian regulator's decision on CFDs for retail clients

In the contract · clause 4.7.2

Ако процентът на Маржин ниво се понижи до 30%, Варчев Финанс има право да закрие без предизвестие, частично или изцяло, отворените позиции.

What changed quietly

First reading of Varchev Finance, so there is nothing to compare it against yet.

  • REWRITTENClause 15 · 01.06.2020 to 01.12.2022

    A flat and knowable 1.10% card deposit fee became whatever the bank charges, with 1.10% as the floor and no ceiling.

    Средствата се захранват нетно, след приспадането на всички такси и комисионни, начислени на Варчев Финанс ЕООД за съответния трансфер (В зависимост от тарифата на обслужващата банка)., но не по-малко от 1.10% от сумата на плащането

  • REWRITTENClause 16.7 · 12.06.2018 to 01.12.2022

    The fee for passing on your dividends stopped being a stated 0.1% and became whatever the banks charge.

    16.7.Разпределяне на дивиденти съобразно таксите и комисионните, прилагани от банките минимум 0.5 единици от валутата на дивидента

  • ADDEDClause Нови условия от 01.10.2026

    Varchev Finance states that the conditions revised on 25 September 2026 reach accounts opened under the previous ones.

    От 01.10.2026 новите условия важат за всички акаунти, включително вече активните.

The documents this reading is based on

59 files, all published by Varchev Finance. 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 Varchev Finance publishes.

How this reading was done

Every clause above was read out of a document Varchev Finance publishes itself

This reading was published on .

Documents
16 of 59downloaded from the broker's site, and 16 read in full
Pages opened
80pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
BG vs ENthe language it advertises in, against the language it contracts in
Position measured
2clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Варчев Финанс ЕООД

You contract with Варчев Финанс ЕООД (Varchev Finance EOOD), of Varna, licensed by the Bulgarian Financial Supervision Commission under number RG-03-02-05 of 15 March 2006. Two other companies share the same website: Varchev Exchange OOD and Varchev Management Company EAD, which the privacy policy groups with the broker as VARCHEV FINANCIAL SERVICES. The client portal for the funded programme is signed off by a fourth name, Varchev Dealing Group, which holds no licence of its own in these documents. Client assets sit with the Bulgarian investor compensation fund, which pays 90% of a claim up to 40,000 leva, a cap unchanged since 2010. Above that figure you are not covered.

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

This is a real EU investment firm, licensed by the Bulgarian Financial Supervision Commission since 2006, and the contract reads like it. Bulgarian law, Bulgarian courts, no arbitration clause, no class action waiver and no foreign forum. The retail leverage caps required by the regulator are published in full, down to 1:2 on crypto. The loss statistic sits on every page: 63.41% of retail accounts lose money. Bank withdrawals in leva and euro are free of charge. The complaints rules set no deadline on you for complaining, promise an answer in 7 working days, and name the regulator and the courts as your next step. The conflicts policy is unusually candid: Varchev Finance writes down that it may make a gain at your expense, and that its own hedging can move the price at which your stop loss triggers. Clause 47 gives you the whole benefit if the firm executes better than agreed, and clause 89(3) lets you leave free of penalty if you reject a change to the terms.

We read 11 of the 53 files end to end: the general terms, the rules for trading on international markets, the complaints rules, the money laundering rules, the current tariff, the 2018, 2022 and 2025 tariffs, the international shares tariff and the privacy policy. We did not open the annual financial reports, the audit reports or the policies on remuneration, categorisation and best execution. Four files would not give up reliable text, so we quote none of them: the internal organisation rules, the 2018 report of Varchev Managing Company, the investor compensation sheet and the margin requirements table. The Varchev Funded conditions and the bonus conditions are published as web pages rather than legal files, and we read them there. No earlier copy of the general terms or of the funded conditions exists to compare against, so for those this is a first reading. The tariff comparison rests on the broker's own older tariffs, which it still publishes. varchevbrokers.com, the site the international markets rules name as the place notices appear, did not serve a page. We did not go behind the client portal login.

How to check any of this yourself

Every quote above links to the Varchev Finance 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 Varchev Finance 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 Varchev Finance on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 10, 2026.

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

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