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Contract reading

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

Every clause below is published by WOCOM itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Wocom Securities Limited

data sharinghidden feewithdrawalsaccount securityclient agreementconsentcross border transferdeemed acceptancedormancyforced liquidation

Wocom's online trading risk statement puts every loss from someone else using your login on you. The platform's disclaimer also excludes Wocom's liability for any trade placed there and any system failure. Wocom lists five client agreements on its website but publishes none of them, so you cannot read the contract online. An idle account pays HK$100 every six months, and withdrawal transfer fees have no published price.

Back to WOCOM

Contract risk

Harder than average
4.5/10

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

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
1
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
12
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
15
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
1

How the 12 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.

Critical1
Warning7
Notice4

section 7 of 20is where the deepest clause sits, 35% 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.

5In the contract. Jump to the clause this comes from.Five client agreements listed, none of them published$100Fee on an unused account. Jump to the clause this comes from.HK$100 every six months on an inactive account$125Fee you were not shown. Jump to the clause this comes from.No published prices for futures, forex or overseas markets

What the documents say

12 clauses worth knowing about, worst first, each quoted from WOCOM's own files

01

Wocom's online trading risk statement says you bear all risks if anyone uses your login password without permission. You must also cover, on demand, any loss Wocom suffers from that misuse.

Why this matters

If someone gets into your account and trades with your money, this clause puts the whole loss on you. It makes no exception for a leak on Wocom's side, and it does not end when you report the misuse.

Exhibit 1CriticalHarder than usual

If there is any unauthorized use of my login password, I shall notify you immediately, and I agree that I shall bear all risks in connection with any unauthorized use of my login password and I shall indemnify you on demand for any losses, costs, damages, expenses or claims which you may suffer as a result of any unauthorized use of my login password.
QuotedRead the source
Our own capture of itrade.wocom.com.hk, taken on Oct 29, 2026You carry every loss if someone misuses your loginVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 3The platform disclaimer excludes liability for any leak of customer information, so a password exposed on Wocom's side still leaves the loss with you.
02

Wocom's download page lists five client agreements, for cash, margin, futures, forex and options accounts, and two risk disclosure statements. None of them has a link, and the forms you can download point to an agreement you cannot see.

Why this matters

You cannot read Wocom's rules on margin loans, inactive accounts or complaints online. Ask for the agreement for your account type and read it before you sign at Wocom's office.

Exhibit 2Warning5

Cash Client Agreement
Clause Account Opening Forms in Forms and Documents
Read from the broker's site on Open the reference
03

Wocom's trading platform disclaimer says Wocom and its group companies are never liable for a loss from any transaction made on the platform. The same clause covers any system failure, error or delay, and any leak of customer information.

Why this matters

If the platform fails, errs or delays your order, these terms leave the loss with you. The exclusion applies "howsoever arising", with no exception for Wocom's own mistakes.

Exhibit 3WarningHarder than usual

In no event shall we and/or our member companies be liable to you for any loss, damage, costs, charges and/or expenses of whatsoever nature and howsoever arising
Clause Exclusion of Liability and IndemnityRead the source
Our own capture of itrade.wocom.com.hk, taken on Oct 29, 2026Platform terms exclude liability for any trade or outage (clause Exclusion of Liability and Indemnity)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA may not use their terms to exclude or restrict any duty or liability they owe a client under the regulatory system. Wocom's platform disclaimer excludes liability for any trade on the platform and any system failure, however the loss arises.

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

04

Wocom charges an inactive account HK$100 every six months, its fee table says. Nothing Wocom publishes says when an account becomes inactive, or whether the fee stops once your balance runs out.

Why this matters

An inactive account costs you HK$200 a year, and you cannot check in advance when the charge starts. Ask Wocom for its inactivity rule in writing before you open the account.

Exhibit 4WarningStandard wording$100

Inactive Account Fee HK$ 100 semi-annual
Clause (E) Account Maintenance in Commission and Fees
Read from the broker's site on Open the reference
Our own capture of wocom.com.hk, taken on Oct 29, 2026HK$100 every six months on an inactive account (clause (E) Account Maintenance)Visit this page on the broker's siteDownload the full size image file

What it costsTwo years as an inactive account cost four charges of HK$100, a total of HK$400.

  • Worse together with Exhibit 2The fee sits on the public price list, but the rule that decides when it starts sits in a client agreement Wocom does not publish.
05

Wocom's account opening form treats a withdrawal cheque it banks for you as received, even if Wocom was late or made an error. You also promise not to claim for any loss this causes you.

Why this matters

If your withdrawal reaches your bank late, or Wocom gets it wrong, this form makes the cost yours. Wocom can also end the arrangement at any time, at its sole discretion.

Exhibit 5WarningHarder than usual

Unless otherwise instructed by me/us, all withdrawals will be credited to my/our bank account as specified below:
Clause Designated Bank Account in Account Opening Information Statement (Individual / Joint Account), p.4
Read from the broker's site on Archived copyOpen the reference

Wocom charges for withdrawal transfers but never says how much

Wocom's withdrawal form says a handling fee applies to withdrawals by CHATS, Hong Kong's real-time interbank transfer, and by telegraphic transfer. Neither the form nor the fee page gives the amount. The fee page also gives no prices for futures or overseas markets.

Cost disclosure2 clauses flagged

Wocom charges a handling fee when you withdraw by CHATS, Hong Kong's real-time interbank transfer, or by telegraphic transfer, its withdrawal form says. Neither the form nor Wocom's fee page gives the amount.

Why this matters

If you live outside Hong Kong, you will usually withdraw by telegraphic transfer, and no document Wocom publishes states its cost. The form makes you choose whether the fee comes out of your balance or out of the withdrawal.

Exhibit 6WarningStandard wording

For CHATS, handling fee will be charged.
Clause Remarks, 1 in Fund Withdrawal Form, p.1
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client their costs and charges before providing a service. Wocom's withdrawal form names a fee for CHATS and telegraphic transfers but states no amount, and its fee page does not list it.

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

Wocom's fee page prices Hong Kong and China Connect shares, and tells you to phone for futures, overseas markets and other products. Even the share commission is negotiable, with only a HK$125 minimum published.

Why this matters

You cannot compare Wocom's cost for futures, forex or foreign shares with another broker's without calling first. Ask for the full charges in writing before you trade those products.

Exhibit 9NoticeStandard wording$125

For details of other commission and fees, please contact our Credit Control & Client Administration Department at 2853 0111.
Clause Futures, Options, Overseas Market and Other Financial Product in Commission and Fees
Read from the broker's site on Open the reference

Wocom can change its charges and platform terms without telling you first

Wocom's fee page says its charges can change without prior notice, and the Chinese version calls the table for reference only. Its trading platform terms can change at Wocom's absolute discretion, and your continued use counts as acceptance.

One-sided changes1 clause flagged

Wocom's fee page lets it revise its charges without prior notice, and the Chinese version calls the table for reference only. Its platform terms can change at Wocom's absolute discretion, and using the platform afterwards counts as accepting them.

Why this matters

A fee you checked when you opened the account can rise with no warning to you. You accept new platform terms simply by carrying on using the platform.

Exhibit 7WarningStandard wording

The above charges are subject to revision from time to time without prior notice.
Quoted in Commission and Fees
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must tell a client in good time about any material change to the costs and charges they have disclosed. Wocom's fee page says its charges can change without prior notice.

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

  • Worse together with Exhibit 9Charges Wocom does not publish can also change without notice, so you have no fixed price to check a bill against.

Wocom holds unverified deposits and makes data sharing a condition of service

Wocom credits a bank deposit only once it has proof of who sent it, and can return third party money at your cost. Its privacy policy makes data sharing with service providers, banks and regulators a condition of service, including transfers abroad. Exchange reporting of your identity, required by Hong Kong rules, continues even after you withdraw consent.

Checks and data3 clauses flagged

Wocom credits a bank deposit only once it has proof of who sent it, and can return money it treats as third party funds. You pay all bank charges and interest, and Wocom takes no responsibility for losses on a returned deposit.

Why this matters

If you trade on margin, meaning with money borrowed from Wocom, a deposit Wocom holds or sends back can leave you short. The deposit page puts any forced sale of your shares that follows at your risk.

Exhibit 8WarningStandard wording

The fund will not be credited to your account until we have obtained the information of the depositor.
Quoted in Fund Deposit Methods
Read from the broker's site on Open the reference

Wocom's privacy policy makes data sharing a condition of service. It can pass your data to its service providers, including debt collectors and credit reference agencies, and to banks you deal with and regulators.

Why this matters

You cannot refuse this sharing and stay a client, and Wocom can also send your data to any place outside Hong Kong. Marketing is different: the account opening form lets you refuse it with one tick box.

Exhibit 11NoticeStandard wording

Data (and other information) held by Wocom Group relating to customers will be kept confidential but Wocom Group may disclose, and it is a condition of Wocom Group providing services, products and information to customers that each customer consents to the disclosure of, all Data (and other information) to:
Clause (b) in Privacy Policy
Read from the broker's site on Open the reference

Where it sits: section 13 of 38 in the Privacy Policy, 34% of the way through.

Hong Kong's investor identification rules make Wocom pass your identity details to the stock exchange and the market regulator. Under this statement, withdrawing your consent later does not stop that use.

Why this matters

If you refuse or withdraw consent, Wocom can stop taking your buy orders. You keep the right to sell, transfer out or withdraw the shares you already hold.

Exhibit 12NoticeStandard wording

You also agree that despite any subsequent purported withdrawal of consent by you, your personal data may continue to be stored, processed, used, disclosed or transferred for the above purposes after such purported withdrawal of consent.
Clause Processing of Personal Data in Personal Information Collection Statement under Hong Kong Investor Identification Regime (HKIDR) and Over-the-counter Securities Transaction Reporting Regime (OTCR), p.1
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 7 of 20 in the Personal Information Collection Statement under Hong Kong Investor Identification Regime (HKIDR) and Over-the-counter Securities Transaction Reporting Regime (OTCR), 35% of the way through.

Wocom's fraud notice and its deposit page disagree on what it sells

Wocom's fraud notice says it provides only Hong Kong and A-share trading. Its deposit page still takes money for futures and forex accounts, and its fee page keeps a section for futures and overseas markets.

Mixed messages1 clause flagged

Wocom's fraud warning tells the public it provides only Hong Kong and A-share trading. Its deposit page still takes money for futures and forex accounts, and its fee page keeps a section for futures and overseas markets.

Why this matters

If someone offers you forex or overseas trading in Wocom's name, Wocom's own pages give you two different answers on whether that service exists. Check any such offer with Wocom on the phone number shown on wocom.com.hk before you send money.

Exhibit 10Notice

We only provide Hong Kong and A-share trading services.
Clause 1 in Statement on Fraudulent Website and Messages
Read from the broker's site on Open the reference
Our own capture of wocom.com.hk, taken on Oct 29, 2026The claim, on English fraud alert page, statement 1Visit this page on the broker's siteDownload the full size image file
Our own capture of wocom.com.hk, taken on Oct 29, 2026What the contract says, clause Bank Transfer and Cheque DepositThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Where the marketing and the contract disagree

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

01

Wocom's fraud notice says it offers only Hong Kong and A-share trading, but its own deposit page takes money for futures and forex accounts.

Said in public, in English

We only provide Hong Kong and A-share trading services.

English fraud alert page, statement 1

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

In the contract · clause Bank Transfer and Cheque Deposit

Securities, Stock Options, Futures and Forex Accounts

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

The documents this reading is based on

15 files, all published by WOCOM. 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 WOCOM publishes.

How this reading was done

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

This reading was published on .

Documents
15 of 15downloaded from the broker's site, and 15 read in full
Pages opened
46pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
8public pages set against what the contract says
Position measured
2clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Wocom Securities Limited

Wocom Group is a brand covering several Hong Kong companies, and the one you contract with depends on what you trade. Shares and stock options sit with Wocom Securities Limited, CE No. AAC 230 at the Securities and Futures Commission (SFC), Hong Kong's market regulator. Futures sit with Wocom Limited (AAH 843), and leveraged forex with Wocom Foreign Exchange Co. Limited (ACL 076). Each company takes deposits into bank accounts in its own name. The privacy policy covers seven group companies, including Wocom Holdings Limited and Wocom Nominees Limited.

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

Wocom publishes a dated fee table for Hong Kong and China Connect shares in English and Chinese, down to the HK$200 charge per stock for moving shares to another broker. Its withdrawal form sets an 11:00am cut-off each business day, with later instructions processed the next working day. Refusing the investor identification consent never stops you selling, transferring out or withdrawing the shares you hold. The account opening form also lets you refuse direct marketing with one tick box. Wocom advertises no deposit bonuses, so no bonus conditions can lock your money.

Wocom does not publish its five client agreements or its two risk disclosure statements, which its download page lists without links. Its fee page gives no prices for futures, overseas markets or other products beyond Hong Kong and China Connect shares.

How to check any of this yourself

Every quote above links to the WOCOM 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 WOCOM 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 WOCOM 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 29, 2026.

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

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