Wikilix
Contract reading

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

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

Contracting entity: WM Markets Ltd

deemed acceptancewithdrawalsbonus lockcomplaintslanguage arbitragesole discretionaccount closurehidden feeset offunilateral amendment

WM Markets advertises multi-regulation and $1,000,000 of insurance. Its contract names one regulator, in Comoros, and no insurance.
WM Markets can hold your withdrawal on nine grounds and gives you 24 hours to dispute a trade.
Your next trade after a complaint counts as settling it.
Any withdrawal deletes your whole deposit bonus, and the contract promises negative balance protection, then takes it back.

Back to WM Markets

Contract risk

Money at risk
8.2/10

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.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
25
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
9
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
13

How the 25 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.

Critical7
Warning17
Notice1

section 251 of 263is where the deepest clause sits, 95% 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.

Critical7 daysWithdrawal limit. Jump to the clause this comes from.Nine listed grounds let WM Markets hold your withdrawalCritical$10000Bonus requirement. Jump to the clause this comes from.Any withdrawal deletes your whole deposit bonusCritical90 daysTime to complain. Jump to the clause this comes from.A trade placed after a complaint counts as settling itCritical1In the contract. Jump to the clause this comes from.Multi-regulation advertised, one offshore regulator in the contract

What the documents say

25 clauses worth knowing about, worst first, each quoted from WM Markets's own files

01

WM Markets must approve each withdrawal before it pays, and clause 29.3 gives it nine grounds to hold or refuse your money. Two are open-ended: a reasonable doubt about your account activity, or any dispute with WM Markets.

Why this matters

Nothing in the contract limits how long WM Markets may hold the money while it decides. Larger withdrawals can take up to seven days, and clause 29.4 says WM Markets is not liable for any delay.

Exhibit 1CriticalHarder than usual7 days

The Company reserves the right to withhold or reject withdrawal requests (in whole or in part) under the following circumstances:
Clause 29.3 in Business Terms (linked as Client Account Agreement), p.16
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 133 of 263 in the Business Terms (linked as Client Account Agreement), 51% of the way through.

02

WM Markets advertises negative balance protection, which means a loss should never take your account below zero. Clause 42.8 promises it, yet clauses 14.2 and 48 still make you liable for any deficit.

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

If prices jump past the point where WM Markets closes your trades, you can owe it more than you deposited. Clause 30.5 also lets WM Markets set a negative balance against money it owes you elsewhere.

Exhibit 2CriticalHarder than usual

Negative Balance Protection ensures that losses will not exceed the total deposited funds in the relevant account.
Clause 42.8 in Business Terms (linked as Client Account Agreement), p.20
Read from the broker's site on Archived copyOpen the reference

Buried at section 181 of 263 in the Business Terms (linked as Client Account Agreement), 69% of the way through.

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

Firms licensed under ESMA rules, including by CySEC, and firms licensed by the FCA must give retail CFD clients negative balance protection, so a client can never lose more than the money in the account. This contract promises it in one sentence and keeps you liable for a deficit in two other clauses.

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

  • Worse together with Exhibit 14Clauses 19.1 and 20 let WM Markets move money between your accounts to settle a debit, so protection limited to the relevant account does not shield your other balances.
03

Under WM Markets' bonus terms, one withdrawal or internal transfer, of any size, cancels your entire active bonus. Clause 24 then says WM Markets is not liable if losing that credit closes your open trades.

Why this matters

A small withdrawal can remove up to USD 10,000 of credit at once. If your open trades depended on it, the platform may close them at a loss that comes out of your own money.

Exhibit 3CriticalHarder than usual$10000

Active bonus credit shall be cancelled and removed from the relevant trading account if any of the following events occur: a) A withdrawal is made from the trading account.
Clause 22(a) in $60K Deposit Bonus Promotion Terms & Conditions, p.3
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), CySEC (Cyprus), FCA (UK)

CFD firms licensed under ESMA rules, including by CySEC, and by the FCA may not offer retail clients trading bonuses at all. WM Markets offers one and attaches a withdrawal penalty to it.

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

04

If you complain to WM Markets and then place any trade, clause 9.8 counts that trade as settling your complaint. You accept your account as it stood on the complaint date and agree never to reopen the matter.

Why this matters

To keep a complaint alive you would have to stop trading until WM Markets answers, which can take up to 90 days under clause 45.5. One trade in that time can end your claim.

Exhibit 4CriticalRarely seen90 daysNew

The Client acknowledges that initiating any transaction after submitting a complaint or claim regarding their account constitutes acceptance of the account’s status as of the complaint date. Any such transaction executed by the Company shall be considered mutual consideration for resolving the claim.
Clause 9.8 in Business Terms (linked as Client Account Agreement), p.7
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 46 of 263 in the Business Terms (linked as Client Account Agreement), near the start.

  • Worse together with Exhibit 6You have 24 hours to object to a trade, and once you object, your next trade settles the complaint, so keeping a dispute alive means you must stop trading.
05

WM Markets tells you in English, Persian and Arabic that "stringent multi-regulation" backs its service. Its contract names one regulator, the Mwali International Services Authority on the Comoros island of Moheli.

Why this matters

A complaint WM Markets will not settle can go to one authority in Comoros, and the contract names no compensation scheme. Nothing in it gives you the backing several regulators would imply.

Exhibit 5Critical1

The Company is authorized and regulated by the Mwali International Services Authority (“the Regulator”) under the license number BFX2024009, with contact information rc@wmmarkets.com.
Clause 1 in Business Terms (linked as Client Account Agreement), p.3
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 2 of 263 in the Business Terms (linked as Client Account Agreement), near the start.

WM Markets can reverse profits and still hold you to a deficit

Five clauses decide what WM Markets can take back from a client account. Clauses 17.7 and 43.10 let it reverse trades and claw back gains from trading it calls abusive, including suspected robot use. Clause 42.8 promises negative balance protection, yet clauses 14.2 and 48 keep clients liable for any deficit.

Profit and loss1 clause flagged

WM Markets can reverse your trades and strip the gains from your balance if it decides your trading is abusive, especially automated or high-speed trading. If you trade while your account is in deficit, it can keep the profit.

In plain words

Jointly and severally liable means each person can be made to pay the whole amount alone. If the broker treats two accounts as linked, it can ask either holder for all of it, not half each.

Why this matters

Under clause 43.10, even a suspected use of an unapproved trading robot lets WM Markets reverse trades and decline your withdrawal. Losses on deficit trades fall on you and the agent who referred you, jointly.

Exhibit 7CriticalHarder than usual

Accounts found to be using abusive strategies, especially those involving algorithmic or high-frequency trading, may be subject to correction, modification, or closure at the Company’s discretion.
Clause 17.7 in Business Terms (linked as Client Account Agreement), p.10
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 81 of 263 in the Business Terms (linked as Client Account Agreement), 31% of the way through.

  • Worse together with Exhibit 1The suspicion that lets WM Markets reverse trades under clause 43.10 also fits ground F of clause 29.3, so your withdrawal can stay frozen while it decides.

WM Markets gives you 24 hours to object, and your next trade ends a complaint

WM Markets clients get 24 hours to object to a trade confirmation under clause 22.2, after which it binds them. Clause 9.8 treats any trade placed after a complaint as settling it for good. Legal action must start within three months, and the complaint deadlines in the contract and on the WM Markets website do not match.

Complaint barriers3 clauses flagged

WM Markets treats every trade confirmation and statement as binding unless you object in writing within 24 hours, before the next business day starts. WM Markets can correct its own errors at any time, with no deadline.

Why this matters

If you miss one day of checking your statements, a wrong price or a missing trade becomes binding on you. Only WM Markets keeps the right to look again later.

Exhibit 6CriticalHarder than usual1 days

Confirmations of transactions, balances, equity, orders, margin calls, and other account-related information, whether provided through account statements or via the Online Trading Platform(s), shall be considered binding unless the Client notifies the Company in writing of any discrepancies before the start of the next business day and within a maximum of 24 hours from the time of occurrence.
Clause 22.2 in Business Terms (linked as Client Account Agreement), p.13
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 106 of 263 in the Business Terms (linked as Client Account Agreement), 40% of the way through.

WM Markets' complaint page promises to acknowledge your complaint within five business days and finish within two months. Its contract sets two working days to acknowledge and 21 business days to answer, extendable to 90 days.

Why this matters

You cannot tell which deadline WM Markets will hold itself to, and an email to its compliance team does not count as a formal complaint. The complaint form link on that page opens a page-not-found notice instead of a form.

Exhibit 19Warning21 working days

Upon receiving a valid complaint, the Company will issue a written acknowledgment to the Client within two (2) working days.
Clause 45.4 in Business Terms (linked as Client Account Agreement), p.26
Read from the broker's site on Archived copyOpen the reference

Buried at section 237 of 263 in the Business Terms (linked as Client Account Agreement), 90% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must send a final response to a complaint within eight weeks and tell the client about the free, independent Financial Ombudsman Service. WM Markets allows itself up to 90 days and points only to the Mwali regulator.

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

You have three months from the event to bring any legal action against WM Markets. Clause 9.1 also makes you cover the legal costs WM Markets spends defending claims you bring.

Why this matters

A problem you discover after three months may already be out of time. In a card dispute, clause 28.5 even bills you for the value of WM Markets' staff time.

Exhibit 23WarningHarder than usual

The Client agrees that no legal action arising from transactions under this Agreement may be initiated more than three (3) months after the date on which the cause of action occurred.
Clause 33 in Business Terms (linked as Client Account Agreement), p.18
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 155 of 263 in the Business Terms (linked as Client Account Agreement), 59% of the way through.

WM Markets advertises protections its own documents do not give

Five WM Markets promises fail against its own documents. The site claims multi-regulation and $1,000,000 of client insurance, yet the contract names one regulator and no insurance. The bonus terms cap a $60,000 bonus at $10,000 at a time, the loyalty terms limit swap-free trading to Japan, and clause 8.5 waives interest.

Claims versus contract4 clauses flagged

WM Markets advertises a deposit bonus of up to $60,000 in English and Persian. Its bonus terms cap the bonus you can hold at any one time at USD 10,000, across all your accounts.

Why this matters

The $60,000 is a running total over your whole participation, and every bonus WM Markets removes still counts against it. Each withdrawal shrinks what you can ever receive.

Exhibit 8Warning$60000

Regardless of Loyalty Tier or total bonus capacity, the maximum active bonus balance a Client may hold at any time across all trading accounts is USD 10,000.
Clause 18 in $60K Deposit Bonus Promotion Terms & Conditions, p.2
Read from the broker's site on Open the reference
  • Worse together with Exhibit 3Each withdrawal deletes the active bonus under clause 22, and the deleted amount still counts against the $60,000 total under clause 23, so taking money out lowers the cap for good.

WM Markets advertises a $1,000,000 insurance policy covering all its clients' funds, in English, Persian and Arabic. Its contract never mentions this cover, and clause 49 warns you may not recover your funds if WM Markets fails.

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

None of the legal documents gives you a right to claim on the policy or explains how to claim. The only mention of insurers, in clause 16.5, denies you compensation from them.

Exhibit 9Warning$1000000

Counterparty risk is inherent, if the Company fails to meet its obligations, you may not recover your funds.
Clause 49 in Business Terms (linked as Client Account Agreement), p.28
Read from the broker's site on Archived copyOpen the reference

Buried at section 251 of 263 in the Business Terms (linked as Client Account Agreement), 95% of the way through.

WM Markets' English loyalty page promises swap-free trading, with no overnight financing charge, for up to an unlimited time. Its loyalty terms say you can have a swap-free account only if you live in Japan.

Why this matters

Outside Japan the perk does not apply, so positions you hold overnight carry a swap or a storage fee. Clause 42.9 adds that storage fees, which replace swaps on some accounts, are always a charge, never a credit.

Exhibit 10Warning

Swap-free accounts are available ONLY to Clients of WM Markets Ltd residing in the South-East Asia region specifically in Japan.
Clause Swap-free accounts, 1 in WM Markets Loyalty Program Terms & Conditions, p.4
Read from the broker's site on Open the reference

WM Markets advertises up to 2% interest on your capital, in English and Persian. Clause 8.5 of its contract says it pays no interest on your funds and that you waive any right to it.

Why this matters

The loyalty terms pay it in loyalty points, and only Diamond status, reached after 5,000 lots, earns the full 2%. WM Markets can change the rate without notice, and six months without trading resets your points to zero.

Exhibit 11Warning2%

The Client further acknowledges and agrees that no interest will be paid in any funds held by the Company on the Client’s behalf, and the Client waives any right or entitlement to such interest.
Clause 8.5 in Business Terms (linked as Client Account Agreement), p.6
Read from the broker's site on Archived copyOpen the reference
Our own capture of en.wmmarkets.com, taken on Oct 24, 2026The claim, on English loyalty programme page, interest panelVisit this page on the broker's siteDownload the full size image file

Where it sits: section 36 of 263 in the Business Terms (linked as Client Account Agreement), near the start.

  • Worse together with Exhibit 13Six months without trading makes the account inactive under clause 21.1 and, under the loyalty terms, also resets your loyalty points to zero, taking unredeemed interest with them.

WM Markets lists twelve charges and prices almost none of them

Twelve kinds of cost appear in clause 5.1 of the WM Markets Business Terms. The contract states one rate, a currency conversion margin of up to 2%, and clause 5.2(d) makes clients ask about the rest. The WM Markets accounts page does publish trading commissions, $8 per round lot on ZERO accounts.

Cost disclosure1 clause flagged

WM Markets' contract lists twelve kinds of cost you agree to pay, from deposit and withdrawal fees to inactivity and conversion charges. The only rate it states is a conversion margin of up to 2%.

Why this matters

Clause 5.2(d) makes it your job to ask about any charge WM Markets has not told you about. If it decides your trading was abusive, clause 17.8(h) lets it charge fees after the fact, even ones it never applied.

Exhibit 12WarningHarder than usual2%

The Company reserves the right to apply the full transactional fee (deposit/withdrawal) if it determines, at its sole discretion, that the deposit does not align with the intended use of the trading account.
Clause 5.1(e) in Business Terms (linked as Client Account Agreement), p.4
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 17 of 263 in the Business Terms (linked as Client Account Agreement), near the start.

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

Firms licensed by the FCA or CySEC must tell a retail client the costs and charges of a service, in money terms, before the client trades. This contract lists the kinds of charge and leaves the amounts for you to ask about.

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

Every WM Markets withdrawal waits for approval, and nine grounds can stop it

Nine grounds in clause 29.3 of the WM Markets Business Terms let the firm hold or refuse a withdrawal, and two are open-ended. Clause 29.4 allows up to seven days for larger sums, and copy traders pay their full performance fee the moment they withdraw. The WM Markets interest page still promises withdrawals instantly, anywhere, anytime.

Exit conditions1 clause flagged

If you copy another trader, WM Markets pays that trader's performance fee, their cut of your profit, in full the moment you ask to withdraw. WM Markets works out the fee on open, unrealised profit as well as closed profit.

Why this matters

You can pay a fee on paper gains that later turn into losses. Unsubscribing closes every copied trade at once, and a follower account cannot send money to your other accounts.

Exhibit 20WarningHarder than usual

The Follower cannot withdraw more than their available equity minus the performance fees due. Once the transaction is initiated, the full performance fee is paid to the Provider, regardless of the withdrawal amount, ensuring timely compensation.
Clause 44.8(b) in Business Terms (linked as Client Account Agreement), p.24
Read from the broker's site on Archived copyOpen the reference

Buried at section 222 of 263 in the Business Terms (linked as Client Account Agreement), 84% of the way through.

A WM Markets bonus disappears the moment you withdraw

One withdrawal of any size cancels the whole WM Markets deposit bonus under clause 22 of its bonus terms. Clause 24 excludes liability if losing that credit closes a client's open trades. The WM Markets new trader reward pays its $500 top prize only after 300 lots in eight weeks.

Bonus conditions1 clause flagged

WM Markets' new trader reward pays its top prize of $500 only after a first deposit of $10,000 or more. You must then trade 300 lots, each worth 100,000 units of currency, within eight weeks.

Why this matters

To hit that target, the landing page offers up to 1:2000 leverage, which multiplies gains and losses alike. Clause 10.7 lets WM Markets change the rules retrospectively, whether or not you know about it.

Exhibit 24WarningHarder than usual300

The Campaign may reward clients with a cash prize up to $500.
Clause 4.1 in New Trader Cash Prize Campaign Terms & Conditions, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), CySEC (Cyprus), FCA (UK)

Under ESMA rules applied by CySEC, and under FCA rules, CFD firms may not offer retail clients cash or bonus incentives to trade. These terms pay up to $500 for trading volume.

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

WM Markets can rewrite the rules, raise margin and close accounts at short notice

Two days' written notice is all WM Markets must give before ending a client agreement for any reason, down from 30 days in 2024. It can change the contract without notice, with the next trade counting as consent, and raise margin on positions already open.

Unilateral control3 clauses flagged

WM Markets can change its contract at any time, with changes taking effect immediately. Your next trade after any change counts as accepting it, and notices count as delivered even if you never receive them.

Why this matters

A new fee or rule you have never seen can bind you. The contract makes checking for the latest version your job, not WM Markets'.

Exhibit 16WarningHarder than usual

The Client acknowledges that initiating a transaction after any amendment to this Agreement constitutes acceptance of the revised terms, effective from the date of the change.
Clause 30.1 in Business Terms (linked as Client Account Agreement), p.16
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 142 of 263 in the Business Terms (linked as Client Account Agreement), 54% of the way through.

WM Markets can end your agreement for any reason with two days' written notice, down from 30 days in its 2024 terms. During those two days you may only close positions, not open new ones.

Why this matters

Two days may be too short to move your money elsewhere, and clause 30.7 lets WM Markets deduct fees before returning what is left. Under clause 30.4, moving without telling WM Markets is grounds for immediate closure.

Exhibit 17WarningHarder than usual2 days

The Company may terminate this Agreement for any reason by providing the Client with two (2) days’ written notice. During this period, the Client may close existing positions but will not be permitted to initiate new trades, unless otherwise determined by the Company.
Clause 30.3 in Business Terms (linked as Client Account Agreement), p.16
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 144 of 263 in the Business Terms (linked as Client Account Agreement), 55% of the way through.

WM Markets can raise margin, the deposit that keeps a trade open, without notice, and the change applies to trades you already hold. It sends no alert when your account reaches a margin call, the point where you must add funds or cut trades.

Why this matters

Under clause 31, a large price move, or one WM Markets expects, counts as a force majeure emergency. WM Markets can then close your trades at a price it considers appropriate.

Exhibit 18WarningHarder than usual

The Client further agrees that the Company may adjust margin requirements at its discretion, with or without prior notice. Any changes will apply to both existing and future positions or transactions.
Clause 12.4 in Business Terms (linked as Client Account Agreement), p.8
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 57 of 263 in the Business Terms (linked as Client Account Agreement), near the start.

WM Markets contracts under Comoros law and can pass your account on

Comoros law governs every WM Markets client agreement under clause 33. Clause 36 lets WM Markets assign a client's account to another financial institution on five days' notice, and silence counts as consent.

Governing law1 clause flagged

Your contract with WM Markets runs under the laws of Comoros. Clause 36 lets WM Markets assign your account to another financial institution with five days' notice, and your silence counts as consent.

Why this matters

Unless you object in writing within those five days, a firm you never chose can hold your money. The contract does not say where that firm must be based or who must regulate it.

Exhibit 22WarningHarder than usual5 days

This Agreement shall be governed by and construed in accordance with the laws of Comoros.
Clause 33 in Business Terms (linked as Client Account Agreement), p.18
Read from the broker's site on Archived copyOpen the reference

Buried at section 159 of 263 in the Business Terms (linked as Client Account Agreement), 60% of the way through.

Out-of-date details give WM Markets grounds to stop your money

Clause 29.5 lets WM Markets refuse deposits and withdrawals if a client's contact details or identity are not fully verified and current. Its privacy policy collects data on criminal convictions and prominent public roles, and keeps personal data for as long as legal duties require.

Verification1 clause flagged

WM Markets can refuse your deposits and withdrawals if your email, phone, address or identity is not fully verified and up to date. Its privacy policy also collects data on criminal convictions and on whether you hold a prominent public role.

Why this matters

Forgetting to update a changed phone number gives WM Markets grounds to hold your money. The privacy policy keeps your data for as long as legal and contractual duties require, with no fixed end.

Exhibit 21WarningHarder than usualNew

The Company reserves the right to decline deposit or withdrawal transactions if the Client’s email, phone number, identity, address, or other information is not fully verified or up to date.
Clause 29.5 in Business Terms (linked as Client Account Agreement), p.16
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 136 of 263 in the Business Terms (linked as Client Account Agreement), 52% of the way through.

WM Markets trades against you and may pledge your assets

WM Markets is the counterparty to every client trade, and clause 27.2 lets it take positions against clients without liability for the losses. Clause 19.2 lets it pledge, re-pledge and invest client assets and return equivalents, despite the promise in clause 8.4 to keep client funds separate.

Whose side2 clauses flagged

WM Markets can pledge the assets in your account as security, re-pledge them or invest them, pooled with other clients' assets, and return equivalents instead. That undercuts clause 8.4, which promises your funds are kept separate and not used for its own operations.

Why this matters

Assets that WM Markets has pledged to someone else are harder to get back if it fails. Clause 19.1 also lets it move assets between your accounts without notice, for any reason it thinks fit.

Exhibit 14WarningRarely seenNew

The Client authorizes the Company to pledge, repledge, hypothecate, or invest any securities or other assets held for the Client’s accounts or as collateral, either separately or together with assets of other clients.
Clause 19.2 in Business Terms (linked as Client Account Agreement), p.12
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 96 of 263 in the Business Terms (linked as Client Account Agreement), 37% of the way through.

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

Under MiFID II rules applied by ESMA regulators such as CySEC, and under FCA rules, a firm must keep retail client money segregated and may not take title to it as collateral. Clause 19.2 lets WM Markets pledge your assets and return equivalents.

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

WM Markets is the counterparty to all your trades, so your loss can be its gain. Clause 27.2 says it may take positions against you and accepts no liability for losses that competition causes.

Why this matters

After a pricing error, clause 16.2 lets WM Markets alone set the fair price for your trade. It does not publish its conflicts of interest policy, and offers it only on request.

Exhibit 15WarningStandard wording

The Company, its affiliates, and their employees may take positions contrary to the Client’s or compete for similar positions. While the Company will not intentionally favor any party over the Client, it will not be liable for any losses resulting from such competition.
Clause 27.2 in Business Terms (linked as Client Account Agreement), p.15
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 122 of 263 in the Business Terms (linked as Client Account Agreement), 46% of the way through.

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

Firms licensed by the FCA or CySEC must keep a written conflicts of interest policy and give clients a summary of it. WM Markets offers its policy only on request.

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

After six idle months WM Markets disables your account, and closure can wipe small balances

Six months without a trade makes a WM Markets account inactive under clause 21.1, disabled for trading and open to maintenance charges. When WM Markets closes an account, clause 5.4 lets it zero any balance under US$50 without a refund. WM Markets can close an account with no deposit or trade in its first month, without notice.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

WM Markets treats your account as inactive after six months without a trade, disables it, and may charge you for its upkeep. When it closes the account, clause 5.4 lets it zero any balance under US$50 with no refund.

Why this matters

A small balance you forget about can vanish without a refund. Clause 5.5 also lets WM Markets charge an administration fee of no stated amount on larger balances, if it judges it cannot refund you.

Exhibit 13WarningHarder than usual$50

The Client acknowledges that any account held with the Company that remains without trading activity for six (6) consecutive months will be classified as inactive. Inactive accounts will be disabled for trading and may incur charges related to their maintenance and administration.
Clause 21.1 in Business Terms (linked as Client Account Agreement), p.12
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 20 of 263 in the Business Terms (linked as Client Account Agreement), near the start.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
First month, no deposit or tradeWM Markets may close the account without notice.21.7
Zero balance, one month idleThe account counts as inactive.21.2
Six months without a tradeWM Markets disables the account for trading and may charge for its upkeep.21.1
Inactive accountWM Markets may class the account as dormant and remove it from its systems.21.4
Balance under US$50 at closureWM Markets zeroes the balance and owes you no refund.5.4

One Comoros licence, no compensation scheme, and two policies WM Markets does not publish

The WM Markets contract names one licence, number BFX2024009 from the Mwali International Services Authority in Comoros. It names no compensation scheme, cites a Best Execution Policy WM Markets does not publish, and offers its conflicts policy only on request.

Regulatory context1 clause flagged

WM Markets Ltd is licensed by the Mwali International Services Authority in Comoros, and its contract names no compensation scheme for your money. It cites a Best Execution Policy and a conflicts policy that it does not publish.

Why this matters

If WM Markets fails, the contract leaves your money to local insolvency law and warns you may not recover it. Its Trading Terms and Conditions link opens the same file as the client agreement, which exists only in English.

Exhibit 25Notice

In the unlikely event that the Company is unable to resolve the Client’s complaint, or if the Client is not satisfied with the Company’s final response, the Client may refer his complaint to the Mwali International Services Authority in Comoros for further examination.
Clause 45.6 in Business Terms (linked as Client Account Agreement), p.26
Read from the broker's site on Archived copyOpen the reference

Buried at section 239 of 263 in the Business Terms (linked as Client Account Agreement), 91% 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 interest page promises instant withdrawals anywhere, while clause 29.3 makes each withdrawal wait for WM Markets' approval and a few business days.

Said in public, in English

Withdraw instantly, anywhere, anytime.

Interest programme landing page, section heading

In the contract · clause 29.3

Withdrawals are processed upon receipt and approval of the request and are generally completed within a few business days.

02

The accounts page lists negative balance protection on both accounts, while clause 48 says you are liable for a deficit.

Said in public, in English

Negative Balance Protection

Trading accounts comparison, feature listed under both account types

In the contract · clause 48

Failure to do so may result in the liquidation of your positions and a deficit for which you are liable.

03

The English homepage claims "stringent multi-regulation", while the contract names a single regulator in Comoros.

Said in public, in English

Providing a safe and reliable trading environment, reinforced by stringent multi-regulation.

English homepage, Security panel

In the contract · clause 1

The Company is authorized and regulated by the Mwali International Services Authority (“the Regulator”) under the license number BFX2024009, with contact information rc@wmmarkets.com.

04

The Persian homepage claims powerful multi-regulation, while the English-only contract names a single regulator in Comoros.

Said in public, in Persian

ارائه یک محیط معاملاتی امن و قابل اعتماد، تقویت شده توسط مولتی رگولیشن قدرتمند

Word for word in English: Providing a safe and reliable trading environment, reinforced by powerful multi-regulation

Persian homepage, Security panel

In the contract · clause 1

The Company is authorized and regulated by the Mwali International Services Authority (“the Regulator”) under the license number BFX2024009, with contact information rc@wmmarkets.com.

05

The Arabic homepage claims multiple strict regulations, while the contract names a single regulator in Comoros.

Said in public, in Arabic

توفير بيئة تداول آمنة وموثوقة، معززة باللوائح التنظيمية الصارمة المتعددة.

Word for word in English: Providing a safe and reliable trading environment, reinforced by multiple strict regulations.

Arabic homepage, Protection panel

In the contract · clause 1

The Company is authorized and regulated by the Mwali International Services Authority (“the Regulator”) under the license number BFX2024009, with contact information rc@wmmarkets.com.

06

The insurance page says every client is covered, while the contract never mentions the policy and warns you may not recover your funds.

Said in public, in English

All clients of WM Markets Ltd are included under this insurance policy

Client insurance page, FAQ

In the contract · clause 49

Counterparty risk is inherent, if the Company fails to meet its obligations, you may not recover your funds.

07

The Persian homepage promises $1,000,000 of extra insurance on client capital, while the contract warns you may not recover your funds.

Said in public, in Persian

محافظت از سرمایه‌ شما با نظارت‌های قدرتمند و بیمه‌ای اضافی به ارزش 1,000,000$ برای سرمایه مشتریان

Word for word in English: Protecting your capital with powerful oversight and an additional insurance worth $1,000,000 for clients' capital

Persian homepage, Insurance panel

In the contract · clause 49

Counterparty risk is inherent, if the Company fails to meet its obligations, you may not recover your funds.

08

The landing page offers up to $60K more to trade with, while clause 18 of the bonus terms caps the active bonus at USD 10,000.

Said in public, in English

Boost your trading with up to $60K more!

English deposit bonus landing page, loyalty section heading

In the contract · clause 18

Regardless of Loyalty Tier or total bonus capacity, the maximum active bonus balance a Client may hold at any time across all trading accounts is USD 10,000.

09

The Persian landing page offers up to $60K more to trade with, while the bonus terms cap the active bonus at USD 10,000.

Said in public, in Persian

معامله خود را تا سقف $60K بیشتر تقویت کنید!

Word for word in English: Boost your trading by up to $60K more!

Persian deposit bonus landing page, loyalty section heading

In the contract · clause 18

Regardless of Loyalty Tier or total bonus capacity, the maximum active bonus balance a Client may hold at any time across all trading accounts is USD 10,000.

10

The loyalty page offers swap-free trading for an unlimited time, while the loyalty terms restrict swap-free accounts to residents of Japan.

Said in public, in English

Cut on trading costs and boost your profit margins with swap-free trading on selected assets for up to an unlimited time.

English loyalty programme page, swap-free panel

In the contract · clause Swap-free accounts, 1

Swap-free accounts are available ONLY to Clients of WM Markets Ltd residing in the South-East Asia region specifically in Japan.

11

The loyalty page offers up to 2% interest on your capital, while clause 8.5 says WM Markets pays no interest and you waive any right to it.

Said in public, in English

Put your funds to work by earning up to 2% interest on your invested capital. Interest is paid monthly in loyalty points, letting you grow your earnings even when you’re not trading.

English loyalty programme page, interest panel

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

In the contract · clause 8.5

The Client further acknowledges and agrees that no interest will be paid in any funds held by the Company on the Client’s behalf, and the Client waives any right or entitlement to such interest.

12

The Persian loyalty page offers up to 2% interest on invested capital, while clause 8.5 says WM Markets pays no interest and you waive any right to it.

Said in public, in Persian

از سرمایه خود استفاده کنید و تا 2% سود روی مبلغ سرمایه‌گذاری‌شده خود دریافت کنید. سود به‌صورت ماهانه در قالب امتیازهای وفاداری پرداخت می‌شود و به شما امکان می‌دهد حتی زمانی که معامله نمی‌کنید، درآمد خود را افزایش دهید.

Word for word in English: Use your capital and receive up to 2% interest on your invested amount. Interest is paid monthly in the form of loyalty points and lets you increase your income even when you are not trading.

Persian loyalty programme page, interest panel

In the contract · clause 8.5

The Client further acknowledges and agrees that no interest will be paid in any funds held by the Company on the Client’s behalf, and the Client waives any right or entitlement to such interest.

13

The complaint page caps the whole process at two months, while clause 45.5 lets WM Markets take up to 90 days.

Said in public, in English

Please note that the entire process may take up to two months.

Complaint handling policy page

In the contract · clause 45.5

For complex cases, this period may be extended to ninety (90) days, in which case the Company will notify the Client in writing.

What changed quietly

The WM Markets contract has not changed since September. The Business Terms are the same version 10.25, and the privacy, cookie and risk pages match their spring 2026 copies apart from the site menu. New this time are three sets of promotion terms we had not read before, which cap the $60,000 bonus at $10,000 at a time, limit swap-free accounts to Japan and let WM Markets change the cash reward rules retrospectively. In the contract we now also flag clauses 3.1, 9.1 and 28.5 on the cost of disputes, 12.3, 12.4 and 31 on margin and forced closures, 30.3 on two days' notice and 43.10 on trading robots, and we file clause 9.8 on its own; all 19 earlier findings still stand and the risk score stays at 8.2.

  • REWRITTENClause 42.8 · 2024 to 10.25

    WM Markets dropped its 2024 promise that you would never owe more than your account balance, and clause 48 now makes you liable for a deficit.

    Negative Balance Protection ensures that losses will not exceed the total deposited funds in the relevant account.

  • REWRITTENClause 30.3 · 2024 to 10.25

    The notice WM Markets must give before ending your agreement fell from 30 days in 2024 to two days.

    The Company may terminate this Agreement for any reason by providing the Client with two (2) days’ written notice.

  • ADDEDClause 9.8 · 2024 to 10.25

    The 2024 agreement had no such rule, and the current version makes any trade placed after a complaint settle it.

    The Client acknowledges that initiating any transaction after submitting a complaint or claim regarding their account constitutes acceptance of the account’s status as of the complaint date.

  • ADDEDClause 19.2 · 2024 to 10.25

    The 2024 agreement gave WM Markets a lien only, and the current version adds the right to pledge, re-pledge and invest your assets.

    The Client authorizes the Company to pledge, repledge, hypothecate, or invest any securities or other assets held for the Client’s accounts or as collateral, either separately or together with assets of other clients.

  • REWRITTENClause 29.3 · 2024 to 10.25

    An open-ended 2024 right to refuse withdrawals became nine listed grounds, which narrows it, though two grounds remain open-ended.

    The Company reserves the right to withhold or reject withdrawal requests (in whole or in part) under the following circumstances:

  • REWRITTENClause 45.5 · 2024 to 10.25

    A formal procedure with deadlines and a route to the Mwali regulator replaced the 2024 invitation to contact customer support, which helps you.

    The Company aims to investigate and respond to complaints within twenty-one (21) business days of receipt.

  • REWRITTENClause 5.4 · 2024 to 10.25

    A 2024 administration fee on closure became a rule that zeroes any balance under US$50 with no refund.

    In such cases, the Company will zero out the remaining balance and will not be obligated to issue a refund.

  • ADDEDClause 21.7 · 2024 to 10.25

    The 2024 agreement had no one-month rule, and WM Markets can now close an account that is not funded or traded in its first month.

    The Client agrees that the Company may terminate their trading account without prior notice if no deposits or trades are made within one (1) month of account creation, or if the Company otherwise deems it necessary.

  • REWRITTENClause 22.2 · 2024 to 10.25

    The 24-hour window dates from 2024, and the current version adds that WM Markets may still correct any error it finds.

    Confirmations of transactions, balances, equity, orders, margin calls, and other account-related information, whether provided through account statements or via the Online Trading Platform(s), shall be considered binding unless the Client notifies the Company in writing of any discrepancies before the start of the next business day and within a maximum of 24 hours from the time of occurrence.

  • REWRITTENClause 14.2 · 2024 to 10.25

    The trigger narrowed from any unauthorized trading in 2024 to orders placed in deficit, but the agent who referred you now shares the losses.

    Any losses from such transactions shall be borne jointly and severally by the Client and their Business Introducer, agent, or representative, as determined by the Company.

  • ADDEDClause 29.5 · 2024 to 10.25

    The 2024 agreement had no rule letting WM Markets decline withdrawals over unverified or outdated contact details.

    The Company reserves the right to decline deposit or withdrawal transactions if the Client’s email, phone number, identity, address, or other information is not fully verified or up to date.

The documents this reading is based on

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

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

How this reading was done

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

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

Documents
9 of 9downloaded from the broker's site, and 9 read in full
Pages opened
80pages walked to find those documents, footer links included
Older copies
8earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
AR vs EN vs FAthe language it advertises in, against the language it contracts in
Position measured
21clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

WM Markets Ltd

WM Markets Ltd is registered in Comoros under number HA00124733, with an office on Bonovo Road, Fomboni, on the island of Moheli. The Business Terms make it the counterparty to every trade and name the Mwali International Services Authority as its regulator, under licence BFX2024009. No other WM Markets company appears by name, although the loyalty terms refer to WM Markets-related entities and the new trader reward terms to the relevant WM Markets entity holding an account.

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

2 readings

What changed since Sep 17, 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
11 clauses
Off our list
5 clauses
We rate critical
7 now, 6 then
Our risk score
8.2 out of 10, unchanged

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 8.2/1025 clauses7 critical
  2. Risk 8.2/1019 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

WM Markets publishes one numbered 31-page contract with a version label, so a reader can track its changes. Its withdrawal clause now lists nine specific grounds, where the 2024 version let WM Markets refuse whenever it saw fit. The contract now sets complaint deadlines and names the regulator for escalation, which the 2024 version did not. The accounts page publishes commissions, stop-out and margin call levels, and the contract states its currency conversion margin as a number, which many brokers leave vague. The promotion terms come with Persian and Arabic translations, and cash from redeemed loyalty points or the new trader reward is fully withdrawable.

Both legal links on the WM Markets site open the same 31-page Business Terms, which this review covers in full. We also read three sets of promotion terms that WM Markets links from its promotion pages but not from its legal page: the deposit bonus, loyalty and new trader reward terms. Each comes with translations. The quotes use the English text, which each set says prevails. The complaint handling and product outline pages are still live and both are covered, though of the product price tables only forex is included. The glossary page carries no entries. We did not examine the insurance certificate, which WM Markets posts as an image, so we say nothing about what that policy covers. The review compares the English, Persian and Arabic sites, not the Malay or Indonesian ones.

How to check any of this yourself

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

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

Open the source and search for the words

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

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

What a fingerprint is

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

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

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

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

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

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

What a difference means, and what it does not

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

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

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

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

How this report is made

Every clause quoted above comes from a document WM Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge WM Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 24, 2026.

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

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

What traders say about WM Markets

Comments on WM Markets are posted on its profile

Nobody has commented on WM Markets yet. If you have traded with them, your experience helps the next reader decide.

Write the first comment
Back to the WM Markets profile