This is an archived reading from Sep 17, 2026. It is not the current one, and WM Markets may have changed these documents since.Read the current report

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Contract reading

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

Every clause below was published by WM Markets itself, on its own website, on the day we read it. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. This is what they said on .

Contracting entity: WM Markets Ltd

sole discretionwithdrawalsdeemed acceptancehidden feemissing documentmarketing contradictionprofit voidingunilateral amendmentbonus lockclient money

WM Markets Ltd is registered in Comoros and answers to one authority, the Mwali International Services Authority. Its marketing promises stringent multi-regulation, $1,000,000 insurance and withdrawals with zero restrictions. The 31 page contract gives you none of that. It lists nine grounds to refuse a withdrawal, gives you 24 hours to dispute a trade, and three months to sue.

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.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
19
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.
8

How the 19 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning12
Notice1

section 224 of 263is where the deepest clause sits, 85% 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 grounds let WM Markets refuse your withdrawalCritical$60000Bonus requirement. Jump to the clause this comes from.Asking to withdraw wipes the entire deposit bonusCritical1In the contract. Jump to the clause this comes from.Multi-regulation advertised, one Comoros authority in the contractCritical1 daysTime to complain. Jump to the clause this comes from.Twenty four hours to dispute a trade, three months to sue

What the documents say

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

01

WM Markets can withhold or reject any withdrawal, in whole or in part, on nine listed grounds. One of them is simply reasonable doubt about the activities in your account. Another is a dispute between you and the company.

Why this matters

You cannot read clause 29.3 and work out whether your own withdrawal will be paid. Large withdrawals can take seven days, daily limits and processing fees apply, and no clause sets an outer limit on a review.

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 Client Account Agreement, p.16
Read from the broker's site on Open the reference

Where it sits: section 114 of 263 in the Client Account Agreement, 43% of the way through.

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

Firms licensed by the FCA or CySEC must return client money promptly on request and must be able to justify any refusal to a regulator. This contract lets WM Markets refuse on grounds it defines itself, with no deadline and no appeal.

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 2Asking for a withdrawal both starts a review the broker can decline and destroys your entire bonus balance.
02

WM Markets advertises a deposit bonus of up to $60,000. Its own answer page says any transfer or withdrawal request removes the whole bonus, whatever the amount you asked for.

Why this matters

Withdraw $50 and you can lose $60,000 of bonus credit that your open positions were relying on for margin. No legal document sets out these rules. They exist only on a marketing page WM Markets can rewrite at any time.

Exhibit 2CriticalHarder than usual$60000

The Client further understands that the Company is under no obligation to initiate, maintain, or continue the provision of any Discretionary Benefits. The modification, reduction, or discontinuation of such benefits shall not affect the validity of this Agreement or alter the Client's responsibilities under it.
Clause 6.2 in Client Account Agreement, p.5
Read from the broker's site on Open the reference

Where it sits: section 34 of 263 in the Client Account Agreement, near the start.

What it costsA Diamond client holding $60,000 in bonus credit requests a $100 withdrawal. The full $60,000 in credit is removed, and the margin supporting their open positions falls with it.

  • Worse together with Exhibit 7The rules that govern a $60,000 credit and the rates for every fee both sit outside the contract, on pages or platforms the company controls.
03

WM Markets tells visitors in English, Persian and Arabic that its trading environment is reinforced by stringent multi-regulation. Clause 1 of the contract names one authority: the Mwali International Services Authority in Comoros.

Why this matters

You may believe several regulators are watching your money. Only one is named anywhere in the documents, and clause 45.6 makes that same Comoros authority your only route of appeal if WM Markets rejects your complaint.

Exhibit 3CriticalHarder than usual1

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 Client Account Agreement, p.3
Read from the broker's site on Open the reference

Where it sits: section 6 of 263 in the Client Account Agreement, near the start.

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

Firms licensed by the FCA or ASIC must describe their regulated status accurately and may not imply supervision they do not have. This contract names a single Comoros authority while three language versions of the website advertise multi-regulation.

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

04

You get 24 hours to tell WM Markets in writing that a confirmation, balance or margin call is wrong. After that the figures are binding. Clause 33 then bars any legal action brought more than three months after the event.

Why this matters

WM Markets can take up to 90 days to answer your complaint under clause 45.5. Those 90 days can use up almost the whole three month window you had to go to court.

Exhibit 4CriticalHarder 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 Client Account Agreement, p.13
Read from the broker's site on Open the reference

Where it sits: section 90 of 263 in the Client Account Agreement, 34% of the way through.

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

Firms licensed by the FCA or CySEC must give retail clients access to an independent ombudsman and cannot shorten the statutory time limit for bringing a claim. This contract offers no independent scheme and cuts the period for legal action to three months.

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 17The published complaints policy and the contract give different deadlines, so a client cannot tell which clock is running against them.
05

Trade while your account is in deficit without permission and clause 14.2 lets WM Markets keep the profit. The losses from those same trades fall on you and on the introducer who referred you, jointly and severally.

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

Profit from the trade goes one way and loss goes the other. The company also decides the market value, and clause 14.2 makes that decision final and binding on you.

Exhibit 5CriticalRarely seen

Subject to applicable laws and regulations, if the Client places an order while their account is in deficit or debit and without the Company's express permission, any resulting profit may be retained by the Company at its discretion. 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.
Clause 14.2 in Client Account Agreement, p.9
Read from the broker's site on Open the reference

Where it sits: section 55 of 263 in the Client Account Agreement, near the start.

Our readingJoint and several liability is a commercial lending device. Here it reaches a third party who never placed the trade: the introducer or agent who referred you can be pursued for the whole loss, and WM Markets alone decides who pays.

  • Worse together with Exhibit 6One clause makes you liable for a deficit while another says losses cannot exceed what you deposited.
06

Clause 42.8 says negative balance protection keeps your losses within what you deposited. Three other clauses say the opposite. Clause 48 warns of a deficit for which you are liable, and clause 14.2 requires you to pay it promptly.

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

You cannot tell from this contract whether a gap in the market can leave you owing WM Markets money. The 2024 version promised clearly that you could not. That promise is gone.

Exhibit 6CriticalHarder than usual

Negative Balance Protection ensures that losses will not exceed the total deposited funds in the relevant account.
Clause 42.8 in Client Account Agreement, p.20
Read from the broker's site on Open the reference

Where it sits: section 155 of 263 in the Client Account Agreement, 59% of the way through.

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

Firms licensed by the FCA, CySEC or ASIC must give retail clients negative balance protection that is unconditional, so a client can never lose more than the funds in the account. This contract states the protection in one clause and contradicts it in three others.

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

WM Markets promises multi-regulation and a million dollars of cover

In English, Persian and Arabic, WM Markets advertises stringent multi-regulation and $1,000,000 of insurance on client funds. Clause 1 of the contract names one authority, the Mwali International Services Authority in Comoros, and no legal document mentions the insurance policy at all. The Persian and Arabic sites link the same English PDFs, so clients read the promise in their own language and sign the contract in another.

Language arbitrage2 clauses flagged

WM Markets advertises an insurance policy of up to $1,000,000 on client funds, in English, Persian and Arabic. None of its legal documents mentions the policy, its terms or how you would claim under it.

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

The contract's own risk section says that if WM Markets fails to meet its obligations you may not recover your funds. The only evidence offered for the cover is a certificate published as an image.

Exhibit 16WarningHarder than usual$1000000

Counterparty risk is inherent, if the Company fails to meet its obligations, you may not recover your funds.
Clause 49 in Client Account Agreement, p.27
Read from the broker's site on Open the reference

Where it sits: section 137 of 263 in the Client Account Agreement, 52% of the way through.

WM Markets advertises up to 2% interest on your trading balance. Clause 8.5 says no interest will be paid on funds it holds for you, and that you waive any right to it.

Why this matters

The reward is paid in loyalty points, not interest, and clause 6.1 files it as a discretionary benefit. Clause 6.2 lets WM Markets reduce or stop it whenever it likes.

Exhibit 19WarningHarder than usual2%

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 Client Account Agreement, p.6
Read from the broker's site on Open the reference
Our own capture of en.wmmarkets.com, taken on Sep 17, 2026The claim, on Interest promotion page, main offerVisit this page on the broker's siteDownload the full size image file

Where it sits: section 32 of 263 in the Client Account Agreement, near the start.

Twelve fee headings and not one published rate

Clause 5.1 makes you liable for twelve kinds of charge, from inactivity fees to currency conversion, and names an amount for none of them. Clause 11.1 is the exception, allowing a conversion margin of 1% to 2% over the market rate. Clause 5.3 sends you to the Product Outline, which sends you to the trading platform and the client portal, both of which need an account.

Cost disclosure1 clause flagged

Clause 5.1 makes you liable for twelve kinds of fee, including inactivity, deposit, withdrawal and currency conversion charges. No amount appears in any document. Clause 11.1 does name one: a conversion margin of up to 2% over the market rate.

Why this matters

Clause 5.2(d) puts the duty on you to ask. If WM Markets does not tell you about a charge, the contract says it is your job to seek clarification before you trade.

Exhibit 7WarningHarder than usual2%

d) In cases where such notification is not provided, the Client is responsible for seeking clarification regarding any applicable charges.
Clause 5.2(d) in Client Account Agreement, p.5
Read from the broker's site on Open the reference

Where it sits: section 17 of 263 in the Client Account Agreement, near the start.

What it costsConvert $10,000 from your account currency at the top of that band and $200 goes to WM Markets, on top of the market rate move.

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

Firms licensed by the FCA, CySEC or under ESMA rules must disclose all costs and charges to a retail client before they trade, in cash terms. This contract lists the fee headings and publishes no rates.

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

Every withdrawal is a review WM Markets can decline

Clause 29.3 gives WM Markets nine grounds to withhold or reject a withdrawal, including reasonable doubt about activity in your account. Clause 29.4 allows seven days for larger amounts and adds daily limits and processing fees it does not publish. If you copy another trader, clause 44.8 pays that trader's full performance fee out of your balance the moment you start the transaction.

Exit conditions1 clause flagged

If you follow another trader, clause 44.8 reviews every withdrawal for performance fees owed. The full fee goes to the provider as soon as you start the transaction, whatever amount you asked to take out.

Why this matters

You cannot withdraw more than your equity minus the fees due. Unsubscribing does not help either, because clause 44.6(f) closes all your copied trades automatically, profitable or not.

Exhibit 18WarningHarder 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 Client Account Agreement, p.24
Read from the broker's site on Open the reference

Buried at section 191 of 263 in the Client Account Agreement, 73% of the way through.

WM Markets can rewrite the terms before you next trade

The opening disclaimer lets WM Markets change any term at its sole discretion without prior notice or consent, and clause 30.1 treats your next trade as acceptance. Clause 22.1 deems any notice delivered once it is sent to your last known address, whether or not you receive it. Benefits move the same way: unlimited swap-free days are advertised, and clause 17.10 lets the company withdraw them from clients who hold positions overnight.

Changing the deal2 clauses flagged

The opening disclaimer lets WM Markets change any term without prior notice or consent. Clause 30.1 then treats your next trade as acceptance of whatever changed, from the date of the change.

Why this matters

You are agreeing to terms you have not read. Clause 22.1 also treats any message sent to your last known address as personally delivered, whether or not it reaches you.

Exhibit 11WarningHarder than usual

WM Markets Ltd, retains the right to modify and/or update any of the terms contained in this document at is sole discretion, without prior notice or consent from the client.
Quoted in Client Account Agreement, p.2
Read from the broker's site on Open the reference

Where it sits: section 3 of 263 in the Client Account Agreement, near the start.

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

Firms licensed by the FCA or CySEC must give retail clients advance notice of changes that are not in the client's favour, usually 30 days or more. This contract permits immediate changes with no notice period at all.

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

The deposit bonus page offers unlimited swap-free days at the top loyalty tiers. Clause 17.10 lets WM Markets remove swap-free status from clients who hold long-term positions without regular intraday trading.

Why this matters

Holding a position overnight is the only reason a swap-free account is worth having. The contract lets WM Markets strip the benefit, and adjust or terminate the account, for doing exactly that.

Exhibit 12WarningHarder than usual

Clients who maintain long-term positions with negative swap values without regular intraday trading may be excluded from swap-free or storage group benefits, and the Company may adjust or terminate such accounts accordingly.
Clause 17.10 in Client Account Agreement, p.11
Read from the broker's site on Open the reference

Where it sits: section 73 of 263 in the Client Account Agreement, 28% of the way through.

Twenty four hours to object, three months to sue

Clause 22.2 gives you 24 hours to challenge a confirmation, balance or margin call before it becomes binding. Clause 33 bars any legal action started more than three months after the event, while clause 45.5 lets WM Markets take up to 90 days to answer a complaint. The complaints policy on the website gives different deadlines again, and omits the escalation route the contract provides.

Time limits1 clause flagged

The published Complaint Handling Policy promises to acknowledge your complaint within five business days and says the process may take up to two months. Clause 45.4 of the contract says two working days, and clause 45.5 allows ninety days.

Why this matters

You cannot tell which timetable binds WM Markets. The public policy also leaves out clause 45.6, which is the only route you have to escalate beyond the company itself.

Exhibit 17WarningHarder than usual90 days

Acknowledgment: We will acknowledge receipt of your complaint within five business days and provide you with a unique reference case number.
Quoted in Complaint Handling Policy
Read from the broker's site on Open the reference

Buried at section 206 of 263 in the Complaint Handling Policy, 78% of the way through.

Comoros law, and a five day window to refuse a transfer

WM Markets Ltd is registered in Comoros and the agreement is governed by Comoros law. Clause 36 lets the company assign your account to another financial institution on five days' written notice, and treats your silence as acceptance. Clause 45.6 makes the Comoros regulator your only avenue beyond the company itself.

Where you stand1 clause flagged

The contract is governed by the laws of Comoros. Clause 36 lets WM Markets transfer your account to another financial institution on five days' written notice, and your silence counts as agreement.

Why this matters

If you object to the new firm, you have five days to say so in writing. Miss that and clause 36 says the transfer binds you.

Exhibit 14WarningHarder than usual5 days

This Agreement shall be governed by and construed in accordance with the laws of Comoros.
Clause 33 in Client Account Agreement, p.18
Read from the broker's site on Open the reference

Where it sits: section 132 of 263 in the Client Account Agreement, 50% of the way through.

WM Markets keeps criminal and political checks with no end date

The privacy policy says WM Markets collects data on politically exposed persons, criminal convictions and offences, and may search international databases. It sets no retention period and describes no way to request access or erasure. Clause 29.5 then lets the company refuse a deposit or a withdrawal whenever your details are not fully verified or up to date.

Your file1 clause flagged

The privacy policy says WM Markets collects data on politically exposed persons, criminal convictions and offences, and may search you through international databases. It sets no date by which your data is deleted.

Why this matters

Clause 29.5 lets WM Markets refuse a deposit or withdrawal if any of your details are not fully verified or up to date. Keeping your file current is a condition of reaching your own money.

Exhibit 13WarningHarder than usual

In addition WM Markets collects information regarding politically exposed person "PEP", criminal convictions and offences if any. WM Markets may search clients and potential clients through international databases.
Quoted in Privacy Policy
Read from the broker's site on Open the reference

Where it sits: section 7 of 28 in the Privacy Policy, near the start.

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

Firms licensed under European regimes must state a retention period or the criteria used to set one, and must offer a way to request access or erasure. This policy states neither, and names no data protection officer beyond a shared mailbox.

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

WM Markets trades against you and can lend out your assets

Clause 2.2 makes WM Markets the counterparty to every trade you place, and clause 27.2 lets the company and its staff take positions contrary to yours without liability for what that costs you. Clause 8.4 says your funds are segregated, then clause 19.2 permits WM Markets to pledge, repledge, hypothecate or invest the assets in your account alongside other clients' assets. No conflicts of interest policy is published, only offered on request.

Whose side2 clauses flagged

Clause 19.2 lets WM Markets pledge, repledge, hypothecate or invest the assets in your account, mixed with other clients' assets. It does not have to give back the same securities, only equivalent ones.

Why this matters

Clause 8.4 tells you your funds are kept separate and not used for the company's purposes. Clause 19 tells you they secure any debt you owe and can be moved between your accounts without notice.

Exhibit 9WarningRarely seen

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 Client Account Agreement, p.12
Read from the broker's site on Open the reference

Where it sits: section 79 of 263 in the Client Account Agreement, 30% of the way through.

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

Firms licensed by the FCA, CySEC or ASIC must keep retail client money segregated and may not use it for their own account. This contract states segregation in clause 8.4 and then permits pledging and reinvestment in clause 19.2.

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

Our readingRehypothecation is a prime brokerage device used between institutions. In a retail trading agreement it means the assets backing your positions can be lent against, pooled with other clients' assets, and returned as something equivalent rather than the thing you deposited.

Every trade you place is against WM Markets itself, not a market. Clause 27.2 lets the company and its staff take positions contrary to yours, and it will not be liable for what you lose to that competition.

Why this matters

Your loss can be the company's gain. There is no published conflicts of interest policy in the document set, and clause 27.2 offers the details only if you ask for them.

Exhibit 10WarningStandard 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. Upon request, the Company will provide the Client with further details regarding its conflicts of interest policy.
Clause 27.2 in Client Account Agreement, p.15
Read from the broker's site on Open the reference

Where it sits: section 105 of 263 in the Client Account Agreement, 40% of the way through.

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

Firms licensed by the FCA or CySEC must publish a conflicts of interest policy and disclose when they deal as principal against a client. WM Markets discloses the conflict in the contract but publishes no separate policy.

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

Six quiet months start a chain that ends in a zeroed balance

Six consecutive months without a trade makes a WM Markets account inactive, disables trading and opens it to maintenance charges the contract never prices. An inactive account can then be classed dormant and removed from the company's systems. If the balance is under US$50 when the account closes, clause 5.4 lets WM Markets keep it and owe you no refund.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Stop trading for six months and WM Markets classes the account inactive, disables trading and can charge maintenance fees it never names. If the balance is under US$50 when the account closes, clause 5.4 lets the company keep it.

Why this matters

You can lose a small balance simply by not trading. Clause 21.7 also lets WM Markets close a new account without notice if you do not deposit or trade within one month of opening it.

Exhibit 8WarningHarder 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 Client Account Agreement, p.12
Read from the broker's site on Open the reference

Where it sits: section 83 of 263 in the Client Account Agreement, 32% of the way through.

What it costsLeave $45 in a quiet account and the contract lets WM Markets zero it on termination. You get no refund and the fee amount is never published.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
One month after openingWM Markets can close the account without notice if you have not deposited or traded.21.7
One month with a zero balanceThe account is treated as inactive.21.2
Six months without a tradeThe account is classed inactive, trading is disabled, and maintenance and administration charges may apply.21.1
Classed dormantThe account may be removed from the company's systems.21.4
Balance under US$50 at closureWM Markets zeroes the remaining balance and owes you no refund.5.4

Two legal documents that turn out to be one file

The WM Markets legal page offers a Client Account Agreement and Trading Terms and Conditions as separate downloads, and both links deliver the same 31 page file. Clause 42.1 still incorporates a standalone version of the trading terms that no longer exists. No compensation scheme is named in any document, and the Persian and Arabic sites link these same English PDFs.

The paperwork1 clause flagged

The legal page offers a Client Account Agreement and Trading Terms and Conditions as separate links. Both deliver the same 31 page file. Clause 42.1 still treats the trading terms as a standalone document on the website.

Why this matters

You cannot read the trading terms the contract says form part of your agreement, because no separate version exists. No compensation scheme is named anywhere, and the Persian and Arabic sites link the same English PDFs.

Exhibit 15NoticeHarder than usual

The Company's Trading Terms & Conditions (including the standalone version on the Website) and the Product Outline (PO) form part of this Agreement. The latest versions on the Website apply and may be updated from time to time.
Clause 42.1 in Client Account Agreement, p.19
Read from the broker's site on Open the reference

Buried at section 224 of 263 in the Client Account Agreement, 85% 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 promotion promises withdrawals with zero restrictions while clause 29.3 lists nine grounds for refusing them.

Said in public, in English

There is no lock-in period for traders benefiting from our Interest Program. Use your capital to trade, redeem loyalty points as you wish, and withdraw with zero restrictions.

Interest promotion page, section headed "Withdraw instantly, anywhere, anytime."

In the contract · clause 29.3

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

02

The website claims multi-regulation while the contract names a single Comoros authority.

Said in public, in English

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

Client Insurance page, 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.

03

Arabic readers are told about multiple regulators and then sign an English contract naming one.

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 strict multiple regulations.

Arabic home page, 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

Persian readers are promised $1,000,000 of cover that no legal document mentions.

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 supervision and additional insurance worth $1,000,000 for client capital.

Persian home page, 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.

05

The page promises no hidden fees while the contract makes undisclosed charges your responsibility to discover.

Said in public, in English

No hidden fees, no upper limits

Interest promotion page, benefits list

In the contract · clause 5.2(d)

d) In cases where such notification is not provided, the Client is responsible for seeking clarification regarding any applicable charges.

06

A $60,000 bonus is advertised as a product while the contract treats it as a benefit the company need never provide.

Said in public, in English

Receive up to 100% in bonus & boost your funds whenever you deposit $100 or more.

Deposit Bonus landing page, Multi-Deposit panel

In the contract · clause 6.2

The Client further understands that the Company is under no obligation to initiate, maintain, or continue the provision of any Discretionary Benefits.

07

The published complaints policy and the binding contract state different acknowledgment deadlines.

Said in public, in English

Acknowledgment: We will acknowledge receipt of your complaint within five business days and provide you with a unique reference case number.

Complaint Handling Policy page

In the contract · clause 45.4

Upon receiving a valid complaint, the Company will issue a written acknowledgment to the Client within two (2) working days.

08

Interest is advertised as a headline benefit and waived in the contract.

Said in public, in English

Earn up to 2% interest on your total trading balance, paid out monthly as loyalty points.

Interest promotion page, main offer

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.

What changed quietly

First reading of WM Markets, so there is nothing to compare against on our side. On the broker's side, the document we could compare has changed substantially. The 5 page Trading Terms of April 2024 has been replaced by the 31 page Business Terms, and the 2024 guarantee that clients would never be liable beyond their deposit is gone.

  • REWRITTENClause · VERSION 2024 to VERSION 10.25

    The guarantee, the promise that clients would never be liable beyond their deposit, and the undertaking to clear a negative balance promptly have all been dropped.

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

  • REWRITTENClause · VERSION 2024 to VERSION 10.25

    The people who can be pursued for a loss now include the introducer or agent who referred you, chosen by WM Markets.

    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.

  • REWRITTENClause 17.8(h) · VERSION 2024 to VERSION 10.25

    Retrospective charging is no longer limited to swaps and now covers every fee heading in clause 5.

    h) Deduct or recover applicable fees or charges, including those outlined in Clause 5, even if not previously applied;

The documents this reading is based on

8 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 .

Documents
6 of 8downloaded from the broker's site, and 6 read in full
Pages opened
26pages walked to find those documents, footer links included
Older copies
1earlier 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
19clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

WM Markets Ltd

You contract with WM Markets Ltd, registered in Comoros with registration number HA00124733 and an office on the island of Moheli. Clause 1 names one authority, the Mwali International Services Authority, under licence number BFX2024009. No other regulator, group company or European entity appears anywhere in the document set. Clause 2.2 makes WM Markets the counterparty to every trade you place, so it is not passing your orders to a market. The complaints phone number is a United Kingdom number, but nothing in the documents connects the company to a United Kingdom entity or regulator.

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

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

In fairness, and what we could not check

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

The contract is unusually complete for an offshore broker. It runs to 51 clauses and covers copy trading, chargebacks, dormancy, complaints and pricing errors in one readable file, with a version marker (VERSION 10.25) on the last page. Clause 12.2 publishes the margin call level at 100% and clause 42.8 publishes the stop out at 20%, which many brokers leave to the platform. Clause 17.8(g) limits profit clawback to profits proven to result from pricing errors, a real limit that most contracts of this type leave open. Clause 45.6 names the regulator a client may escalate to, with its address and email.

We read the 31 page agreement end to end, along with the privacy policy, cookie policy, risk statement, complaints policy and the 2024 archived copy of the trading terms. The glossary page carried no definitions in the text we could read, so we treated it as only partly read. The Product Outline lists instrument categories in tabs whose tables we did not read, and the insurance certificate is published only as an image file, so we could not read its terms. One gap matters for the version comparison: the only earlier document available is the 2024 standalone trading terms, not the 2024 client agreement. So we cannot say which clauses are genuinely new, only which wording changed on subjects both documents cover.

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 Sep 17, 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.

Back to the WM Markets profile