Wikilix
Contract reading

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

Every clause below is published by XTrade 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: Xtrade International Ltd

sole discretionwithdrawalshidden feeforum waiverjurisdictionprofit voidingdeemed acceptancekyc freezebonus lockunilateral amendment

XTrade contracts through four different companies, and which one you get depends on which page you landed on. The newest agreements let XTrade cancel or reverse your profit, including for trades closed in under two seconds. Ask for your money before a bonus turnover target is met and your profit is deducted from your balance. Disputes go to one arbitrator in Belize, and you agree in advance not to challenge the award.

Back to XTrade

Contract risk

Money at risk
8.5/10

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.
12
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
24
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
23
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 24 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.

Critical12
Warning11
Notice1

section 30 of 32is where the deepest clause sits, 94% 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.

Critical4In the contract. Jump to the clause this comes from.The page handing you the contract names a different companyCritical1Time to complain. Jump to the clause this comes from.One arbitrator in Belize, and no right to challengeCritical$100Fee on an unused account. Jump to the clause this comes from.Up to $100 a month for a dormant accountCritical4Account limit. Jump to the clause this comes from.Four barred countries are missing from the public list

What the documents say

24 clauses worth knowing about, worst first, each quoted from XTrade's own files

01

Ask to take out any part of your deposit before the bonus turnover target is met and XTrade cancels the bonus, then takes your trading profit out of your balance. Your losses stay yours. The withdrawal request is cancelled as well.

Why this matters

You keep the downside and XTrade keeps the upside. Accepting a bonus turns an early withdrawal request into a loss of all profit on the account, and no money reaches you from that request.

Exhibit 1CriticalRarely seen

(i) Any losses shall be held liable by the client (account holder) (ii) Any profits shall be deducted from the client’s account balance
Clause 38.3 in WIZBROKERS LIMITED TERMS & CONDITIONS / CLIENT AGREEMENT, p.36
Downloaded from the broker's site on Open the reference

Buried at section 233 of 338 in the WIZBROKERS LIMITED TERMS & CONDITIONS / CLIENT AGREEMENT, 69% of the way through.

  • Worse together with Exhibit 17The target is ten times the bonus in trading points, so most clients are still far short of it when they first want their money.
02

The last page of the Belize agreement says trades executed in unusually short timeframes, such as under one to two seconds, may be flagged as abusive. The penalties it lists include cancelling trades and confiscating profit.

Why this matters

Closing a position fast is ordinary trading, and on a quick market it happens in a second. This annex turns that into grounds for taking your profit and closing your account, and it uses the words profit confiscation itself.

Exhibit 2CriticalRarely seen

Order Execution Time Limits: Any trades executed within unusually short timeframes, such as under 1-2 seconds, may be flagged as abusive trading behavior and investigated.
Quoted in Xtrade International Ltd Terms and Conditions - Client Agreement, p.42
Read from the broker's site on Open the reference
  • Worse together with Exhibit 7One clause confiscates profit for trading too fast, the other voids every open position from the start, so the same trading can be attacked twice.
03

XTrade's legal page says you deal with Xtrade International Ltd, regulated in Belize. The client agreement linked on that same page is with DM Markets Ltd of St Vincent and the Grenadines. Four companies publish client agreements under the XTrade name.

Why this matters

The company holding your money is not the one the page advertises, and not the one holding the licence you were shown. It decides who owes you the money and which country you would have to chase it in.

Exhibit 3CriticalRarely seen4

This Agreement is entered by and between DM Markets Ltd with incorporation registration no. 26327BC2021 and registered address at Suite 305, Griffith Corporate Centre, P.O.BOX 1510, Beachmont, Kingstown, St. Vincent and the Grenadines
Clause 1.1 in Terms and Conditions, p.2
Read from the broker's site on Open the reference

Where it sits: section 2 of 338 in the Terms and Conditions, near the start.

04

When you close your account, XTrade pays your balance only after holding back whatever it decides, at its absolute discretion, is appropriate for future liabilities. No limit on the amount and no deadline for releasing it appear anywhere.

Why this matters

Your exit payment is whatever is left after XTrade withholds what it wants. Nothing tells you how the figure is worked out, how long it is kept, or who you can ask about it.

Exhibit 4CriticalHarder than usual

the Company will (after withholding such amounts that in the Company’s absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable
Clause 4 in Xtrade International Ltd Cancellation Policy, p.3
Read from the broker's site on Open the reference

Where it sits: section 172 of 338 in the Xtrade International Ltd Cancellation Policy, 51% of the way through.

  • Worse together with Exhibit 9One clause lets XTrade refuse a withdrawal while a default continues, the other keeps part of the balance when the account finally closes.
05

Every dispute goes to arbitration seated in Belize before a single arbitrator. You agree in advance not to challenge the award and not to oppose its enforcement in any court.

Why this matters

No judge, no appeal, no ombudsman. Complain internally and your file is closed if you fail to reply within one month of your own submission date, and the only outside body named is a private industry scheme reachable after 8 weeks.

Exhibit 5CriticalRarely seen1

Any dispute arising out of or in connection with these Terms including any dispute regarding the existence, formation, performance, interpretation, nullification, termination or invalidation of these Terms, will be referred to and finally resolved by arbitration in accordance with the Arbitration Rules of International Arbitration Centre
Clause 11.22.1 in Xtrade International Ltd Terms and Conditions - Client Agreement, p.35
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 access to an independent complaints body that can order redress at no cost. These clients get a private scheme and arbitration they cannot appeal.

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

  • Worse together with Exhibit 12Liability is excluded for everything but direct fraud, and what is left goes to an arbitrator whose award you cannot question.
06

Stop trading for three months and a monthly fee starts. The contract never says how much. XTrade's own fees page puts it at up to $50 a month, rising to up to $100 a month once the account has been idle for a year.

In plain words

Dormancy means an account left unused.

Why this matters

A small balance left behind can be eaten whole. At the published ceiling, $400 sitting through a year of dormancy is gone, and you agreed to a price the contract never named.

Exhibit 6CriticalHarder than usual$100

If the Client Account is inactive for three months or more (i.e. there is no trading, no open positions, no withdrawals or deposits), it will be charged a monthly maintenance fee (the sum is available on the Website and/or the Platform), which may be different for different types of Client Accounts or Financial Instrument.
Clause 19.1 in Terms and Conditions, p.17
Read from the broker's site on Open the reference

Where it sits: section 123 of 338 in the Terms and Conditions, 36% of the way through.

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

Firms licensed by the FCA or CySEC must tell a retail client the charges that apply before they trade. These agreements leave the amount to a web page and keep the right to change it.

XTrade 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 three months of no activityA monthly maintenance fee starts. The contract states no amount.19.1
After one yearXTrade can close the account, make it dormant, and charge a dormancy fee on top.19.2

XTrade can take back profit it decides you should not have made

The last page of XTrade's January 2026 agreement names profit confiscation as a penalty for trades executed in under one to two seconds. Elsewhere the same contract lets XTrade treat every open position as void from inception, and adjust your account equity, if it believes you harmed its relationship with its liquidity provider. The older agreements reach hedging and any position closed inside three minutes.

In plain words

Liquidity providers are outside banks and brokers.

Trade voiding2 clauses flagged

XTrade defines market manipulation to include behaviour that harms its own relationship with its liquidity provider. If it believes you did that, it can treat all your open positions as void from the start and adjust the equity in your account.

Why this matters

Trading well can strain a broker's relationship with the firm pricing it. Under this definition that is enough to void your positions and change your balance, and XTrade can act without telling you first.

Exhibit 7CriticalRarely seen

For the purposes of this definition, “market manipulation” means the act of placing an Order or entering into a Position or other behaviour which creates, or is likely to create, a false or misleading signal as to the supply of, demand for, or price of, a financial instrument, or which adversely affects our relationship with our Liquidity Provider.
Clause 12.1 in Xtrade International Ltd Terms and Conditions - Client Agreement, p.39
Read from the broker's site on Open the reference
  • Worse together with Exhibit 20XTrade sets the price, takes the other side of the trade, and decides whether your trading hurt its supplier.

XTrade can cancel or reverse your profit if it suspects abusive trading, and its own list of abusive trading includes hedging, scalping and pip hunting. Scalping is defined as closing positions in a very short time, for example up to three minutes.

Why this matters

Taking a quick profit or holding both sides of a trade is ordinary practice, and here it can cost you that profit. Using any software that applies artificial intelligence to your account carries the same penalty.

Exhibit 10CriticalHarder than usual

The Company reasonably suspects that the Client performed abusive trading such as, but not limited to, Snipping, Scalping, Pip-hunting, Hedging, placing “buy stop” or “sell stop” Orders prior to the release of financial data, arbitrage, manipulations or a combination of faster/slower feeds.
Clause 14.1 in Terms and Conditions, p.13
Read from the broker's site on Open the reference

Where it sits: section 94 of 338 in the Terms and Conditions, 28% of the way through.

One arbitrator in Belize, and liability only for fraud

XTrade sends every dispute to a single arbitrator seated in Belize, and you agree in advance never to challenge the award or resist its enforcement. The contract excludes liability for XTrade's own gross negligence, leaving only direct fraud, while your indemnity to XTrade is uncapped and covers its legal fees. Notices become conclusive five business days after XTrade sends them.

In plain words

Indemnities are money it says you owe it.

Challenging a decision2 clauses flagged

Anything XTrade sends you counts as conclusive unless you object in writing within five business days of the day it was dispatched. The clock runs from when XTrade sent it, not from when you read it.

Why this matters

An email that lands in your spam folder can settle a disputed figure against you. Australian clients get only 48 hours to query a trade confirmation before silence counts as approval.

Exhibit 11CriticalHarder than usual5 working days

Each notice, instruction or other communication to you (except confirmations, Account Statement, and Margin Calls) is conclusive unless you provide us with a written objection within five Business Days’ of the date on which such document was dispatched.
Clause 11.4 in Xtrade International Ltd Terms and Conditions - Client Agreement, p.31
Read from the broker's site on Open the reference

XTrade excludes liability for any loss you suffer under the agreement, including loss caused by its own gross negligence, unless it arises directly from its fraud. You indemnify XTrade on a full indemnity basis, legal fees included.

Why this matters

Short of proving fraud you have no claim against XTrade for anything, including a mishandled closure of your positions. The duty runs one way: your exposure to XTrade has no cap at all.

Exhibit 12CriticalRarely seen

be liable for loss, damage, cost or expense, suffered or incurred by you arising directly or indirectly out of or in connection with these Terms or the closing out of your open Positions on a liquidation date or any date determined by us in our discretion, whether arising out of gross negligence, breach of contract, misrepresentation or otherwise (including where we have declined to open a Position), even if such loss is a reasonably foreseeable consequence, unless it arises directly from our fraud.
Clause 9.1.1 in Xtrade International Ltd Terms and Conditions - Client Agreement, p.26
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 cannot use contract terms to shed their duty of care to a retail client, and their rules override wording that tries to. This agreement keeps liability only for direct fraud.

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

Every exit route runs through XTrade's own discretion

XTrade pays your closing balance only after withholding whatever it decides, at its absolute discretion, is appropriate for future liabilities, with no cap and no deadline. It need not honour a withdrawal at all while an event of default continues, and one listed event of default is XTrade deciding there is an error in its own pricing. With a position open, double the maintenance margin has to stay behind.

Exit conditions2 clauses flagged

XTrade need not honour a withdrawal request while an event of default continues. One listed event of default is XTrade deciding, in its own discretion, that there is an error or a lack of clarity in the pricing of a product.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A problem on XTrade's side can switch off your right to take money out, with no end date. The default must be remedied, or wait for a liquidation date XTrade itself picks.

Exhibit 9CriticalRarely seen

Until and unless a liquidation date has been effectively set or has passed, we shall not be obligated to honor a withdrawal request for all or part of the Equity in your Account if there is a continuing event of default until such event of default is remedied or until the liquidation date, whichever comes first.
Clause 8.3 in Xtrade International Ltd Terms and Conditions - Client Agreement, p.25
Read from the broker's site on Open the reference

Hold an open position and a withdrawal is paid only if what stays in the account is at least double the maintenance margin. The withdrawals page tells you only that a minimum is needed to maintain the margin.

Why this matters

The page makes it sound as though everything above your margin is yours to take. The contract locks up twice that, and the Australian version lets XTrade raise the multiple whenever it likes.

Exhibit 16WarningHarder than usual2

the Client does not have any Open Positions or in the case if any Open Positions the remaining Balance in the Client Account shall be at least double the necessary Maintenance Margin required to keep the positions open
Clause 17.9 in Terms and Conditions, p.16
Read from the broker's site on Open the reference

Where it sits: section 115 of 338 in the Terms and Conditions, 34% of the way through.

The barred countries list and the margin rules are both XTrade's to set

The contract makes you promise you are not from Cuba, Algeria, Indonesia or Hong Kong, and the restricted regions notice printed on every page names none of them. Break that promise by living there and it becomes an event of default. XTrade also sets your margin requirement at its sole discretion from your own trading style, calls the figure conclusive, and closes your positions automatically at 30% of margin.

Who may hold an account2 clauses flagged

The contract makes you promise you are not from Cuba, Algeria, Indonesia or Hong Kong, among others. The restricted regions notice at the foot of every XTrade page names none of those four.

Why this matters

Live in one of them and the promise you signed is untrue from day one. That is an event of default, and XTrade can then cancel your open positions and close the account.

Exhibit 8CriticalHarder than usual4

The Client is not from the USA, Cuba, Iran, Syria, Democratic People’s Republic of Korea, Algeria, Indonesia, Myanmar, Hong Kong. The Company does not accept Clients from these regions
Clause 28.1 in Terms and Conditions, p.28
Read from the broker's site on Open the reference
Our own capture of xtrade-dm.net, taken on Oct 1, 2026The claim, on Restricted Regions notice in the footer of every pageVisit this page on the broker's siteDownload the full size image file

Buried at section 202 of 338 in the Terms and Conditions, 60% of the way through.

  • Worse together with Exhibit 10Breaking a warranty is an event of default, and the default powers include cancelling positions and reversing profit.

XTrade sets your margin requirement at its sole and absolute discretion, taking account of your trading history, style and experience, and says its determination is conclusive. At 30% of margin your positions close automatically.

Why this matters

Your personal requirement can be raised because of the way you trade, and you cannot dispute the figure. The stop-out level is also changeable, so the point where your trades are closed can move.

Exhibit 18WarningHarder than usual30%

You agree that we are entitled to determine the Margin requirements in our sole and absolute discretion.
Clause 4.1.5 in Xtrade International Ltd Terms and Conditions - Client Agreement, p.16
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Equity at 100% of marginThe account enters a margin call.4.2.1
Equity at 30% of marginSome or all positions are closed automatically, starting with the biggest loser.4.2.2

The company named on the page is not the company in the contract

Four companies publish client agreements under the XTrade name: Xtrade International Ltd in Belize, WizBrokers Limited in the Seychelles, DM Markets Ltd in St Vincent and the Grenadines, and Peak Wealth Pty Ltd in South Africa. The legal page that serves the international agreement names a Belize licence while the contract behind the link is with the St Vincent company. The homepage promises segregated client funds, and the contract leaves you an unsecured claim if the holding bank fails.

Claim against contract1 clause flagged

XTrade promises segregated client funds on its homepage. The contract says your money may sit at a bank outside St Vincent and the Grenadines, pooled with other clients, and that if that bank fails you hold only an unsecured claim.

Why this matters

Segregation does not ring fence your money from everything. XTrade also takes a general lien over every penny it holds for you, and no compensation scheme is named for these clients.

Exhibit 15WarningHarder than usual

In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client with claims in respect of the relevant account.
Clause 16.6 in Terms and Conditions, p.14
Read from the broker's site on Open the reference

Where it sits: section 101 of 338 in the Terms and Conditions, 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 hold retail client money in segregated accounts and belong to a compensation scheme that pays out if the firm fails. These offshore agreements name no scheme.

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

XTrade says there are no deposit or withdrawal fees, and its contracts disagree

A 3% fixed spread can be taken from a card deposit made in any currency outside the eight XTrade lists, while the fees page says deposits are free. The January 2026 agreement says all withdrawals carry commission charges in an amount XTrade decides from the transfer method, and names no figure. Third party transfer charges are debited straight from your balance.

Cost disclosure2 clauses flagged

Pay in your card's own currency and XTrade can take a fixed spread of 3% of the amount you deposited, unless that currency is one of the eight it lists. Its fees page says there are no deposit fees.

Why this matters

If your card is in rupees, rand, lira or pesos, 3% of your money is gone before you place a trade. Any bank or processor charge comes out of your balance too.

Exhibit 13WarningHarder than usual3%

Depending on the currency used to deposit money in the Client Account, the Company may charge an amount in the form of a percentage (as a fixed spread) of the amount deposited. If the Client pays in his card currency, the Company will be allowed to charge a fixed spread of 3% for not like/like currencies, or so called exotic currencies.
Clause 18.2 in Terms and Conditions, p.17
Read from the broker's site on Open the reference

Where it sits: section 122 of 338 in the Terms and Conditions, 36% of the way through.

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

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before they trade. Here the charge sits in clause 18.2 while the fees page says deposits are free.

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

The January 2026 Belize agreement says all withdrawals carry commission charges, and that XTrade decides the amount from the transfer method. No figure appears anywhere in the agreement.

Why this matters

You cannot find out what taking your own money out will cost until it has been taken. The payment options page lists a zero fee for every deposit method and gives no withdrawal figure at all.

Exhibit 14WarningHarder than usual

All deposits are free of commission charges and all withdrawals are subject to partial commission charges payment by the clients based on the withdrawal method and the company has the right to determine the commission charges amount based on the money transfer procedure.
Clause 5.1 in Xtrade International Ltd Terms and Conditions - Client Agreement, p.18
Read from the broker's site on Open the reference

Taking a bonus changes what happens to your own profit

A bonus has to be released by earning trading points worth ten times its value, inside 30 days. Ask XTrade for your money before that target is met and the bonus is cancelled, your profit is deducted from your balance, and the withdrawal request is cancelled too. The table that says how much trading one point takes is not published.

Bonus conditions1 clause flagged

To turn a bonus into money you can touch, you must earn XPoints worth ten times the bonus within 30 days. Miss the window and the bonus and every point earned against it are wiped.

Why this matters

You cannot work out what that costs before you accept it. The table of how many points each instrument earns is not in the policy, and the web address the policy gives for it serves the same policy back.

Exhibit 17WarningHarder than usual10

In order to release the bonus to your equity balance, you are required to reach XPoints at a volume of the Bonus Amount multiplied by 10.
Clause 2.1.2 in Xtrade International Ltd Bonuses and Promotions - Terms and Conditions, p.2
Read from the broker's site on Open the reference

Where it sits: section 13 of 41 in the Xtrade International Ltd Bonuses and Promotions - Terms and Conditions, 32% of the way through.

A $10,000 deposit can block the account, and your contact details can go to survey firms

XTrade can reject a deposit and block the whole account on eight grounds, including a deposit of $10,000 or more whose source it cannot verify, and a chargeback risk for any other reason. The international agreement lists fourteen categories of recipient for your data, including market research call centres. The South African agreement adds social media and internet searches about you.

Your documents and your data2 clauses flagged

The international agreement lets XTrade pass your information to fourteen categories of recipient, including market research call centres that run telephone and email surveys. Your data rights are described under a Cyprus law of 2001, inside an agreement governed by St Vincent law.

Why this matters

Your phone number and email can be handed to survey firms as a matter of contract. The South African agreement also lets XTrade search social media and the internet about you.

Exhibit 21WarningHarder than usual

To market research call centers that provide telephone or email surveys with the purpose to improve the services of the Company, in such a case only the contact details data will be provided.
Clause 23.3 in Terms and Conditions, p.20
Read from the broker's site on Open the reference

Where it sits: section 144 of 338 in the Terms and Conditions, 43% of the way through.

XTrade can reject a deposit and block the whole account on eight grounds. One is depositing $10,000 or more, in one payment or several, where it cannot verify the source. Another is a chargeback risk for any other reason.

Why this matters

A blocked account means you cannot trade and cannot withdraw while the question is open. The contract sets no deadline for sorting it out and no list of documents that would settle it.

Exhibit 22WarningStandard wording$10000

The Company shall have the right to reject a deposit of the Client and/or block the Client Account in any of the following cases:
Clause 17.5 in Terms and Conditions, p.15
Read from the broker's site on Open the reference

Where it sits: section 108 of 338 in the Terms and Conditions, 32% of the way through.

XTrade's documents describe its business model three different ways

The Belize agreement says XTrade acts as counterparty to your position and also calls itself a straight through processing broker. The order execution policy for international clients says XTrade is the sole execution venue, and the South African agreement says it acts as agent and not as principal. The conflicts policy takes your advance consent to be dealt with despite any conflict, without prior reference to you.

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.

Whose side the broker is on2 clauses flagged

By signing, you authorise XTrade to deal with you in any manner it considers appropriate despite any conflict of interest or material interest in your transaction, without telling you first. The same policy calls disclosure a last resort.

Why this matters

The protection a conflicts policy is meant to give you is waived in the policy itself. You will not hear about the conflict when it arises, because you already agreed not to be asked.

Exhibit 19WarningRarely seen

Further, the Client consents to and authorizes the Company to deal with the Client in any manner, which the Company considers appropriate, notwithstanding any conflict of interest or the existence of any material interest in a Transaction, without prior reference to the Client.
Quoted in Xtrade International Ltd Conflict of Interest Policy, p.5
Read from the broker's site on Open the reference

The Belize agreement says XTrade acts as counterparty to your position, then calls itself a straight through processing broker. The order execution policy for international clients says XTrade is the sole execution venue. The South African agreement says it acts as agent, not principal.

Why this matters

Whether XTrade gains when you lose depends on which of these is true, and you cannot tell from the paperwork. XTrade also sets the prices, and its risk disclosure says they may differ from prices reported elsewhere.

Exhibit 20WarningHarder than usual

We are a straight through processing broker and quote the prices provided to us by certain liquidity providers from whom we source prices electronically through our Electronic Trading
Clause 2.1.2 in Xtrade International Ltd Terms and Conditions - Client Agreement, p.7
Read from the broker's site on Open the reference

Buried at section 30 of 32 in the Xtrade International Ltd Terms and Conditions - Client Agreement, 94% of the way through.

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

Firms licensed by the FCA or CySEC must tell a retail client clearly whether they deal on their own account against that client. Here three of XTrade's own documents give three different answers.

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

Parts of the contract you accept are not published or do not exist

The Belize agreement makes a General Fees document part of your contract, and no such document sits among the fifty on XTrade's legal page. The South African agreement binds clients to a Treat Customers Fairly policy and an Investor Compensation Fund document that are not published for them. The agreement also sends you to clause 0 for the rules on termination, and its cancellation policy cites a clause 23 of terms that stop at clause 12.

The paperwork itself2 clauses flagged

The Belize agreement says a General Fees document on the website forms part of your contract. No such document appears among the fifty the legal page lists. The South African agreement binds you to a Treat Customers Fairly policy, a Client Categorisation policy and an Investor Compensation Fund document that are not published for those clients either.

Why this matters

Part of what you agreed to is not available to read. For the offshore entities no compensation scheme is named anywhere, so nothing pays you back if the company fails.

Exhibit 23WarningHarder than usual

This Client Agreement together with its Appendices and “the Risk Disclosure and Warnings Notice”, applicable “Bonus Terms and Conditions” and “General Fees” found on the Website (together the “Agreement”), as amended from time to time, set out the terms upon which the Company will offer Services to the Client
Quoted in Xtrade International Ltd Terms and Conditions - Client Agreement, p.3
Read from the broker's site on Open the reference

The Belize agreement sends you to clause 0 for the rules on default and termination. Its cancellation policy sends you to clause 23 of terms that stop at clause 12. The privacy policy on the site still has a blank where the company name should be.

Why this matters

You cannot follow your own contract to the clause that governs your exit. The blanks and dead references are a sign these documents were reused from another firm's set rather than written for yours.

Exhibit 24NoticeHarder than usual

These Terms shall continue until they are terminated in accordance with 0 (Event of default and termination).
Clause 1.2.3 in Xtrade International Ltd Terms and Conditions - Client Agreement, p.5
Read from the broker's site on Open the reference

Where it sits: section 3 of 92 in the Xtrade International Ltd Terms and Conditions - Client Agreement, near the start.

Where the marketing and the contract disagree

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

01

The fees page says deposits are free while the contract allows a 3% charge on the amount deposited.

Said in public, in English

There are no deposit fees charged to the client.

Deposit Fees heading on the XTrade fees page

In the contract · clause 18.2

If the Client pays in his card currency, the Company will be allowed to charge a fixed spread of 3% for not like/like currencies, or so called exotic currencies.

02

The page names a licensed Belize company while the agreement it serves is with a St Vincent company.

Said in public, in English

Xtrade operates through Xtrade International LTD., which is authorized and regulated by the International Financial Services Commission (Licence Number 000281/481).

Opening line of the legal documents page that links the international client agreement

In the contract · clause 1.1

This Agreement is entered by and between DM Markets Ltd with incorporation registration no. 26327BC2021 and registered address at Suite 305, Griffith Corporate Centre, P.O.BOX 1510, Beachmont, Kingstown, St. Vincent and the Grenadines

03

The licences page says one Belize company operates XTrade, while the newest client agreement on the same site is with a Seychelles company trading as XTrade.

Said in public, in German

XTrade wird von Xtrade International Ltd betrieben, die von der Financial Services Commission („FSC“) unter der Lizenznummer 4705379 reguliert und lizenziert ist.

Word for word in English: XTrade is operated by Xtrade International Ltd, which is regulated and licensed by the Financial Services Commission (FSC) under licence number 4705379.

Regulated by section of the German licences and regulations page

In the contract · clause 1.1

WizBrokers Limited (address 3rd Floor, Azores Building, Ile du Port, Mahe, Seychelles) trading as XTrade is authorized and regulated by the Seychelles Financial Services Authority (SD 203)

04

The homepage promises segregated funds while the contract leaves you an unsecured claim if the holding bank fails.

Said in public, in English

Segregated Clients’ Funds

Trade with Confidence list on the homepage

In the contract · clause 16.6

the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client

05

The Chinese homepage promises a fast and efficient withdrawal while the contract lets XTrade keep back what it decides on the way out.

Said in public, in Chinese

快速、有效的出金程式

Word for word in English: Fast, efficient withdrawal process

Why XTrade list on the Traditional Chinese homepage

In the contract · clause 25.5

the Company will (after withholding such amounts that in the Company’s absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable

06

The public restricted list leaves out Cuba, Algeria, Indonesia and Hong Kong, which the contract makes you promise you are not from.

Said in public, in English

DM Markets Ltd does not provide services to residents of certain regions, such as the United States of America, Israel , British Columbia, Manitoba, Quebec, Ontario and Afghanistan, Anguilla, Burundi, Cambodia, Cayman Islands, Chad , Democratic Republic of the Congo, Dominica, Equatorial Guinea, Fiji , Guinea-Bissau, Haiti, Honduras, Iran, Iraq, Laos, Mozambique, Myanmar

Restricted Regions notice in the footer of every page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of xtrade-dm.net

In the contract · clause 28.1

The Client is not from the USA, Cuba, Iran, Syria, Democratic People’s Republic of Korea, Algeria, Indonesia, Myanmar, Hong Kong. The Company does not accept Clients from these regions

07

The page says one maintenance margin must stay behind, the contract requires double it.

Said in public, in English

If you have opened positions, you will not be able to withdraw your entire Available Balance. A minimum amount is needed to maintain a Maintenance Margin.

Withdrawal Process section of the withdrawals page

In the contract · clause 17.9

the remaining Balance in the Client Account shall be at least double the necessary Maintenance Margin required to keep the positions open

The documents this reading is based on

23 files, all published by XTrade. 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 XTrade publishes.

How this reading was done

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

This reading was published on .

Documents
17 of 23downloaded from the broker's site, and 17 read in full
Pages opened
80pages walked to find those documents, footer links included
Older copies
8earlier versions downloaded, 8 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
DE vs EN vs ZH-HANTthe language it advertises in, against the language it contracts in
Position measured
14clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Xtrade International Ltd

XTrade is a brand, not a company. The January 2026 client agreement on xtrade.com is with Xtrade International Ltd, registered in Belize with number 000007984 and licensed by the Financial Services Commission under number 4705379. The newest agreement on that same legal page, dated March 2026, is with WizBrokers Limited of the Seychelles, which trades as XTrade under licence SD 203. The documents on xtrade-dm.net are with DM Markets Ltd of St Vincent and the Grenadines. The South African licence the brand advertises, FSP 44681, belongs to Peak Wealth Pty Ltd, and the Comoros licence belongs to Blacsley Como Ltd. None of these is a European or a United Kingdom firm, and the licences page says the group does not serve residents of Europe or the United Kingdom.

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

XTrade publishes a lot and asks nothing for it: client agreements, risk disclosures, complaint procedures, bonus terms and cancellation policies for every entity, all downloadable without an account. The January 2026 Belize agreement puts its auto stop-out level in writing at 30% of margin, which many offshore brokers leave to a help page. Australian clients get negative balance protection in the contract itself, so a loss there cannot take the account below zero. The withdrawals page also commits to a real timeline of five business days instead of staying silent.

We read three client agreements end to end: the January 2026 Belize agreement, the DM Markets agreement for international clients, and the Australian agreement. We read two only in part. The South African agreement was cut short near the end, and of the WizBrokers agreement we read the sections on charges, dormancy, bonuses, complaints and governing law. We did not read the Xtrade International privacy policy, the Xtrade International risk disclosure, the Blacsley Como agreement for the Comoros entity, or the privacy policy for international clients, so nothing here rests on them. One passage of the Cyprus privacy policy is scrambled in the file itself and we quoted nothing from it. XTrade publishes more than fifty legal documents for at least seven companies, and this reading covers the ones a new client is pointed at.

How to check any of this yourself

Every quote above links to the XTrade 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 XTrade 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 XTrade 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 1, 2026.

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

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