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Contract reading

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

Every clause below is published by ZarVista 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: Zarvista Capital Markets Ltd

sole discretionprofit voidinghidden feewithdrawalsforum waiverunilateral amendmentmarginmissing documentautomated tradingdata sharing

ZarVista can keep every dollar in your account if it decides you used its service in bad faith. You get five working days to complain, and no right to dispute ZarVista's own records. A dormant account loses $15 a month until the balance reaches zero. The site promises segregated client funds; the contract allows an omnibus account instead.

Back to ZarVista

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.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
33
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
7
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
13

How the 33 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.

Critical8
Warning21
Notice4

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.

3 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.

Critical5 working daysTime to complain. Jump to the clause this comes from.Five working days to complain about a tradeCritical15%Fee you were not shown. Jump to the clause this comes from.A 15% cut if ZarVista suspects what it calls encashmentCritical$15Fee on an unused account. Jump to the clause this comes from.Dormant accounts pay $15 a month down to zero50%Account limit. Jump to the clause this comes from.No margin call warning, and closures can start at 50%

What the documents say

33 clauses worth knowing about, worst first, each quoted from ZarVista's own files

01

ZarVista's licences page tells you every client fund sits in a segregated account, completely separate from company money. The Terms of Business say your money may sit in an omnibus account that cannot be separated from ZarVista's.

Why this matters

If a bank or payment partner holding the pooled money fails, you join the queue as an unsecured claimant. ZarVista accepts no responsibility for that loss. The contract also gives you no security interest over your own account balance.

Exhibit 1CriticalHarder than usual

The Company may be required to hold client’s money in an account that is segregated from other clients and the Company’s money in compliance with current regulations, but this may not afford complete protection.
Clause 5 in Terms of Business, p.7
Read from the broker's site on Open the reference
Our own capture of zarvistacm.com, taken on Oct 11, 2026The claim, on Our Safety Standards panel, Regulations & Licenses page, EnglishVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold retail client money in segregated accounts, reconcile it daily, and their clients are covered by a statutory compensation scheme. This contract says segregation may not afford complete protection, and no ZarVista document names any compensation scheme.

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

  • Worse together with Exhibit 19The contract excludes the website promise and then has you confirm that no ZarVista representation persuaded you to sign.
02

If ZarVista decides you used its service in bad faith, it can close your account and keep every dollar in it. The contract never defines bad faith, and clause 7 adds that you give up any future claim about it.

Why this matters

This reaches your deposit, not only your profit. You sign away the right to argue about it before you have placed a single trade.

Exhibit 2CriticalRarely seen

The Client shall use the Services only in good faith. In the event that the Company deems that the Client has been using the Services in bad faith the Company shall have the right to close the Client's Account and the Company shall be entitled to retain all monies therein. Client hereby expressly waives any future claims against the Company in such regard.
Clause 7 in Terms of Business, p.14
Read from the broker's site on Open the reference
  • Worse together with Exhibit 10ZarVista judges the conduct alone and owes no explanation, so the test that empties the account is one only ZarVista applies.
03

ZarVista's records are the final authority on your trading, and clause 25 says you have no right to dispute them. Its server log also outranks anything your own platform recorded.

Why this matters

A trade you believe was priced wrongly comes down to ZarVista's log against yours, and the contract says yours loses. If its log holds no record of what you describe, your argument may not be considered at all.

Exhibit 3CriticalRarely seen

The Client understands and agrees that (without prejudice to its other rights and remedies) the Company records shall be the final authority in determining the terms of the Client’s use of the Services and Client shall have no right to dispute the Company's records.
Clause 25 in Terms of Business, p.49
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 run a defined complaints procedure and tell eligible clients they can take an unresolved complaint to an independent ombudsman. ZarVista's documents name no external body, and the contract makes its own records final.

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

  • Worse together with Exhibit 5A five working day window to complain is short, and the evidence you would need to use it is the evidence you may not question.
04

ZarVista can decline your withdrawal at its sole discretion, and delay it whenever it suspects a breach of the agreement. No clause in the contract sets a deadline for paying you.

Why this matters

Your money can sit unpaid while ZarVista asks for more documents. If it is not satisfied with what you send, it can reverse the withdrawal and put the money back into the trading account.

Exhibit 4CriticalHarder than usual

The Company reserves the right at its sole discretion to decline a withdrawal request if the request is not in accordance with Section 10, or delay the processing of the request if it suspects that the Client is in breach of the Agreement or applicable law.
Clause 10 in Terms of Business, p.28
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 pay client money promptly on request and cannot hold it on open ended suspicion. This contract lets ZarVista decline a request at its sole discretion and sets no outer limit on a delay.

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

  • Worse together with Exhibit 15A second clause adds withdrawal refusal to emergency powers whose trigger list ends in any other circumstance.
05

You get five working days to raise a complaint, and the clock starts on the day the event happened. Clause 25 adds that nothing is considered more than five working days after the trade itself.

Why this matters

A problem you notice a week later is already out of time. ZarVista can also dismiss a complaint on form alone, including for what it calls an emotional description of the conflict situation.

Exhibit 5CriticalHarder than usual5 working days

If any conflict situation arises when the Client reasonably believes that the Company as a result of any action or failure to act has breached one or more of the terms of the Operative Agreements, the Client has the right to lodge a complaint with the Company within 5 (Five) working days after the occurrence of the event.
Clause 15 in Terms of Business, p.37
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 accept a retail complaint long after the event, measured in years rather than days, and must answer it on a set timetable. This contract closes the window five working days after the trade.

ZarVista 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
Day of the eventThe clock starts on the day the event happens, not the day you notice it.15
Working day 5The window to lodge a complaint closes.15
After working day 5ZarVista will not consider the claim or dispute at all.25
06

ZarVista's Islamic account page promises no swap or rollover fees on overnight positions. Its Islamic Account T&Cs charge a rollover fee every night after a grace period. That period is 3 nights for most instruments and 5 for forex majors and metals.

Why this matters

A position you hold for a week pays a charge worked out with the swap formula, under another name. The fee applies only when the trade is due to pay swaps, never when it would receive them.

Exhibit 6WarningHarder than usual3 days

Swap-free accounts are subject to the daily order handling fee which is determined by the size of financing costs chargeable to the company by its vendors.
Clause 5 in Islamic Account T&Cs, p.1
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
Nights 1 to 5, forex majors and metalsNo rollover fee during the grace period.6
Nights 1 to 3, minors, exotics, indices, energy, crypto and sharesNo rollover fee during the grace period.6
Every night after the grace periodA fee worked out with the swap formula is posted to your balance each day, but only if the trade is due to pay swaps.6
  • Worse together with Exhibit 9The same document that charges the rollover fee lets ZarVista withdraw swap-free status and collect every waived swap retroactively.

Four charges the costs page does not mention

A 15% deduction can be taken out of a refund, and the swap-free account pays a rollover fee after three nights. ZarVista can change any fee at any time without notice, and it keeps the dividend on long CFD positions. Its costs page lists spreads, commission and swaps, and none of these.

Cost disclosure3 clauses flagged

Asking for your deposit back can cost you 15% of it. ZarVista takes that fee where it suspects what the contract calls encashment, a word the agreement never defines.

Why this matters

A $1,000 refund reaches you as $850. ZarVista can also change this part of the contract at any time without telling you first.

Exhibit 7CriticalRarely seen15%

In addition, if there is suspicion of encashment, a 15% fee will be deducted and refund processing (countermeasures against malicious chargeback)
Clause 9 in Terms of Business, p.28
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
Within 60 days of the depositZarVista processes the refund.9
More than 60 days after the depositThe refund is paid in three instalments over three months.9
Suspicion of encashmentZarVista deducts 15% from the refund.9

ZarVista can change any fee, commission or charge at any time, with no notice to you and no consent from you. Clause 10 also puts the bank's transfer charges on you when you withdraw.

Why this matters

The cost of a position you already hold can rise while you hold it. Checking the platform and the website for changes is your job under the contract, not ZarVista's job to tell you.

Exhibit 13WarningHarder than usual

The Company reserves the right to amend and change the amount of fees, commissions, charges and other costs at any given time without prior consultation, consent from and/or notice to Clients.
Clause 12 in Terms of Business, p.30
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 disclose all costs and charges to a retail client before they trade and give notice before increasing them. This contract reserves the right to change fees without consulting or notifying you at all.

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

You receive no dividend on a CFD you hold long, because ZarVista keeps it to cover what it calls custodianship expenses. Hold the same position short through a corporate event and the cost is charged to your account.

Why this matters

Index and share CFDs lose the dividend one way and carry it the other. Neither side of that appears on the page listing ZarVista's trading costs.

Exhibit 14WarningHarder than usual

The Client will not be entitled to interest and/or dividends and/or any voting rights and/or any other rights in connection to the underlying indices and/or their respective connected securities and/or funds in the Company's or Trader's Account.
Clause 8 in Terms of Business, p.19
Read from the broker's site on Open the reference

Four routes to cancelling what you made

ZarVista can keep every dollar in the account if it decides you acted in bad faith. It can cancel profits from automated or AI assisted trading, void trades it calls quoting errors, and cancel every trade on a swap-free account it judges abusive. Each of those decisions is ZarVista's alone.

Profit at risk3 clauses flagged

ZarVista can take swap-free status away at any time, without warning and without giving reasons. If it decides the account was abused, it can cancel every trade you ever made with it.

Why this matters

Cancelling your trades nullifies your profits along with your losses. ZarVista can also collect all the swaps it had waived, going back to the start, and close every account you hold.

Exhibit 9CriticalHarder than usual

The Company reserves the right to revoke the swap-free status of any trading account at any time, at its sole discretion, without warning and further disclosure of the reasons.
Clause 9 in Islamic Account T&Cs, p.1
Read from the broker's site on Open the reference

ZarVista can cancel or reverse profits gained through what it calls abusive trading or the application of artificial intelligence. Nothing in the contract explains what that second phrase covers.

Why this matters

Gains you made with an expert advisor or an AI tool can be removed from the account after the fact. ZarVista can also block orders sent by an expert advisor without warning.

Exhibit 11WarningRarely seen

k) Cancel or reverse any profits gained through abusive trading of paragraph 12 or the application of artificial intelligence on the Client Trading Account
Clause 17(k) in Terms of Business, p.42
Read from the broker's site on Open the reference
  • Same clause as Exhibit 18The clause requiring approval for automated trading is the same one ZarVista's copy trading page invites you to ignore.

ZarVista can declare affected trades void, so they count as never having happened. It can also change the opening or closing price of an order it already executed, after a technical or price feed failure.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A profitable trade can be erased or re-priced after you closed it. The contract promises ZarVista will act fairly, then says your loss will not be taken into account in deciding whether an error happened.

Exhibit 12WarningStandard wording

b. Declare any or all affected Transactions void, in which case all such Transactions will be deemed not to have been entered into.
Clause 8 in Terms of Business, p.22
Read from the broker's site on Open the reference

A quiet account is charged down to zero

Three months with no deposit and no trade makes a ZarVista account dormant, and $15 a month then comes out of it until nothing is left. Coming back stops the charge and recovers none of what was taken. The account is deactivated and archived once the balance reaches zero.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Three calendar months with no deposit and no trade makes your account dormant. ZarVista then takes $15 out of it every month until the balance reaches zero.

Why this matters

A $100 balance you left behind is gone in seven months. Coming back stops the charge but gets you nothing back, because ZarVista refunds no fee it has already taken.

Exhibit 8CriticalHarder than usual$15

If over a period of three (3) calendar months no deposit and/or trading performed on a Client’s trading account, the account will be considered as “inactive” or “dormant”.
Clause 12 in Terms of Business, p.31
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 disclose costs and charges to a retail client before they trade, in a form that shows the effect on returns. This fee appears on page 31 of the Terms of Business and nowhere on the page that lists ZarVista's trading costs.

ZarVista 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 calendar months with no deposit or tradeZarVista treats the account as inactive or dormant.12
Last day of every monthZarVista debits $15 from the money held in the account.12
After twelve months with no loginThe inactivity fee may be increased over time.12
Balance at zeroThe account is deactivated and archived.12
  • Worse together with Exhibit 23Keeping one account active spares the others from the fee, and the same multi account rule lets ZarVista move margin between them.

Four website promises the contract does not keep

ZarVista promises segregated client funds and negative balance protection, and sells copy trading as needing no experience. The contract qualifies the first, accepts a negative balance on a reversed deposit, and bans automatic trading software without approval. It then has you confirm that no representation by ZarVista persuaded you to sign.

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.

Promise against clause3 clauses flagged

ZarVista's risk disclosure guarantees your account will never go negative. The Terms of Business say a reversed deposit can leave a negative balance in any of your accounts.

Why this matters

If your bank reverses a payment, ZarVista reverses the deposit and can unwind every transaction after it. You can end up owing money despite the guarantee.

Exhibit 17WarningHarder than usual

The Company guarantees that there will be no negative balance in the account when trading Financial Instruments provided by the Company.
Clause 3.3 in Risk Disclosure, p.7
Read from the broker's site on Open the reference

ZarVista's copy trading page says you can automatically replicate other traders' trades. The contract bans software for automatic trading in your account without the company's express approval.

Why this matters

Running a copy trading strategy without written approval puts you in breach of clause 7. Profits from automated trading can then be cancelled under the events of default clause.

Exhibit 18WarningHarder than usual

The Client shall not use any software for the purpose of automatic/algorithm trading in the Account, without express approval from the Company.
Clause 7 in Terms of Business, p.13
Read from the broker's site on Open the reference
  • Same clause as Exhibit 11The approval requirement and the power to cancel automated trading profits work on the same activity from two directions.

ZarVista has you confirm that no representation it made incited or persuaded you to enter the agreement. Clause 24 puts everything the website promised outside the contract you accepted.

Why this matters

The segregation promise, the same day withdrawal and the swap-free claim all sit on pages the contract excludes. Pages in languages other than English are excluded too, with no legal effect at all.

Exhibit 19WarningStandard wording

The Client acknowledges that no representations were made to him by or on behalf of the Company which have in any way incited or persuaded him to enter into this Agreement
Clause 24 in Terms of Business, p.48
Read from the broker's site on Open the reference

Every withdrawal is a decision ZarVista can decline

ZarVista can decline a withdrawal at its sole discretion and delay one on suspicion of a breach, and no clause sets a deadline for paying you. It can reverse a withdrawal if it is not satisfied with the documents you send. Its emergency powers clause adds refusing withdrawals to a trigger list that ends in any other circumstance.

Exit conditions1 clause flagged

The list of events that unlock ZarVista's emergency powers ends with any other event and circumstance. Those powers include refusing or delaying your withdrawal and amending the agreement.

Why this matters

A clause written for wars and natural disasters can be reached by anything. Once it is triggered, ZarVista may act as it alone thinks fit.

Exhibit 15WarningRarely seen

Where a Specific Event is triggered, The Company may act as we, in our sole opinion, deem fit in the circumstances.
Clause 14 in Terms of Business
Read from the broker's site on Open the reference

Three promotions running, no bonus terms published

ZarVista advertises a welcome bonus, a no deposit bonus and a Ramadan promotion, and its contract treats bonus terms as published on the website. We found none. Misusing bonus funds is still an event of default that lets ZarVista cancel your profits and close your accounts.

Unpublished rules1 clause flagged

ZarVista advertises a welcome bonus, a no deposit bonus and a Ramadan promotion. The contract treats bonus terms as something published on its website, and we found none there.

Why this matters

Bonus arbitrage and misuse of bonus funds are grounds for closing your account and cancelling your profits. You cannot read the rules you would be breaking before you accept the bonus.

Exhibit 16WarningHarder than usual

Trading Conditions – the specific trading conditions published in the Company’s Website, including trading hours, minimum and maximum quantities, Corporate Actions, expiration dates, margin requirements, instrument specifications, Bonus Term and Condition and trading rules.
Clause 2 in Terms of Business, p.2
Read from the broker's site on Open the reference
  • Worse together with Exhibit 33The bonus terms and the order execution policy are both binding under this contract and both absent from the website.

The trading conditions can change under you

ZarVista caps the advertised 1:500 leverage at 1:100 every Friday evening, can widen spreads without notice, and makes you cover its own losses from doing so. It can amend the whole agreement for any reason, and 15 days of silence counts as your consent. Several accounts can be treated as one, with margin moved between them.

Terms that move7 clauses flagged

The banned acts list reaches trading timed around economic news, large lot sizes placed without notice, and hedging through an account at another broker. ZarVista judges whether you did it and says it owes you no explanation.

Why this matters

Ordinary strategies can be reclassified after the fact. The same section lets ZarVista block your account and keep what is in it, with no obligation to refund you.

Exhibit 10WarningRarely seen

The judgment about the presence or absence of prohibited acts is done in our company. It is assumed that it does not require any explanation of the content and rationale to the user.
Clause 18 in Terms of Business, p.42
Read from the broker's site on Open the reference

ZarVista can widen spreads, cut leverage and raise margin without notice in volatile conditions. The same clause makes you cover any losses the company suffers from those changes.

Why this matters

ZarVista sets the spread, and clause 11 makes you responsible for what its own change costs it. You carry the risk of a decision you have no part in.

Exhibit 20WarningRarely seen

The Company exclusively reserves the right to widen its variable spreads, adjust leverage, change its rollover rates and/or increase the margin requirements without notice under certain market conditions including, but not limited to, when the trading desk is closed, around fundamental announcements, as a result of changes in credit markets, at times of extreme market volatility and/or when the Company deems that such exposure is risky and that it is not possible for the Company to mitigate its risks.
Clause 11 in Terms of Business, p.30
Read from the broker's site on Open the reference

Every Friday between 21:00 and 24:00, and before major economic news, ZarVista caps new forex positions at 1:100 leverage. Margin on everything else goes up four times in the same window.

Why this matters

A position you planned at the advertised leverage needs five times the margin in that window. The account types page shows 1:500 and says nothing about this.

Exhibit 21WarningHarder than usual

On every Friday between the hours of 21:00 till 24:00 and occasionally before the release of major economic news, the Company maintains a maximum leverage of 1:100 on CFDs on FX and 4 times the standard Margin requirement on remaining CFDs instruments other than CFDs on FX for any new positions opened during the said specified period.
Clause 11 in Terms of Business, p.30
Read from the broker's site on Open the reference

ZarVista will not notify you of a margin call. It can start closing your positions when your margin level falls to about 50%, and closes everything below 20%.

Why this matters

The first you know about it can be a position already closed. The word about in that clause means the level where closing starts is not fixed.

Exhibit 22WarningHarder than usual50%

The Company will not notify the Client for any Margin Call to sustain a loss making position. The Company has the discretionary right to start closing positions when Margin Level decreases to about 50%, and automatically close all positions at market prices if Margin Level drops below 20%.
Clause 3.3 in Risk Disclosure, p.7
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
Margin level about 50%ZarVista may start closing your positions, at its discretion.3.3
Margin level below 20%All positions are closed automatically at market prices.3.3

If you hold more than one account, ZarVista can treat them all as a single account. It can move margin from one to another, even where doing so closes open positions in the account it takes from.

Why this matters

A position you funded separately can be closed to support a different account. ZarVista accepts no liability for any claim about moving that money.

Exhibit 23WarningHarder than usual

If the Client has opened more than one Client Account, the Company shall have the right to treat these Client Accounts as a single Client Account.
Clause 4 in Terms of Business, p.5
Read from the broker's site on Open the reference

ZarVista can amend this agreement for any reason it decides, and your consent is not required. Your only right is to leave within 15 days, by registered letter.

Why this matters

Say nothing for 15 days and you have accepted the new terms. Leaving means posting a physical letter and closing every open position first.

Exhibit 24WarningHarder than usual15 days

This Agreement may be amended, modified, updated or changed unilaterally by the Company (i) if such amendment is necessary following an amendment of the Laws and Regulations or if the Financial Services Commission or any other regulatory authority issues decisions or binding directives which affect this Agreement; or (ii) for any reason which the Company may decide in our sole discretion.
Clause 19 in Terms of Business, p.44
Read from the broker's site on Open the reference

The contract bars clients in the US, Afghanistan, Belarus, Burma, Central African Republic, Congo, Cuba, Iran and North Korea. The website footer names the USA, Mauritius, Canada, Hong Kong, Japan, Belgium and France instead.

Why this matters

Only the US appears on both lists. If you live in Japan or Canada you can accept a contract that does not exclude you, from a site that says it is not aimed at you.

Exhibit 30NoticeHarder than usual

Any person included in the List of Specially Designated Nationals and Blocked Persons maintained by OFAC and any Person who reside in jurisdictions in which CFD trading, or any other leverage or margin based financial trading is illegal or in any other jurisdiction in which the Company, at its sole discretion, does not offer its services, including without limitation, the U.S., Afghanistan, Belarus, Burma, Central African Republic, Congo, Cuba, Iran, and North Korea as well as countries in respect of which OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy
Clause 6 in Terms of Business
Read from the broker's site on Open the reference

A governing law clause that names neither law nor court

ZarVista's clause 26 points you at the court of the country where the company operates, without naming it. The company is registered in the Comoros. ZarVista can also transfer your agreement to any person at its sole discretion, while you may transfer nothing.

Where you would sue2 clauses flagged

ZarVista's governing law clause names neither a country, a law nor a court. It says you agree to the court of the country where the company operates, without saying where that is.

Why this matters

You cannot tell from this contract whose law applies to your account, or where you would have to sue. The company is registered in the Comoros, which is where that clause points by implication.

Exhibit 28WarningRarely seen

This Agreement and shall be interpreted on the basis of management law of the country if it does not match against the Client's resident country law.
Clause 26 in Terms of Business, p.49
Read from the broker's site on Open the reference

ZarVista can transfer its rights and obligations under your agreement to any person, at any time, at its sole discretion. You have no right to transfer anything.

Why this matters

The company you deal with can change without your agreement. Anyone who is not a party to the contract cannot enforce any of its terms.

Exhibit 29NoticeHarder than usual

This Agreement is personal to the Client who does not have the right to assign or transfer or sublicense any of its rights or obligations hereunder.
Clause 3 in Terms of Business, p.2
Read from the broker's site on Open the reference

ZarVista sets the deadline and holds the account

ZarVista decides how long you have to produce documents, and can freeze the account and delay withdrawals once that period passes. One clause gives you 24 hours to satisfy it about your finances. Your data can also reach marketing partners under agreements you never see.

Documents and data2 clauses flagged

ZarVista decides how long you have to produce documents, and the contract never says what that period is. Miss it and the company can freeze the account, decline orders and delay or refuse withdrawals.

Why this matters

A deadline nobody writes down is one you cannot plan for. A separate clause gives you 24 hours to satisfy ZarVista about your finances before you count as being in default.

Exhibit 25WarningHarder than usual

The Client further agrees that if, during the Registration Process or at any time thereafter, the Company suspects that the Client had breached its representations and warranties made herein, provided the Company with inaccurate, incomplete or false information or documents, did not receive the information or documentation required within the time frame determined by the Company or has reasonable grounds to suspect that the Account constitutes or may constitute an Anti-Money Laundering and Prevention of Terrorism Financing or other regulatory risk, the Company may freeze the Account, either by
Clause 6 in Terms of Business
Read from the broker's site on Open the reference

ZarVista can share your information with partners and alliances under joint marketing agreements. It can also change its privacy policy without notice, and the new version applies as soon as it is posted.

Why this matters

Your contact details can reach companies you never dealt with. The policy gives you no stated way to see, correct or delete what ZarVista holds about you.

Exhibit 31NoticeStandard wording

We may also forge partnerships and alliances, which may include joint marketing agreements, with other companies who offer high-quality products and services that might be of value to our clients.
Clause 5 in Privacy Policy, p.2
Read from the broker's site on Archived copyOpen the reference

ZarVista is the counterparty, and it pays for your volume

Every trade you place is against ZarVista at ZarVista's own prices, which is how most retail CFD brokers work. Less visible is the $15 a lot it pays the introducer who referred you. That introducer can also be given your personal details and your trading, deposit and withdrawal activity.

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.

Who gains2 clauses flagged

ZarVista pays introducing brokers up to $15 for every lot their referred clients trade. Your own contract says only that your introducer may be paid about your trading activity.

In plain words

Remuneration means payments it receives.

Why this matters

The person who recommended ZarVista to you earns more the more you trade. They can also be given your personal details and your trading, deposit and withdrawal activity.

Exhibit 26WarningHarder than usual$15

Client understands and agrees that if an Account with the Company is introduced by Introducing Broker that Introducing Broker may be provided access to certain personal information about the Client as well as certain information concerning the Client’s trading, depositing and withdrawal activity.
Clause 27 in Terms of Business, p.50
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 disclose payments to third parties connected with a client's business and may not take volume based inducements that conflict with that client's interest. This contract states only that an introducer may be paid, with no amount and no basis.

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

ZarVista is the counterparty to every trade you place, and your orders execute outside any regulated market. It sets the bid and the ask, and can widen or narrow the spread at absolute discretion.

Why this matters

Your loss is the company's gain on the other side of the trade. There is no exchange price to check its quotes against.

Exhibit 27NoticeStandard wording

The Trading Platform does not fall into the definition of a recognized stock exchange or of a Multilateral Trading facility (MTF) because the Company is always the counterparty in every client transaction.
Clause 3 in Risk Disclosure
Read from the broker's site on Open the reference

One licence, two numbers, three unpublished policies

ZarVista's licences page gives its Mwali licence as T2023280 while all five legal documents give T2023293. The company you contract with is the Comoros entity, not the Mauritius company whose FSC licence that same page advertises. Three documents the contract calls binding on you are not published at all.

Who you contract with2 clauses flagged

ZarVista's licences page gives its Mwali licence as T2023280. All five of its legal documents give T2023293.

Why this matters

Two numbers for one licence make it harder to check who you are contracting with. The company named in every legal document is the Comoros entity, and the Mauritius company whose FSC licence that page advertises is not a party to any of them.

Exhibit 32Warning

Zarvista Capital Markets Ltd (hereinafter called “We”, or the "Company") is authorised by Mwali International Services Authority in Comoros Union with license number T2023293 with registered office at Bonovo Road – Fomboni Island of Mohéli – Comoros Union.
Clause 1 in Risk Disclosure, p.1
Read from the broker's site on Open the reference

The contract binds you to an Order Execution Policy, a Website Terms of Use and a Leverage Policy. ZarVista publishes five legal documents, and none of those three is among them.

Why this matters

You agree to rules on how your orders are filled and how your leverage can change, without being able to read them. The execution policy is the one that decides what price you get.

Exhibit 33WarningHarder than usual

During the course of this Agreement in relation to all individual Financial Instruments trading the Company shall execute Client Orders according to the Best Interests and Order Execution Policy, which is binding on the Client, as principal to principal and/or in an STP/ECN model.
Clause 8 in Terms of Business
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 retail clients their order execution policy and tell them about material changes to it. This contract calls the policy binding on you, and we could not find it published anywhere on the site.

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

Where the marketing and the contract disagree

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

01

The site states segregation as a fact, while the contract allows pooled holding where client money cannot be separated from ZarVista's.

Said in public, in English

All client funds are held in segregated bank accounts completely separate from company operating funds.

Our Safety Standards panel, Regulations & Licenses page, English

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

In the contract · clause 5

The regulated third party to whom we pass money may hold it in an omnibus account and it may not be possible to separate it from our money, or the third party's money depending on the third party's regulatory provisions.

02

The FAQ answers the safety question with an unqualified yes, while the contract says segregation may be required and may not give complete protection.

Said in public, in English

Yes. Zarvista holds client funds in segregated bank accounts, completely separate from company funds.

FAQ answer to "Is my money safe with Zarvista?", English

In the contract · clause 5

The Company may be required to hold client’s money in an account that is segregated from other clients and the Company’s money in compliance with current regulations, but this may not afford complete protection.

03

The Islamic account page rules out rollover fees on overnight positions, while its own terms charge one every night after three to five nights.

Said in public, in English

No swap or rollover fees on overnight positions

Feature list, Swap-Free Islamic Account page, English

In the contract · clause 6

A Handling fee/Premium will be charged after the Grace period shown in the table below.

04

The FAQ says the swap-free account has no rollover fees, and the Islamic Account T&Cs set out the table of rollover fees that apply to it.

Said in public, in English

This account has no overnight swap or rollover fees.

FAQ answer on the swap-free account, English

In the contract · clause 6

For MT5 Swap Free accounts, Rollover Fees apply as per below:

05

The FAQ promises same business day processing without qualification, while the contract sets no deadline and lets ZarVista decline or delay at its sole discretion. The deposits page makes the same promise but limits it to approved requests.

Said in public, in English

Withdrawals are processed the same business day.

FAQ answer to "How long do withdrawals take?", English

In the contract · clause 10

The Company reserves the right at its sole discretion to decline a withdrawal request if the request is not in accordance with Section 10, or delay the processing of the request if it suspects that the Client is in breach of the Agreement or applicable law.

06

The costs page claims no hidden fees while listing only spreads, commission and swaps, and the $15 monthly dormancy fee appears nowhere on it.

Said in public, in English

Full transparency on all trading costs — no hidden fees, no surprises.

Page subtitle, Commissions & Swaps page, English

In the contract · clause 12

a) A monthly inactivity fee of USD 15 will be charged and debited from the assets held in the account;

07

The site says you cannot lose more than you deposit, while the contract accepts that reversing a deposit can leave a negative balance on any account.

Said in public, in English

You cannot lose more than you deposit. Our negative balance protection covers all retail client accounts.

Our Safety Standards panel, Regulations & Licenses page, English

In the contract · clause 10

It is understood by the Client that these actions may result in a negative Balance in all or any of the Accounts.

08

ZarVista sells automatic replication of other traders while the contract bans automatic trading software without its express approval.

Said in public, in English

With Zarvista's copy trading platform, you can automatically replicate the trades of experienced and verified traders.

Invest Like a Pro Trader section, Copy Trading page, English

In the contract · clause 7

The Client shall not use any software for the purpose of automatic/algorithm trading in the Account, without express approval from the Company.

09

The copy trading page tells you no experience is needed, and the contract says the service suits only customers who already have it.

Said in public, in English

No experience needed — just select a trader, set your risk level, and let the profits follow.

Invest Like a Pro Trader section, Copy Trading page, English

In the contract · clause 5

The Services provided by the Company under the terms and conditions of this Agreement are only suitable for customers who understand the risks and have the experience in taking risks involved utilizing the Financial Instruments offered by the Company.

10

The bonus page promises no complex requirements, while the only published bonus rule makes misuse of bonus funds an event of default that lets ZarVista cancel profits and close accounts.

Said in public, in English

No complex requirements

Claim Your Welcome Bonus feature list, English

In the contract · clause 17(l)

l) If scalping or any other unauthorized and abusive trading activity/strategy is performed on the Company’s Trading Platform, automated or manually including but not limited to misuse of deposited and promotional/bonus funds, swap arbitrage, bonus arbitrage, cash-backs, internal, external hedging, Pip- hunting, placing orders prior to the release of financial data, manipulations or a combination of faster/slower feeds, gain profit from the Company possible systems bugs and/or weaknesses and/or malfunction, and/or abuse of the Company’s ‘no negative balance’ policy and abusive trading aimed towards riskless profit;

11

The licences page gives the Mwali licence as T2023280 and every legal document gives T2023293.

Said in public, in English

Zarvista Capital Markets Ltd. is authorized by the Mwali International Services Authority in the Comoros Union. License No. T2023280.

Mwali International Services Authority panel, Regulations & Licenses page, English

In the contract · clause 1

Zarvista Capital Markets Ltd (hereinafter called “We”, or the "Company") is authorised by Mwali International Services Authority in Comoros Union with license number T2023293 with registered office at Bonovo Road – Fomboni Island of Mohéli – Comoros Union.

12

The FAQ says we are regulated by the FSC Mauritius, while the company you contract with is named in every document as authorised by the Mwali authority alone.

Said in public, in English

We are regulated by the FSC Mauritius and authorized by the Mwali International Services Authority.

FAQ answer to "Is my money safe with Zarvista?", English

In the contract · clause 1

Zarvista Capital Markets Ltd (hereinafter called “We”, or the "Company") is authorised by Mwali International Services Authority in Comoros Union with license number T2023293 with registered office at Bonovo Road – Fomboni Island of Mohéli – Comoros Union.

13

ZarVista tells introducers the rate it pays on your trading volume, and tells you only that your introducer may be paid.

Said in public, in English

Earn up to $15 per lot traded by your referred clients

The Most Rewarding IB Program feature list, Introducing Broker page, English

In the contract · clause 27

By clicking on “Accept and Continue” on the registration page, the Client acknowledges and agrees that if the Client was introduced by an Introducer Broker, the relevant introducer may also be remunerated by the Company in respect to the Client’s trading activity on the Trading Platform.

What changed quietly

First review of ZarVista, so no earlier review exists for comparison.

  • REMOVEDClause Swap

    ZarVista's glossary used to define swap as overnight interest. The current glossary drops the term, while its Islamic account still charges a fee worked out with the swap formula.

  • REMOVEDClause Margin Call

    The definition of a margin call has gone from the glossary, and the risk disclosure says ZarVista will not send you one.

  • REMOVEDClause Scalping

    Scalping is an event of default under the contract, and the glossary no longer explains what it means.

  • REMOVEDClause Hedging

    Hedging appears in the banned acts list, and its definition has been taken out of the glossary.

  • REMOVEDClause

    A notice telling visitors the site was not intended for EU residents, shown before entry in early 2025, is no longer there.

The documents this reading is based on

7 files, all published by ZarVista. 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 ZarVista publishes.

How this reading was done

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

This reading was published on .

Documents
7 of 7downloaded from the broker's site, and 7 read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
11public pages set against what the contract says

Who the contract is with

Zarvista Capital Markets Ltd

You contract with Zarvista Capital Markets Ltd, registered at Bonovo Road, Fomboni, Island of Mohéli, Comoros, and authorised by the Mwali International Services Authority. Every one of the five legal documents names that company and no other. Zarvista Capital Markets (MU) Ltd, the Mauritius company the licences page presents as FSC authorised, is not a party to any published document. Zarvista Services Ltd in Cyprus is described as a customer services agent only. The amendment clause in the contract also refers to decisions of the Financial Services Commission, a regulator that does not license the Comoros company you are dealing with.

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

ZarVista publishes all five of its legal documents as free downloads, with no registration needed. It also gives the Islamic account its own terms document, which many brokers never do. The risk disclosure is specific where many are vague. It names the stop out levels of 50% and 20%, works through a margin example, and sets out crypto CFD risks at length. Negative balance protection is stated twice, including a flat guarantee in the risk disclosure. The dormancy fee carries a real carve out: no fee applies if any one of your accounts is active. The swap-free rollover table gives exact grace periods per asset class, which is more than most swap-free offers disclose.

ZarVista names three documents as binding on you that it does not publish: an Order Execution Policy, a Website Terms of Use and a Leverage Policy. None of them can be read. No bonus terms sit on the site for the three promotions it runs, and the Ramadan page points to the client portal, which needs an account we do not have. Only the glossary has an earlier copy, so for the five legal PDFs it is not possible to say which clauses are new. ZarVista's site is in English only today, so no second language version exists to compare with the English contract. An Arabic and a French version existed in early 2025.

How to check any of this yourself

Every quote above links to the ZarVista 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 ZarVista 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 ZarVista 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 11, 2026.

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

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