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Contract reading

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

Every clause below is published by VSCapital 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: VS Capital Limited

hidden feemarketing gapsole discretionwithdrawalscountry restrictionunilateral amendmentclient moneycomplaint windowconflict disclosuredata retention

VS Capital lets you deposit for free and charges 10% to take your money out by card. Its homepage promises no negative balance and funds insured by Lloyd's of London. Neither promise appears in any document the firm publishes. One clause lets VS Capital reverse every trade you have ever made.

Back to VSCapital

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.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
15
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
8
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 15 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
Warning5
Notice4

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.

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

Critical10%Fee you were not shown. Jump to the clause this comes from.Card withdrawals cost 10% while deposits are free$100Withdrawal limit. Jump to the clause this comes from.Your money must leave by the route it arrived$10Fee on an unused account. Jump to the clause this comes from.Homepage denies an inactivity fee the contract creates60 working daysTime to complain. Jump to the clause this comes from.VS Capital allows itself 60 business days to answer

What the documents say

15 clauses worth knowing about, worst first, each quoted from VSCapital's own files

01

Every card deposit into VS Capital is free. Every card withdrawal costs you 10%, with a minimum of 20 Euro. That number sits in a tariff PDF linked from the site footer, not on any page about funding your account.

Why this matters

Take out 1,000 Euro and 100 Euro goes to VS Capital before you see a cent. The homepage answers a question about deposit fees and never raises what leaving costs.

Exhibit 1CriticalHarder than usual10%

A fee of 10%, or a minimum of 20 Euro, will be deducted from the total withdrawal amount.
Quoted in Deposit and Withdrawal Tariff, p.1
Read from the broker's site on Open the reference
Our own capture of cdn.prod.website-files.com, taken on Sep 10, 2026Card withdrawals cost 10% while deposits are freeVisit this page on the broker's siteDownload the full size image file

What it costsA 1,000 Euro card withdrawal reaches you as 900 Euro. VS Capital keeps 100 Euro.

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

Firms licensed by the FCA and CySEC must give a retail client the costs of a service before they trade, in a form the client can find. VS Capital publishes its withdrawal fees only in a tariff PDF reached through the footer, while its public pages describe deposit fees alone.

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

  • Worse together with Exhibit 7The same method rule sends card deposits back out by card, which is the one route that costs 10%.
02

VS Capital's homepage tells you your losses stop at the money in your account. The Client Services Agreement never mentions negative balance protection. Its risk clause makes you liable for any shortfall left after a forced close.

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 sharp market move can leave your account owing money. VS Capital can then come to you for the difference, and no clause in the contract prevents that.

Exhibit 2CriticalHarder than usual

the Client will be liable for any resulting deficit.
Clause 2.3.k in Client Services Agreement, p.4
Read from the broker's site on Open the reference
Our own capture of vscapital.com, taken on Sep 10, 2026The claim, on Homepage feature card headed "No Negative Balance"Visit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 10, 2026What the contract says, clause 2.3.kVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Firms licensed by the FCA and under ESMA rules must give retail CFD clients negative balance protection, which means a client can never lose more than the money in the account. The VS Capital agreement contains no such protection and makes the client liable for any resulting deficit.

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

  • Worse together with Exhibit 4One homepage promise says you cannot lose more than you put in, the other says what you put in is insured, and the documents support neither.
03

VS Capital can cancel or reverse all of your previous trades and close your account with no warning. The trigger is trading that affects the platform's smooth operation in any manner, and the agreement never defines that test.

Why this matters

Profit you made months ago can be undone by a decision you cannot appeal. The clause does not limit the reversal to the trades complained of, and it sets no cap.

Exhibit 3CriticalRarely seen

the Company have the right to reverse and/or cancel all previous Transactions on a Client’s account, in the following cases:
Clause 21.3 in Client Services Agreement, p.21
Read from the broker's site on Open the reference
Our own capture of cdn.prod.website-files.com, taken on Sep 10, 2026Every trade on your account can be reversed (clause 21.3)Visit this page on the broker's siteDownload the full size image file

Our readingVoiding trades for proven market abuse is ordinary, and a separate clause does exactly that, tied to market abuse under the Seychelles Securities Act. Reversing every transaction ever made on the account, on a test as loose as affecting the platform's orderly functioning, is a different mechanism: it puts settled profit at risk without naming what the client did wrong.

04

VS Capital tells you on its homepage that client funds are insured by Lloyd's of London. No legal document it publishes mentions insurance of your money. The agreement warns instead that your funds may sit in a pooled account.

Why this matters

If a firm holding your money fails, the agreement says you have no claim to any specific sum, and VS Capital accepts no responsibility for the loss. The cover you were promised is named nowhere you could enforce it.

Exhibit 4CriticalRarely seen

The third party to whom the Company will pass money may hold it in an omnibus account and it may not be possible to separate it from the Client’s money
Clause 7.3 in Client Services Agreement, p.9
Read from the broker's site on Open the reference
Our own capture of vscapital.com, taken on Sep 10, 2026The claim, on Homepage "Security & Compliance" panelVisit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 10, 2026What the contract says, clause 7.3Visit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 10, 2026Lloyd's insurance promised online, absent from every document (clause 7.3)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 must hold client money under client asset rules and tell clients what protection applies, including any compensation scheme. VS Capital names Lloyd's of London on its website, names no scheme in its documents, and says a pooled holding may leave you no claim to a specific sum.

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

Our readingPooling client money in an omnibus account is common and is disclosed here. Advertising insurance cover for client funds while no published document creates, names or limits that cover is not: the protection a client relies on exists only in marketing copy.

  • Worse together with Exhibit 15No insurance in the documents and no compensation scheme named leaves nothing at all behind the safety promise on the homepage.
05

Every VS Capital page says its services are not directed at residents of the UK or Europe. Its registration form still offers Spain, Germany, France and the United Kingdom. Its homepage success stories are traders in Barcelona, London and the Netherlands.

Why this matters

You can open an account from Spain or the UK, then find the contract disclaims serving you at all. No European regulator supervises that account, and no local compensation scheme covers it.

Exhibit 5CriticalHarder than usual

The services of VS Capital Ltd and the information on this site are not directed at citizens/residents of the United States, UK or Europe, and are not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Quoted in Legal Documents
Read from the broker's site on Open the reference
Our own capture of vscapital.com, taken on Sep 10, 2026The claim, on Homepage success story attributed to a retail trader in Barcelona, SpainVisit this page on the broker's siteDownload the full size image file
Our own capture of vscapital.io, taken on Sep 10, 2026What the contract saysThis 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 vscapital.com, taken on Sep 10, 2026Site says not for Europe while accepting European clientsThis 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
06

VS Capital takes the other side of your trades. It also sets the prices you trade against, at what the agreement calls its absolute discretion. The Conflict of Interest Policy never mentions either fact.

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.

Why this matters

Your loss is VS Capital's gain, and VS Capital chooses the price at which you open and close. Its partner programme pays introducers a share of the trading performance of the clients they send in.

Exhibit 6CriticalHarder than usual

The Company will be the contractual counterparty to the Client.
Clause 8.1 in Client Services Agreement, p.10
Read from the broker's site on Open the reference
Our own capture of cdn.prod.website-files.com, taken on Sep 10, 2026VS Capital is your counterparty and sets your prices (clause 8.1)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must identify conflicts in a conflicts policy and disclose them to clients, including dealing as principal against a client. The VS Capital Conflict of Interest Policy runs to eight pages and mentions neither principal dealing, nor its own quotes, nor its partner profit share.

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

  • Worse together with Exhibit 3The company that sets your price is also the company that decides your trading harmed its platform.

Deposits are free, leaving costs up to 10%

VS Capital charges 10% to withdraw by card, with a minimum of 20 Euro, and nothing at all to deposit. Local payment withdrawals in Latin America and Africa run from 4% to 10.5%. None of these numbers appears on the website. They sit in a tariff PDF linked from the footer, and clause 4.1 lets VS Capital change them without your consent.

Cost disclosure2 clauses flagged

Withdrawing through a local payment method in Latin America or Africa costs you between 4% and 10.5%. Ecuador pays the most. Depositing by those same routes costs nothing.

Why this matters

A trader in Ecuador gives up 105 Euro on a 1,000 Euro withdrawal. A trader in Ghana pays 4% or 40 Ghanaian cedi, whichever is greater, however small the withdrawal.

Exhibit 8WarningHarder than usual10.5%

Ecuador Cash Payment 10.50% 10.00%
Quoted in Deposit and Withdrawal Tariff, p.2
Read from the broker's site on Open the reference

What it costsA 1,000 Euro withdrawal to Ecuador arrives as 895 Euro. VS Capital keeps 105 Euro.

VS Capital can raise any fee it charges you and does not need your consent, under clause 4.1 of the Client Services Agreement. The website has no fees page at all, so there is nowhere obvious to check.

Why this matters

The price you accepted on the day you deposited is not the price you are held to later. You would only find out by re-reading a PDF nobody tells you to re-read.

Exhibit 9WarningHarder than usual

The Client further agrees that the Company is entitled to change its charges without any consultation or prior consent from the Client.
Clause 4.1 in Client Services Agreement, p.6
Read from the broker's site on Open the reference

Your money leaves by the route it arrived

Clause 7.6 of the VS Capital agreement sends your withdrawal back by the method you deposited with. Fund by card and you exit by card, at 10%. VS Capital can refuse a method and can reverse a withdrawal it has already sent. No clause anywhere sets a deadline for paying you.

Exit conditions1 clause flagged

Money you deposit by card must come back to you by card, under clause 7.6. VS Capital can refuse a payment method. It can also reverse a withdrawal it has already sent, and you pay the bank charges.

Why this matters

Funding by card locks you into the 10% card exit fee with no way around it. No clause in the agreement or the tariff sets any deadline by which VS Capital must pay you.

Exhibit 7WarningHarder than usual$100

Client’s withdrawals should be made using the same method used by the Client to fund his Client’s Account and to the same remitter.
Clause 7.6 in Client Services Agreement, p.9
Read from the broker's site on Open the reference

VS Capital can act on your account without telling you

Clause 25.1 lets VS Capital take money from any account you hold with it, at any time, without notice. Clause 9.1 lets it close your open positions without your consent or any warning. Clause 9.2 lets it change your leverage at its sole and absolute discretion.

Unilateral powers1 clause flagged

VS Capital can take money from any account you hold with it, at any time and without telling you, to cover what it says you owe. Clause 25.1 needs no notice and no consent from you.

Why this matters

Money you set aside in a second account is not walled off from a dispute about the first. VS Capital can also close your open positions and change your leverage without warning.

Exhibit 11WarningHarder than usual

The Company may at any time and without notice to the Client set-off any liability under this Agreement or any other agreement entered into between the parties
Clause 25.1 in Client Services Agreement, p.23
Read from the broker's site on Open the reference

The FAQ denies an inactivity fee the contract creates

VS Capital's homepage answers "No" to a question about inactivity fees. Clause 4.3 of its Client Services Agreement allows up to USD 10 a year once an account is idle for 12 months. VS Capital must warn you before it takes the money, which is more than many brokers promise.

Dormant accounts1 clause flagged

The homepage FAQ answers "No" when asked about inactivity fees. Clause 4.3 of the Client Services Agreement lets VS Capital charge you up to USD 10 a year once your account sits idle for 12 months.

Why this matters

You can read the FAQ, believe there is no charge, and still be billed for it. VS Capital does have to warn you before it takes the money, which limits the damage.

Exhibit 10WarningStandard wording$10

Where the Client’s Account remains inactive for a continuous period of twelve (12) months, the Company reserves the right to charge an inactivity fee of up to USD 10 per annum.
Clause 4.3 in Client Services Agreement, p.7
Read from the broker's site on Open the reference
Our own capture of vscapital.com, taken on Sep 10, 2026The claim, on Homepage FAQ answer to "Are there any account keeping or inactivity fees?"This 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 cdn.prod.website-files.com, taken on Sep 10, 2026What the contract says, clause 4.3Visit this page on the broker's siteDownload the full size image file

VS Capital allows itself 60 business days to answer

VS Capital acknowledges a complaint within 7 business days and gives itself up to 60 business days for a final answer. That is roughly three months. The Seychelles Financial Services Authority is the only escalation route named, and no independent ombudsman covers the account. VS Capital sets no deadline on you for complaining.

Complaint timing1 clause flagged

VS Capital gives itself up to 60 business days to send you a final answer on a complaint. It acknowledges your complaint within 7 business days. After that, your only route up is the Seychelles regulator.

Why this matters

Sixty business days is about three months of waiting before you can escalate anywhere. The Seychelles Financial Services Authority is the only body named, and it sits a long way from most clients.

Exhibit 12NoticeStandard wording60 working days

A final response should be provided to the Client within 60 business days the latest from the date he submitted his complaint;
Quoted in Complaint Handling Policy, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must send a final response within eight weeks and must tell the client about the Financial Ombudsman Service, which can order redress. VS Capital allows itself 60 business days and names the Seychelles Financial Services Authority as the next step.

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

Disputes go to the courts of Seychelles

The VS Capital agreement is governed by the laws of Seychelles and sends every dispute to the Seychelles courts. That is standard for a Seychelles licensed broker and is not unusual on its own. It still means enforcing a claim costs more than most retail claims are worth.

Where you sue1 clause flagged

Any dispute between you and VS Capital goes to the courts of Seychelles, under Seychelles law. That is normal for a Seychelles licensed broker, and it is a long way from most clients.

Why this matters

Suing VS Capital means hiring lawyers in the Seychelles. For most claim sizes that costs more than the claim is worth.

Exhibit 14NoticeStandard wording

The Competent Courts for all disputes and controversies arising out of or in connection with the Agreement shall be the Courts of Seychelles.
Clause 26.2 in Client Services Agreement, p.23
Read from the broker's site on Open the reference

Two documents, two answers on how long data is kept

VS Capital's Privacy Policy keeps your personal data for five years after your account closes. Its AML Policy says seven. Both cite anti money laundering law, and the privacy version sits at paragraph 58 of 72, near the end of the document.

Data retention1 clause flagged

VS Capital's Privacy Policy says it keeps your personal data for five years after your account closes. Its AML Policy says seven years. Both give anti money laundering law as the reason.

Why this matters

You cannot tell from these documents when your passport scan and address proof are deleted. The two periods differ by two years, and nothing says which one wins.

Exhibit 13NoticeStandard wording

We will process your personal data for the entire duration of the Agreement you have concluded with us and for a period of five years after the termination of the Agreement to comply with the applicable anti-money laundering legislation and legal safe-keeping obligations.
Clause How long will your data be stored? in Privacy Policy
Read from the broker's site on Open the reference

One Seychelles entity, no compensation scheme

You contract with VS Capital Limited, Seychelles company 8434958-1, licensed by the Seychelles Financial Services Authority under SD179. No document names a compensation scheme that would repay you if the firm failed. The agreement still defines the company website as vscapital.io, while the site now serves from vscapital.com.

Who you contract with1 clause flagged

You contract with VS Capital Limited, a Seychelles company licensed by the Seychelles Financial Services Authority as a securities dealer. No document it publishes names a compensation scheme that would repay you if the firm failed.

Why this matters

If VS Capital fails, no fund steps in to return your deposit. The agreement also still names vscapital.io as the company website, while the site now runs on vscapital.com.

Exhibit 15NoticeStandard wording

under the license number SD179 with registered address at CT House, Office 9A, Providence, Mahe, Seychelles.
Clause Definitions 7 in Client Services Agreement, p.2
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

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

01

The homepage denies an inactivity fee that clause 4.3 of the contract sets at up to USD 10 a year.

Said in public, in English

No. We do not charge any account keeping or inactivity fees.

Homepage FAQ answer to "Are there any account keeping or inactivity fees?"

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

In the contract · clause 4.3

Where the Client’s Account remains inactive for a continuous period of twelve (12) months, the Company reserves the right to charge an inactivity fee of up to USD 10 per annum.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cdn.prod.website-files.com

02

The homepage promises losses stop at your balance while the agreement makes you liable for any deficit beyond it.

Said in public, in English

Trade worry-free. Our policy limits losses to account funds.

Homepage feature card headed "No Negative Balance"

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

In the contract · clause 2.3.k

the Client will be liable for any resulting deficit.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cdn.prod.website-files.com

03

The homepage promises insured, segregated funds while the agreement allows pooled holding that leaves you no claim in an insolvency.

Said in public, in English

All VS Capital client funds are held in segregated accounts and insured by Lloyds of London.

Homepage "Security & Compliance" panel

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

In the contract · clause 7.3

in which case the Client will not have any claim against a specific sum in a specific account in the event of insolvency.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cdn.prod.website-files.com

04

VS Capital advertises European clients as success stories on the same page that says its services are not directed at Europe.

Said in public, in English

Retail Trader, Barcelona

Homepage success story attributed to a retail trader in Barcelona, Spain

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

In the contract

The services of VS Capital Ltd and the information on this site are not directed at citizens/residents of the United States, UK or Europe, and are not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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

What changed quietly

This is our first reading of VS Capital, so there is nothing yet to compare it against.

  • REWRITTENClause · 2026-04-15 to 2026-09-10

    VS Capital moved its stated website from vscapital.io to vscapital.com, while the Client Services Agreement still defines the company website as vscapital.io.

    All trading instruments and financial products on the website of www.vscapital.com are CFD instruments.

  • REWRITTENClause · 2026-04-15 to 2026-09-10

    VS Capital renamed its complaints document and moved it further down the legal documents list.

    Complaint Handling Policy

The documents this reading is based on

8 files, all published by VSCapital. 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 VSCapital publishes.

How this reading was done

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

This reading was published on .

Documents
8 of 8downloaded from the broker's site, and 8 read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
3public pages set against what the contract says

Who the contract is with

VS Capital Limited

VS Capital Limited is a Seychelles company, number 8434958-1, registered at CT House, Office 9A, Providence, Mahe. It holds Seychelles Financial Services Authority licence SD179 as a securities dealer, and its Conflict of Interest Policy dates the incorporation to 5 May 2023. One entity signs every document, with no group companies and no second agreement. That same entity is the counterparty to your trades, so the company you contract with is the company on the other side of them.

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

VS Capital publishes a dated fee schedule with a country by country table, which many offshore brokers do not publish at all. If a withdrawal leaves your balance under 20 Euro, VS Capital sends you the rest instead of keeping it. Three crypto withdrawals a month are free, and bank withdrawals cost nothing once your deposits pass EUR 25,000. The complaints policy sets deadlines on the firm rather than on you, and gives the Seychelles regulator's full contact details. The AML policy says VS Capital will not refuse a client just for being connected to a country on the FATF grey list, which is a fairer line than most firms take.

We read all seven of VS Capital's current legal documents in full, including the six PDFs on its legal documents page. Only one earlier copy exists to compare against, the legal documents index page as it stood in April 2026. We have no earlier copy of the Client Services Agreement, the tariff or the AML policy. The tariff is dated 1 July 2026 and the AML policy July 2026, so both changed after that April copy in ways we cannot show. The client portal needs an account, so we did not see the deposit and withdrawal screens a client uses. The agreement points to the website for margin and leverage levels, and no page on the site states them.

How to check any of this yourself

Every quote above links to the VSCapital 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 VSCapital 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 VSCapital 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 Sep 10, 2026.

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

Back to the VSCapital profile