Wikilix
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 . We have read it 2 times.

Contracting entity: VS Capital Limited

withdrawalshidden feesole discretionmarketing claimclient moneycountry restrictiondeemed acceptancecomplaint deadlineconflict of interestdata retention

VS Capital issued a new Client Agreement in September 2026 and left the old one published beside it. The two disagree on who covers a losing balance, how long a complaint may take, and whether charges can change without notice. Card withdrawals still cost 10% while deposits are free. The homepage promises Lloyd's of London insurance that no VS Capital document mentions.

Back to VSCapital

Contract risk

Money at risk
6.8/10

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.
5
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
17
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.
5

How the 17 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.

Critical5
Warning9
Notice3

section 52 of 54is where the deepest clause sits, 96% of the way into the document it is in

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

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

Critical2Account limit. Jump to the clause this comes from.Two client agreements, published side by sideCritical10%Fee you were not shown. Jump to the clause this comes from.Card withdrawals cost 10% while deposits are freeCritical42In the contract. Jump to the clause this comes from.Signup offers the UK and every EU country the site says it does not target$10Fee on an unused account. Jump to the clause this comes from.Homepage denies the inactivity fee both agreements create

What the documents say

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

01

VS Capital publishes two different client agreements on one legal page, and they contradict each other. You cannot tell from the page which set of terms binds you.

In plain words

Supersedes means beats: where two documents disagree, that one wins.

Why this matters

The older agreement is the harsher one. It makes you liable for a losing balance, lets VS Capital change charges without asking you, and lets it reverse every trade on your account. While both stay published, VS Capital can point at whichever one suits the dispute.

Exhibit 1CriticalRarely seen2New

Applicable to new clients from 16 September 2026 and to existing clients from 22 September 2026
Quoted in Updated Client Agreement, p.1
Read from the broker's site on Open the reference

Buried at section 52 of 54 in the Updated Client Agreement, 96% of the way through.

Our readingBrokers replace a client agreement and take the old one down. Keeping both live, with nothing on the page saying which governs, leaves the choice of terms with the firm.

  • Worse together with Exhibit 5The reversal power sits in the older agreement, which still bites only because VS Capital keeps publishing it.
02

Taking money out by card costs you 10% of the amount, or 20 Euro, whichever is more. Putting money in by card is free, so the whole charge falls on the way out.

Why this matters

Withdraw 1,000 Euro to your card and 100 Euro is gone. The fee sits in a separate tariff document, and the only public answer VS Capital gives about fees covers deposits alone.

Exhibit 2CriticalHarder than usual10%

A fee of 10%, or a minimum of 20 Euro, will be deducted from the total withdrawal amount.
Clause 1. Credit Card fees in Deposit and Withdrawal Tariff, p.1
Read from the broker's site on Open the reference

What it costsA 1,000 Euro card withdrawal costs 100 Euro, so 900 Euro reaches your card. A 200 Euro card withdrawal costs 20 Euro, the stated minimum.

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

Firms licensed by the FCA and CySEC must set out all costs and charges for a retail client before that client trades. VS Capital keeps its withdrawal percentages in a separate tariff, and answers the public fee question about deposits only.

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

  • Worse together with Exhibit 6A card deposit forces a card withdrawal, and the card route is the one charged at 10%.
03

VS Capital's homepage and partner page both tell you your funds are insured by Lloyd's of London. Nothing in its agreements, policies or tariff mentions insurance for client money.

Why this matters

If VS Capital or a bank holding your money fails, the new agreement warns that recovery may be delayed or fall short. The only insurance duty written into either agreement is yours, to insure your own computer.

Exhibit 3Critical

In the event of insolvency or default of a bank, broker, Custodian or other third party, recovery may be delayed or subject to a shortfall.
Clause 12.4 in Updated Client Agreement, p.11
Read from the broker's site on Open the reference

Where it sits: section 40 of 105 in the Updated Client Agreement, 38% of the way through.

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

Firms licensed by the FCA and CySEC must keep every statement about client money protection fair, clear and capable of being supported. VS Capital names an insurer in public, and no document it publishes records that cover.

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

  • Worse together with Exhibit 16Nothing published backs either the insurance promise or a compensation scheme if VS Capital fails.
04

VS Capital's account opening page says its services are not directed at UK or European residents. The same page then offers you the United Kingdom, all 27 EU member states and 14 other European countries, as your country of residence.

Why this matters

The United States was taken out of that country list, so the exclusion works when VS Capital means it. Open an account from the UK or the EU and the contract makes you promise your own trading is lawful where you live.

Exhibit 4Critical42

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 Open Your Trading Account
Read from the broker's site on Open the reference

Buried at section 45 of 54 in the Open Your Trading Account, 83% of the way through.

05

The Client Services Agreement still on VS Capital's legal page lets it cancel all previous transactions on your account and close it with no notice. Its own adjustment of a price or a trade size is conclusive and binding on you.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Profit you have already booked can be taken back. The triggers are broad: involving VS Capital in fraud, or trading that it decides affects the smooth operation of its platform.

Exhibit 5CriticalHarder than usual

The Company may terminate this Agreement immediately without giving prior written notice, and 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.20
Read from the broker's site on Open the reference

Where it sits: section 62 of 105 in the Client Services Agreement, 59% of the way through.

  • Worse together with Exhibit 12A reversal creates a debt, and the same agreement lets VS Capital take that debt from any other account you hold.

Taking your money out is where VS Capital charges you

A card withdrawal from VS Capital costs 10% of the amount, or 20 Euro, whichever is larger. Deposits are free on every method, so the whole cost of the round trip sits on the way out. Local payouts reach 10.50% in Ecuador, and no withdrawal under 100 Euro is allowed at all.

Cost disclosure2 clauses flagged

VS Capital will not process a withdrawal request below 100 Euro. Bank and crypto payouts also carry a floor of 20 Euro, so the smallest withdrawal allowed can lose a fifth of its value to the fee.

Why this matters

A balance of 60 Euro sits below the minimum and cannot be requested at all. VS Capital returns a full balance only after a withdrawal leaves you under 20 Euro, and that needs a withdrawal you are not allowed to make.

Exhibit 8WarningHarder than usual$100

Withdrawal requests must be for at least 100 Euro.
Clause Minimum Withdrawal Requirement in Deposit and Withdrawal Tariff, p.2
Read from the broker's site on Open the reference

What it costsA 100 Euro bank withdrawal is charged 0.75%, which is 75 cents, so the 20 Euro minimum applies instead. You receive 80 Euro.

  • Worse together with Exhibit 2The 20 Euro floor and the 100 Euro minimum sit on top of the percentage charged on each route.

VS Capital charges a percentage on local payment withdrawals that depends on where you live. Ecuador pays 10.50%, Costa Rica, Guatemala, Panama, Mexico and Peru pay 7.00%, and Nigeria pays 5%.

Why this matters

The same payout costs twice as much in Quito as in Lagos. The cheaper column applies only above 500,000 per transaction, which no retail client will reach.

Exhibit 9WarningHarder than usual10.5%

Ecuador Cash Payment 10.50% 10.00% Online Bank Transfer 10.50% 10.00%
Clause 4. Local Payment Methods in Deposit and Withdrawal Tariff, p.2
Read from the broker's site on Open the reference

What it costsA 1,000 Euro cash payout in Ecuador is charged 10.50%, so 105 Euro is deducted and 895 Euro reaches you.

No clause in either agreement says when VS Capital must pay you

Neither VS Capital agreement sets a deadline for paying a withdrawal. Clause 13.3 lets it reject, delay, return, reverse or freeze a payout on a long list of grounds, and clause 6.4 says it may be barred from telling you why. Your money must also leave by the route it arrived.

Exit conditions2 clauses flagged

VS Capital requires withdrawals to go back to the method you paid in with, and to the same person. Deposit by card and your exit is the card route, which is the one charged at 10%.

Why this matters

You cannot switch to a cheaper payout method to avoid the card fee. If VS Capital is not satisfied with your documents, it reverses the withdrawal back into your account and you pay your bank's charges for the round trip.

Exhibit 6WarningStandard wording

For this purpose, 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

Where it sits: section 28 of 105 in the Client Services Agreement, 27% of the way through.

Neither agreement says when VS Capital has to pay you. Clause 13.3 lets it reject, delay, return, reverse or freeze a payout on a long list of grounds, and clause 6.4 says it may be barred from giving you a reason.

Why this matters

A payout can sit unpaid with no date by which it must arrive. Withholding the reason is a duty under money laundering law, but the open ended delay is VS Capital's own drafting.

Exhibit 7WarningHarder than usual

The Company may reject, delay, return, reverse or freeze a payment or withdrawal where required or reasonably considered necessary for legal or regulatory compliance, fraud prevention, sanctions, chargebacks, verification, settlement obligations, payment disputes, operational risk or protection of the Client or Company.
Clause 13.3 in Updated Client Agreement, p.11
Read from the broker's site on Open the reference

Where it sits: section 23 of 54 in the Updated Client Agreement, 43% of the way through.

VS Capital publishes two client agreements that contradict each other

VS Capital's legal page carries a Client Services Agreement and an Updated Client Agreement at the same time. The newer one says it supersedes what came before, and the older one is still offered as a current download. They disagree on negative balance protection, fee changes, trade reversal and set-off across your accounts.

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.

Which contract binds you1 clause flagged

The older agreement lets VS Capital set off any liability between any of your accounts, at any time and without telling you. It reaches amounts that are not yet due.

Why this matters

Money sitting in a second account can go to cover a debt on the first, with no notice to you. The September 2026 agreement limits this to amounts that have actually matured, which is the narrower of the two.

Exhibit 12WarningHarder 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 and between any account(s) of the client (whether actual or contingent, present or future).
Clause 25.1 in Client Services Agreement, p.23
Read from the broker's site on Open the reference

Buried at section 71 of 105 in the Client Services Agreement, 68% of the way through.

Three different complaint deadlines, in documents published side by side

VS Capital's new agreement promises a complaint answer in 21 business days, and allows 90 for a complaint it calls grossly complicated. The Complaints Handling Policy it points you to still says 60. At 90 business days you wait more than four months for a final answer.

Complaint clock1 clause flagged

The new agreement promises a final answer within 21 business days, and allows up to 90 for a complaint VS Capital calls grossly complicated. The Complaints Handling Policy it sends you to still says 60 business days.

Why this matters

At 90 business days you wait more than four months for a final answer before you can take the matter to the regulator. Which of the three deadlines applies to you is not something the published documents settle.

Exhibit 11WarningHarder than usual90 working daysNew

The Company shall investigate and provide a response as soon as possible and, in any event, within twenty-one (21) Business Days from the date the complaint is lodged. Where a complaint is grossly complicated and Applicable Regulations permit an extension, the response period may be extended up to ninety (90) Business Days, in which case the complainant shall be informed in writing of the extension and the timeframe for response.
Clause 31.3 in Updated Client Agreement, p.24
Read from the broker's site on Open the reference

Buried at section 49 of 54 in the Updated Client Agreement, 91% of the way through.

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

Firms licensed by the FCA must send a final response to a complaint within eight weeks, and CySEC sets three months. VS Capital's outer limit of 90 business days is longer than both.

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

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 2VS Capital must acknowledge your complaint in writing and give you a reference number.31.2
Day 21A response is due, counted from the day the complaint was lodged.31.3
Day 90For a complaint it calls grossly complicated, VS Capital may take this long to answer.31.3
After the deadlineYou may refer the complaint to the Seychelles Financial Services Authority.31.5

VS Capital is your counterparty and sets the prices you trade on

VS Capital is the contractual counterparty to your CFD trades, so it holds the other side of your position. Clause 8.6 of the older agreement says its quotes are set at its absolute discretion. Its own conflicts policy admits the firm may gain at a client's expense.

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.

Who you trade against1 clause flagged

VS Capital takes the other side of your CFD trades, so your loss is its gain. The older agreement says the prices you trade on are set at its absolute discretion.

Why this matters

The firm quoting your price also profits when that price moves against you. The new agreement adds a best execution duty, and VS Capital's own policy admits the firm may gain at a client's expense.

Exhibit 13WarningHarder than usual

The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. 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

Where it sits: section 31 of 105 in the Client Services Agreement, 30% of the way through.

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

Firms licensed by the FCA and CySEC may act as principal, but must manage the conflict and show how each order obtained the best available result. VS Capital's older agreement puts its quotes at its absolute discretion.

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

The homepage denies the inactivity fee both agreements create

Both VS Capital agreements allow USD 10 a year once an account sits inactive for twelve months. The homepage FAQ answers the same question with a flat no. The new agreement at least stops the fee from pushing your balance below zero.

Dormant accounts1 clause flagged

VS Capital answers the question about inactivity fees with a flat no. Both of its agreements allow USD 10 a year once your account sits inactive for twelve months.

Why this matters

You can read the homepage, conclude there is no holding cost, and still be charged. The new agreement does require notice in advance and will not let the fee push your balance below zero.

Exhibit 10WarningStandard wording$10

Where the Account remains inactive for a continuous period of twelve (12) months, the Company may charge an inactivity fee of up to USD 10 per annum, or the equivalent in another currency, provided that the Client has been informed of the fee in advance and the fee is permitted under Applicable Regulations.
Clause 20.3(j) in Updated Client Agreement, p.18
Read from the broker's site on Open the reference

Buried at section 37 of 54 in the Updated Client Agreement, 69% of the way through.

What it costsAn account left inactive for three years is charged USD 10 a year, so USD 30 leaves a balance you were told carried no fee.

One Seychelles licence, no compensation scheme, four documents missing

VS Capital Limited holds Seychelles Securities Dealer licence SD179 and names no investor compensation scheme anywhere. The new agreement has you acknowledge a Risk Disclosure Notice, an Order Execution Policy, a Costs and Charges disclosure and a classification disclosure. None of the four is published on its legal page.

Licence and paperwork2 clauses flagged

The new agreement has you confirm you read the Risk Disclosure, the Order Execution Policy, the Costs and Charges disclosure and a classification disclosure. None of the four is on VS Capital's legal page.

Why this matters

You are accepting terms you cannot read, including the one that sets out what trading costs you. The older agreement points you to vscapital.io for charges and leverage, and that address now redirects to a site with no fees page.

Exhibit 17WarningHarder than usual4New

By accepting this Agreement, the Client confirms that the Client has had the opportunity to read and understand this Agreement, the applicable Risk Disclosure, Costs and Charges disclosures and other relevant documents before using the Services.
Clause 34.1 in Updated Client Agreement, p.25
Read from the broker's site on Open the reference

Where it sits: section 5 of 54 in the Updated Client Agreement, near the start.

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

Firms licensed by the FCA and CySEC must give a retail client the order execution policy and the costs and charges information before that client trades. VS Capital asks for acknowledgement of documents it does not publish.

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

VS Capital Limited holds Seychelles Securities Dealer licence SD179 and says your money is segregated. No document names an investor compensation scheme that would pay you if the firm failed.

Why this matters

If VS Capital or a bank holding your money defaults, the new agreement says recovery may be delayed or fall short. No fund stands behind that, while the homepage calls your money always accessible.

Exhibit 16NoticeStandard wording

The Company is licensed and regulated by the Financial Services Authority of Seychelles (the “FSA”) as a Securities Dealer under the Securities Act, 2007, as amended, under Securities Dealer Licence No. SD179.
Clause 1.2 in Updated Client Agreement, p.3
Read from the broker's site on Open the reference
Our own capture of vscapital.com, taken on Oct 11, 2026The claim, on Homepage FAQ answer on whether funds are safeThis 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

Where it sits: section 22 of 54 in the Updated Client Agreement, 41% of the way through.

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

A client of an FCA firm is covered by the Financial Services Compensation Scheme up to 85,000 pounds, and a CySEC firm's clients by the Investor Compensation Fund up to 20,000 Euro. VS Capital's documents name no equivalent.

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

Any court dispute with VS Capital is heard in Seychelles

Both VS Capital agreements put the governing law and the courts in Seychelles, where the company is registered. For a client in Lagos, Sao Paulo or Madrid that is a long way to go over a few thousand Euro. The new agreement does preserve the FSA complaints process first.

Where you sue1 clause flagged

Both agreements put the governing law and the courts in Seychelles, where VS Capital is registered. A claim you cannot settle by complaint has to be brought there.

Why this matters

Travelling to Mahe to sue over a few thousand Euro is not realistic for most clients. The new agreement does keep the FSA complaints route open before that point.

Exhibit 15NoticeStandard 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

Buried at section 71 of 105 in the Client Services Agreement, 68% of the way through.

VS Capital gives two different answers on how long it keeps your data

VS Capital's Privacy Policy says five years after your agreement ends. The AML Policy and the new agreement both say seven. The Privacy Policy is the February 2024 version and still claims GDPR and MiFID 2 duties, while the new agreement names the Seychelles Data Protection Act 2023.

Your data1 clause flagged

VS Capital's Privacy Policy says it keeps your personal data for five years after your agreement ends. Its AML Policy says seven years, and so does the new agreement.

Why this matters

You cannot tell when your identity documents stop being held. The Privacy Policy is the February 2024 version and still claims GDPR and MiFID 2 duties, while the new agreement names Seychelles law instead.

Exhibit 14Notice

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

Buried at section 45 of 72 in the Privacy Policy, 63% of the way through.

Where the marketing and the contract disagree

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

01

The homepage names an insurer, and the agreement warns your money may not come back in full.

Said in public, in English

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

Security and Compliance block on the homepage

In the contract · clause 12.4

In the event of insolvency or default of a bank, broker, Custodian or other third party, recovery may be delayed or subject to a shortfall.

02

The partner page promises insurance cover, and the only insurance duty in the agreement is the client's own.

Said in public, in English

Yes. VS Capital is the trading name of VS Capital Ltd, a Licensed Securities Dealer regulated by the Seychelles Financial Services Authority (FSA), License No. SD179, with segregated client accounts and additional coverage via Lloyd’s of London insurance.

FAQ answer on the partner page

In the contract · clause 12.3

Where the Trading Platform is used by the Client, it shall be responsible for ensuring that the Trading Platform is adequately insured against direct and indirect losses which may result from the installation and use of the computer programs in the Client's computer system.

03

VS Capital says it does not serve UK or European residents, offers them both on the signup form, and makes the client warrant the trading is legal.

Said in public, in English

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.

Disclaimer at the foot of the account opening form, whose own country list offers the United Kingdom, Ireland, Spain, Germany, France, Italy, the Netherlands, Belgium, Austria, Denmark, Finla

In the contract · clause 27.2

The Client represents that use of the Account and Services is lawful in each jurisdiction relevant to the Client and does not breach any law, court order, contractual restriction or duty applicable to the Client.

04

The homepage denies an inactivity fee that both published agreements allow at USD 10 a year.

Said in public, in English

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

Homepage FAQ answer to the question about account keeping or inactivity fees

In the contract · clause 20.3(j)

Where the Account remains inactive for a continuous period of twelve (12) months, the Company may charge an inactivity fee of up to USD 10 per annum, or the equivalent in another currency, provided that the Client has been informed of the fee in advance and the fee is permitted under Applicable Regulations.

05

Always accessible on the homepage, no claim against a specific sum in the agreement.

Said in public, in English

All assets are held in segregated accounts, ensuring they remain separate and always accessible to our clients. Rest assured, we never compromise or risk the capital of our valued clients.

Homepage FAQ answer on whether funds are safe

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

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, or the third party's money in which case the Client will not have any claim against a specific sum in a specific account in the event of insolvency.

What changed quietly

VS Capital issued Version 2 of its Client Agreement in September 2026. Clause 19.2 now caps a retail client's CFD loss at the funds in that account. That answers the broken no negative balance promise we reported last time. The older Client Services Agreement is still published, so trade reversal (21.3), set-off across your accounts (25.1) and charge changes without consultation (4.1) stay live. New this time: three complaint deadlines across two documents, a 100 Euro minimum withdrawal, and four unpublished documents you must accept. The 10% card withdrawal fee has not changed, and the risk score moves from 7.5 to 6.8.

  • ADDEDClause 19.2 · Client Services Agreement to Version 2 | September 2026

    Retail clients can no longer be chased for a CFD loss beyond the money in the account.

    The liability of a Retail Client for all restricted speculative investments connected to that Retail Client's trading account with the Company is limited to the funds in that trading account, as required by Applicable Regulations.

  • REWRITTENClause 31.3 · Client Services Agreement to Version 2 | September 2026

    The headline deadline drops to 21 business days, while the published policy still says 60.

    The Company shall investigate and provide a response as soon as possible and, in any event, within twenty-one (21) Business Days from the date the complaint is lodged.

  • REWRITTENClause 20.6 · Client Services Agreement to Version 2 | September 2026

    Fee changes now need reasonable notice, and the no consultation wording is still published next to it.

    Where a change materially affects the Client or where prior notice is required by Applicable Regulations, the Company shall give reasonable prior notice before the change becomes effective.

  • REWRITTENClause 9.9 · Client Services Agreement to Version 2 | September 2026

    Reversal is narrowed to manifest error and must be fair, but the older power stays downloadable.

    the Company may correct, cancel, reverse or adjust the affected entry or Transaction in a fair and reasonable manner, subject to Applicable Regulations

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 . It is the newest of 2 readings we keep of these documents. See every reading.

Documents
8 of 8downloaded from the broker's site, and 8 read in full
Pages opened
44pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
9public pages set against what the contract says
Position measured
14clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

VS Capital Limited

You contract with VS Capital Limited, a Seychelles company registered under number 8434958-1. Both agreements name the same company and the same Securities Dealer licence, SD179, from the Financial Services Authority of Seychelles. No second entity appears in the documents, and there is no UK or European company behind the brand. The older agreement still defines the company website as vscapital.io, which now sends visitors to vscapital.com.

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

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

Every time we have read this contract

We keep 2 readings of VSCapital’s documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Sep 10, 2026

The counts below are about our own list of clauses. A clause can join it because the broker added it, or because this reading found something the last one missed.

New on our list
10 clauses
Off our list
8 clauses
We rate critical
5 now, 6 then
Our risk score
7.5 to 6.8 out of 10

The counts above are the totals each reading published. They show that a total moved. They do not yet say which single clause was added or dropped.

  1. CurrentRisk 6.8/1017 clauses5 critical
  2. Risk 7.5/1015 clauses6 criticalReplaced

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

In fairness, and what we could not check

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

The September 2026 agreement is a real improvement. Clause 19.2 caps a retail client's CFD loss at the money in that trading account. Clause 20.3(j) stops the inactivity fee from pushing your balance below zero, and bars VS Capital from selling your shares to pay it. Clause 14.21 requires your separate consent before your shares are lent out. Deposits are free on every method in the tariff. The tariff also publishes exact percentages country by country, which most brokers never publish.

This review covers all eight documents on VS Capital's legal page, and all eight opened cleanly. Four documents the new agreement relies on are not published. They are the Risk Disclosure Notice, the Order Execution Policy, the Costs and Charges disclosure and the client classification disclosure. The site has no fees page, so the Deposit and Withdrawal Tariff is the only cost schedule we could check. Both agreements say leverage, spreads and commissions are shown in the platform and client portal, which open only to account holders. VS Capital publishes in English only, so there was no second language version to compare.

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 Oct 11, 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.

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