Wikilix
Contract reading

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

Every clause below is published by XBTFX 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: XBTFX LLC

hidden feeprofit voidingsole discretioncomplaint windowdeemed acceptanceassignmentautomationcard dataclient moneyconclusive evidence

XBTFX tells you it never takes the other side of your trade. Its own Risk Disclosure Notice says it may act as a market maker and may profit from your losses. The contract also lets XBTFX lend out your deposit and void profits it later calls abusive. You get two business days to dispute a statement before it becomes final.

Back to XBTFX

Contract risk

Money at risk
8.3/10

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.
18
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.
7

How the 18 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
Warning10
Notice2

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.

2 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.

Critical2 working daysTime to complain. Jump to the clause this comes from.Two business days to dispute a statement, then it is finalCritical30 daysProfit at risk. Jump to the clause this comes from.Negative balance cover is discretionary and often excluded$50Fee on an unused account. Jump to the clause this comes from.A $50 monthly fee starts after three months without trading5 daysIn the contract. Jump to the clause this comes from.Swap-free accounts can be charged swap fees after all

What the documents say

18 clauses worth knowing about, worst first, each quoted from XBTFX's own files

01

XBTFX tells you on its Best Execution page that it never holds the other side of your trade. Its Risk Disclosure Notice says the opposite: XBTFX may act as a market maker and may profit from your losses.

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

When XBTFX is the counterparty, your loss is its gain. The same notice says XBTFX is at all times the counterparty to your trades, so this is not a rare exception.

Exhibit 1CriticalHarder than usual

XBTFX may act as a market maker when executing Client trades and the Firm may profit from any Client losses.
Clause 4 in Risk Disclosure Notice, p.3
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose a conflict of interest clearly to a retail client before they trade. XBTFX puts this disclosure on page 3 of a six page notice and denies it on the marketing page.

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

  • Worse together with Exhibit 2The firm that may profit from your loss is also the firm allowed to lend out your deposit.
02

XBTFX's Client Funds page says it keeps separate cold wallets for company money and client money. The Terms of Service let XBTFX pledge, lend or invest your assets, and clause 16 says it need not return the same assets.

Why this matters

If the wallet holding your money is compromised, the Risk Disclosure Notice says you carry the loss. It adds that you have no redress against XBTFX. Your deposit is not ring fenced the way the marketing page suggests.

Exhibit 2CriticalRarely seen

The Client grants XBTFX the right to pledge, re-pledge, hypothecate, invest, or loan Client's assets, either individually or jointly with other Client's assets.
Clause 16 in Terms of Service (XBTFX LLC Trading Agreement), p.11
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must hold retail client money separately and may not use it for their own account. This contract gives XBTFX the right to pledge, invest or loan those assets.

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

Our readingPledging and re-pledging client assets is a prime brokerage device. In a retail CFD account it means your deposit can be used as collateral for XBTFX's own obligations.

03

You get two business days to object to a trade confirmation or an account statement. After that, clause 24 treats it as accurate, conclusive and binding on you.

Why this matters

A wrong charge you notice in week two is already settled against you. The clock starts when XBTFX posts the statement online, not when you read it. You have two business days.

Exhibit 3CriticalHarder than usual2 working days

Reports confirming orders and account statements posted online by XBTFX shall be deemed accurate, conclusive, and binding upon the Customer if not objected to within two business days.
Clause 24 in Terms of Service (XBTFX LLC Trading Agreement), p.17
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must accept a complaint for up to six years after the event. This contract closes the window two business days after the statement appears.

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

  • Worse together with Exhibit 18A dispute that survives the two day window then runs through a 40 business day process that ends with no independent scheme.
04

If XBTFX suspects you exploited a price error or latency, clause 12 lets it retroactively void your historical trading profits. Suspicion is enough, and the contract does not define the trading it prohibits.

Why this matters

Profit sitting in your account can be removed after the trades closed, with no notice. The same clause lets XBTFX close every account it links to yours.

Exhibit 4CriticalHarder than usual

Retroactively void any historical trading profits from the associated account(s);
Clause 12 in Terms of Service (XBTFX LLC Trading Agreement), p.9
Downloaded from the broker's site on Open the reference
05

XBTFX may stop your account going below zero, but clause 20.1 makes that a choice rather than a promise. Clause 20.3 removes the cover in volatile markets, price gaps and illiquidity.

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

Gaps and volatility are the conditions that push an account below zero. XBTFX takes up to 30 calendar days to decide, and clause 20.8 makes that decision final and binding.

Exhibit 6CriticalHarder than usual30 days

Notwithstanding any other provision of this Agreement, XBTFX may, at its discretion, ensure that a Client's account balance is not reduced below zero as a result of trading losses arising under normal market conditions ("Negative Balance Protection").
Clause 20.1 in Terms of Service (XBTFX LLC Trading Agreement), p.13
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Firms licensed by the FCA and under ESMA rules must give retail CFD clients negative balance protection as a guaranteed account level protection. This contract makes it discretionary and excludes abnormal market conditions.

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

06

Leave your account without activity for three months and XBTFX can take $50 a month out of it. After twelve months it adds a $100 annual administration fee.

Why this matters

A small balance disappears. Neither figure appears on the funding page, nor on the fee page the contract itself points you to.

Exhibit 7WarningHarder than usual$50

If the trading account or any user balance remains inactive for a consecutive period of 3 months ("Inactivity Period"), and for each subsequent month thereafter, XBTFX reserves the right to deduct an inactivity fee from the value of the Customer's trading account.
Clause 23 in Terms of Service (XBTFX LLC Trading Agreement), p.16
Downloaded from the broker's site on Open the reference

What it costs$50 a month takes $300 out of an account over six months. A balance of $300 left idle is gone before the $100 annual fee is added.

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

Firms licensed by the FCA and CySEC must set out costs and charges to a retail client before they trade. XBTFX states the $50 fee only in clause 23 of a 30 page agreement.

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

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After 3 months inactiveXBTFX can start taking an inactivity fee out of your account value.23
Each month after thatA $50 monthly inactivity fee is deducted.23
After 12 months inactiveA $100 annual administration fee is added on top.23
  • Worse together with Exhibit 8The one page the contract names for fees does not list the $50 monthly charge.

XBTFX can void profits after the trades have closed

Clause 12 of the XBTFX Terms of Service lets the firm retroactively void historical trading profits where it suspects a client exploited a price error. Clause 20.5 extends the reach to every account XBTFX links to yours by IP address or device fingerprint. Negative balance protection is discretionary and can be refused.

Taking it back1 clause flagged

XBTFX can treat other accounts as yours when it decides they are linked by IP address, device fingerprint, trading patterns or deposit sources. Clause 20.5 then lets it take money from any of them to cover a deficit.

Why this matters

Two people trading from one home connection can be treated as one client. A loss on their account can be recovered from your balance.

Exhibit 5CriticalRarely seen

For the purposes of this section, "Associated Accounts" includes all accounts held under the same Client identification, as well as any accounts the Company reasonably determines to be linked through common ownership, control, IP address, device fingerprint, trading patterns, deposit sources, or other indicators of association.
Clause 20.5 in Terms of Service (XBTFX LLC Trading Agreement), p.14
Downloaded from the broker's site on Open the reference

Our readingSet-off across a single client's own accounts is normal. Extending it to accounts matched by IP address or device fingerprint reaches people who never agreed to carry each other's losses.

  • Worse together with Exhibit 4A finding of prohibited trading on one account reaches every account XBTFX links to it by IP address.
  • Worse together with Exhibit 6A refused negative balance on one linked account can be recovered from the balance of another.

XBTFX's public pages and its contract disagree on funds, withdrawals and fees

XBTFX advertises segregated client wallets, swap-free Islamic accounts and an API built for AI agents. The Terms of Service let XBTFX lend client assets, allow swap-equivalent storage fees after 5 days, and forbid AI software that analyses the platform. Each promise has a clause behind it that says otherwise.

Page against contract2 clauses flagged

XBTFX's Islamic account page says no swap-replacement administration fee is charged. The Terms of Service let XBTFX charge storage fees equal to historical swap on positions held more than 5 days.

Why this matters

The two documents disagree with each other. The Islamic Accounts terms set the trigger at 15 days and the Terms of Service set it at 5. You cannot tell which one binds you.

Exhibit 10WarningHarder than usual5 days

XBTFX reserves the right to impose storage fees equivalent to historical swap fees on positions that remain open for more than 5 days.
Clause 35 in Terms of Service (XBTFX LLC Trading Agreement), p.21
Downloaded from the broker's site on Open the reference

What it costsA position held for 10 days is inside the 15 day limit in the Islamic Accounts terms and past the 5 day limit in the Terms of Service.

The Trading API page markets XBTFX to AI agents and language models. Clause 12 lists software using artificial intelligence to analyse the trading platform among the actions it forbids.

Why this matters

Breaking clause 12 lets XBTFX void your historical profits and close your account. The contract does not say where a marketed AI agent stops and a prohibited one starts.

Exhibit 12WarningHarder than usual

The deployment of software that employs artificial intelligence to analyze the Company's systems or the Trading Platform.
Clause 12 in Terms of Service (XBTFX LLC Trading Agreement), p.8
Downloaded from the broker's site on Open the reference
Our own capture of xbtfx.com, taken on Sep 19, 2026The claim, on Trading API page, AI-Ready sectionVisit this page on the broker's siteDownload the full size image file
  • Only applies after Exhibit 4The penalty for a prohibited activity is the retroactive voiding of profits in the same clause.

The page XBTFX names for its fees contains none

XBTFX's Terms of Service direct clients to a fees and charges page for the cost of trading. That address opens a page describing how XBTFX makes money, with no fee schedule on it. XBTFX can also convert your balance at a rate it sets itself, with no reference rate in the contract.

Cost disclosure2 clauses flagged

XBTFX's contract points you to a fees and charges page for what it costs to trade. That address opens a page about the business model, and it names no fee at all.

Why this matters

You cannot check what you will be charged from the page the contract tells you to read. The $50 monthly inactivity fee is not on it, nor on the funding page.

Exhibit 8WarningHarder than usual

Fees associated with the provision of services by XBTFX are detailed in the Fees and Charges page on our website https://xbtfx.com/page/broker-fees.
Clause 21 in Terms of Service (XBTFX LLC Trading Agreement), p.15
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client a clear statement of costs and charges before trading. This contract names a page for that purpose and the page carries no figures.

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

XBTFX can convert money in your account into and out of any currency at a rate it sets itself. Clause 26 names no reference rate and no limit on the margin it may add.

Why this matters

A conversion at the broker's own rate is a charge you never see itemised. Your account can be held in USDT or Bitcoin, so conversions are routine here.

Exhibit 9WarningStandard wording

The Customer grants XBTFX the right to convert any funds in the Customer's account intended for margin into and from any foreign currency at an exchange rate established by XBTFX.
Clause 26 in Terms of Service (XBTFX LLC Trading Agreement), p.17
Downloaded from the broker's site on Open the reference

XBTFX promises same day withdrawals and commits to no date

XBTFX advertises same day and 24 hour withdrawals across its funding and Islamic account pages. Clause 49 of the Terms of Service sets no deadline of any kind. It lists holidays, weekends, technical issues, security protocols and banking processes as reasons a withdrawal may take longer.

Getting paid1 clause flagged

XBTFX's funding pages promise same day and 24 hour withdrawals. The Terms of Service set no deadline at all. Clause 49 lists holidays, technical issues and security protocols as reasons for delay.

Why this matters

Nothing in the contract you sign obliges XBTFX to pay you by any date. A bank withdrawal can only go back to the account the money came from.

Exhibit 11WarningHarder than usual

XBTFX is committed to processing withdrawals in a timely manner. However, customers should be aware that the withdrawal process may occasionally experience delays due to holidays, weekends, technical issues, security protocols, regulatory compliance, and external banking processes.
Clause 49 in Terms of Service (XBTFX LLC Trading Agreement), p.26
Downloaded from the broker's site on Open the reference

XBTFX can rewrite the agreement without notice

XBTFX reserves the right to amend its Terms of Service at any time and without prior notification, and continued use counts as acceptance. A client who objects has 30 days to end the agreement. Visiting XBTFX's copy trading site grants a power of attorney to whichever trading agent you follow.

Terms that move2 clauses flagged

XBTFX can amend the Terms of Service at any time and without prior notification, and using the service afterwards counts as your acceptance. Clause 53 adds that an emailed notice binds you even if you unsubscribed.

Why this matters

You are bound by wording you may never have seen. Objecting means ending the agreement within 30 days, not keeping the terms you agreed to.

Exhibit 13WarningHarder than usual30 days

XBTFX reserves the right to amend, modify, or update these Terms of Service at any time and without prior notification. Your continued access or use of the Services following any amendments or updates signifies your acceptance of these Terms of Service, as altered by such modifications.
Clause 1 in Terms of Service (XBTFX LLC Trading Agreement), p.3
Downloaded from the broker's site on Open the reference

Accessing XBTFX's copy trading site grants a full power of attorney to any trading agent you engage there. Clause 40 gives XBTFX no responsibility for what that agent then does.

Why this matters

Someone else can trade your balance. XBTFX says it makes no representation about any trading agent and carries no liability for your loss.

Exhibit 14WarningRarely seen

The User hereby agrees that by accessing social.xbtfx.com, they grant a comprehensive Power of Attorney (POA) to any Trading Agent they choose to engage with on the platform.
Clause 40 in Terms of Service (XBTFX LLC Trading Agreement), p.24
Downloaded from the broker's site on Open the reference

Our readingA power of attorney is normally a signed, separate authority naming one person. Tying it to the act of visiting a website removes the moment where a client decides.

XBTFX asks card depositors for both sides of the card

XBTFX's identification clause lists copies of both sides of a credit card among the documents a client provides. The back of a card carries the security code used to authorise payments. Clause 48 does not say the code may be masked.

What you must send1 clause flagged

Account verification can require copies of both sides of your credit card. The back of a card carries the security code that authorises payments.

Why this matters

Sending an image of the back of your card hands over the code a payment needs. Clause 48 does not say the code may be covered.

Exhibit 15WarningRarely seen

Copies of both sides of your credit card if you have made a deposit using this method.
Clause 48 in Terms of Service (XBTFX LLC Trading Agreement), p.26
Downloaded from the broker's site on Open the reference

Our readingCard scheme rules tell merchants never to store the security code. Asking a client to send both sides as images puts that code into an email or a support ticket.

XBTFX LLC holds no financial services licence, by its own account

XBTFX opens client accounts with XBTFX LLC of Antigua and Barbuda, which its own legal page says needs no financial services licence there. The Terms of Service nonetheless describe the company as governed by the Financial Services Regulatory Commission. A second company, XBTFX (SC) Ltd, holds Seychelles licence SD169, and retail clients do not get it.

Who you contract with1 clause flagged

The Terms of Service say XBTFX LLC is governed by the Financial Services Regulatory Commission. The Risk Disclosure Notice says XBTFX LLC does not operate under a forex broker license.

Why this matters

The company holding your money holds no financial services licence, by its own statement. XBTFX also names an AML Policy and a Conflicts of Interest Policy as part of your agreement, and publishes neither.

Exhibit 17WarningHarder than usual

XBTFX LLC is governed by the Financial Services Regulatory Commission (FSRC), Antigua Barbuda International Limited Liability Companies Act, 2007, No.20 of 2007 with registration number ILLC001.
Clause 6 in Terms of Service (XBTFX LLC Trading Agreement), p.5
Downloaded from the broker's site on Open the reference

You have two business days to challenge anything XBTFX reports

XBTFX treats a trade confirmation or account statement as conclusive and binding two business days after it appears online. The clock runs from posting, not from the moment you read it. A complaint that survives that gets an answer in up to 40 business days, then a recommendation to hire a lawyer.

Closing the window1 clause flagged

XBTFX aims to resolve a complaint within 40 business days and updates you at intervals of up to 30 business days. If you are still unhappy, clause 18 points you to independent legal counsel.

Why this matters

No ombudsman or independent scheme is named. Your only route past XBTFX's own decision is a lawyer in Antigua and Barbuda.

Exhibit 18NoticeHarder than usual40 working days

We aim to investigate and resolve all complaints within 40 business days from the receipt of the complaint.
Clause 18 in Terms of Service (XBTFX LLC Trading Agreement), p.12
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client access to an independent ombudsman at no cost. This contract names no scheme and recommends legal counsel instead.

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

Every claim against XBTFX belongs in Antigua and Barbuda

XBTFX's Terms of Service put exclusive jurisdiction with the courts of Antigua and Barbuda, where XBTFX LLC is registered. XBTFX can assign the agreement to another company at its own discretion. A client cannot assign anything without written consent.

Where you would sue1 clause flagged

Any claim against XBTFX has to be brought in Antigua and Barbuda, which both sides accept as the exclusive forum. XBTFX can also transfer the agreement to another company while you cannot.

Why this matters

Travelling to Antigua to sue over a trading account costs more than most accounts hold. Clause 56 also lets XBTFX hand your contract to a company you never chose.

Exhibit 16NoticeStandard wording

XBTFX and the customer hereby irrevocably submit to the exclusive jurisdiction of the courts of Antigua and Barbuda.
Clause 57 in Terms of Service (XBTFX LLC Trading Agreement), p.28
Downloaded from the broker's site on Open the reference

Where the marketing and the contract disagree

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

01

XBTFX denies being a market maker on its Best Execution page and states the opposite in its Risk Disclosure Notice.

Said in public, in English

We do not run a dealing desk; we do not hold the other side of your trade as a house position.

Best Execution page, answer to the question Is XBTFX a market maker or a dealing-desk broker?

In the contract · clause 4

XBTFX may act as a market maker when executing Client trades and the Firm may profit from any Client losses.

02

The business model page says XBTFX does not profit from client losses, and the Risk Disclosure Notice says it may.

Said in public, in English

We make money when you trade — not when you lose.

How do we make money page, opening line

In the contract · clause 4

XBTFX may act as a market maker when executing Client trades and the Firm may profit from any Client losses.

03

Separation of client money is promised on the marketing page while the contract allows those assets to be pledged, invested or lent.

Said in public, in English

We keep separate cold wallets for company funds and client funds.

Client Funds page, asset handling section

In the contract · clause 16

The Client grants XBTFX the right to pledge, re-pledge, hypothecate, invest, or loan Client's assets, either individually or jointly with other Client's assets.

04

The marketing page says client funds would be recovered first, and the Risk Disclosure Notice says the client bears the loss with no redress.

Said in public, in English

XBTFX doesn't have any debt, and in the unlikely event of liquidation, client funds should be first in line — after expenses to counterparties — to be recovered.

Client Funds page, liquidation section

In the contract · clause 8

In the event that the solvency of the institution or security of wallets that XBTFX utilizes to keep Client Funds is partially or fully compromised, any loss shall be borne by you not us. In the event that any such institution defaults, the Client shall have no redress against the Firm.

05

The Islamic account page rules out a swap-replacement fee while the contract allows a storage fee equal to the swap after 5 days.

Said in public, in English

No swap-replacement administration fee is charged.

Islamic Account page, Sharia-Compliant Structure panel

In the contract · clause 35

XBTFX reserves the right to impose storage fees equivalent to historical swap fees on positions that remain open for more than 5 days.

06

Same day withdrawals are advertised while the contract commits XBTFX to no withdrawal deadline at all.

Said in public, in English

Auto-deposit on block confirmation. Same-day withdrawals. Zero deposit or withdrawal fees.

Islamic Account page, USDT funding panel

In the contract · clause 49

XBTFX is committed to processing withdrawals in a timely manner. However, customers should be aware that the withdrawal process may occasionally experience delays due to holidays, weekends, technical issues, security protocols, regulatory compliance, and external banking processes.

07

XBTFX markets an API for AI agents while its contract lists AI software analysing the trading platform as a prohibited action.

Said in public, in English

The XBTFX Trading API is built to be consumed by AI agents and large language models — clean JSON, human-readable errors, predictable endpoints.

Trading API page, AI-Ready section

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

In the contract · clause 12

The deployment of software that employs artificial intelligence to analyze the Company's systems or the Trading Platform.

The documents this reading is based on

9 files, all published by XBTFX. 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 XBTFX publishes.

How this reading was done

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

This reading was published on .

Documents
4 of 9downloaded from the broker's site, and 4 read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
5earlier versions downloaded, 5 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says

Who the contract is with

XBTFX LLC

Your account is opened with XBTFX LLC, registered in Antigua and Barbuda with number ILLC001. XBTFX's own legal page says this company is not required to hold any financial services licence there. Its Risk Disclosure Notice says the same company does not operate under a forex broker license. A second company, XBTFX (SC) Ltd, holds Seychelles licence SD169, and the Risk Disclosure Notice gives that company's clients a separate and stronger client money section. A retail client does not get that company.

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

XBTFX's Risk Disclosure Notice is more candid than most. It states in writing that XBTFX may act as a market maker and may profit from client losses. It also says XBTFX LLC does not operate under a forex broker license, and that negative balance protection is discretionary. The legal documents page repeats the licence point in plain English rather than burying it. Every document carries a version number and an effective date. The Best Execution page publishes the margin call level at 80% and the stop out at 50%.

We read all five of XBTFX's legal documents in full: the Terms of Service, the Risk Disclosure Notice, the Islamic Accounts terms, the Privacy Policy and the Cookies Policy. We also read its Best Execution, Trading Conditions and Arabic legal pages. XBTFX names an AML Policy and a Conflicts of Interest Policy as part of the agreement you sign, and publishes neither, so we could not read them. Earlier copies of all five documents match what XBTFX publishes today, so none of them has changed since December 2025.

How to check any of this yourself

Every quote above links to the XBTFX 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 XBTFX 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 XBTFX 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 19, 2026.

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

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