As with every industry, forex exchange markets are packed with bogus companies capitalizing on a growing interest in online trading. Therefore, you must take this into account when selecting a forex provider. To help you with this, we made this RXKCapital review that can serve as a guideline on what characteristics a broker shouldn’t have.
In brief about RXKCapital, it is an anonymous broker without licenses and regulations, misleading traders with unproven statements, and providing unprofessional services rest on manipulated conditions. It consists all hallmarks of an untrustworthy company that will take advantage of anyone who invest here. Thus, we advise to stay clear of this and similar fraudsters.
Additionally, we strongly advise you to avoid the fraudulent brokers AllCryptoCapital, Networkfsi, and RaiseFX.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | rxkcapital.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | N/A |
| Headquarters Country: | N/A |
| Foundation year: | 2022 |
| Supported Platforms: | Web Trader |
| Minimum Deposit: | 10,000 EUR |
| Cryptocurrencies: | Yes, Bitcoin, Ripple, Tether |
| Types of Assets: | Forex, crypto, shares, metals |
| Maximum Leverage: | 1:150 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Is RXKCapital a Safe Forex and CFD-Broker?
As we introduced, RXKCapital doesn’t reveal its country of registration or headquarters address, meaning it is virtually impossible to find and check its jurisdictions. This is a clear sign of fraud. Scam brokers do this to cover up the fact that they are unlicensed and unregulated businesses. By doing so, they can be involved in fraudulent trading activities and get away with it.
Nonetheless, this phony broker claims it is in the midst of becoming a regulated brokerage service. That is out of the question because, even in that case, it can’t continue to operate until it gets certified. Thus, we can conclude that RXKCapital is not authorized to deliver online financial trading services anywhere. That implies that no third party that oversees it, which indicates further that your funds are at extreme risk of being lost to this shady brokerage company.
RXKCapital is an illegal broker deceiving people by fabricating that its authorization is in the process. Other than that, its offer is analogous to fake brokerage services.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Unlike broker scams that conceal their info on jurisdictions, HQs, and other relevant things or provide false information, legitimate brokerage firms are transparent about this. As a matter of fact, it is one of licensing rules enforced by financial regulators. Speaking of which, all brokers to operate legally must be approved by a relevant financial market regulator.
For instance, the most trusted are brokerage companies licensed under top-level supervisory bodies such as FCA, ASIC, and BaFin. One of awarding requirements is satisfying operating capital requirements, i.e., holding a 1M USD working capital. Due to this action, brokers are financially sustainable.
Moreover, certified trading companies apply a range of risk management mechanisms to lessen the trading risk. For example, negative balance protection means that your loss can’t surpass your deposit. Also, by separating their capital from traders’ money (segregated accounts), legit brokers protect your funds (if a broker ceases trading, you are not affected).
Finally, even if a broker bankrupts, you are covered by indemnification programs offered by premium financial supervising agencies. For instance, ASIC compensates traders for up to 100,000 AUD by indemnification programs. For instance, ASIC compensates traders up to 100,000 AUD.
Broker About Temporary Lack of License
As mentioned, RXKCapital tries to pull the wool over people’s eyes by claiming it temporarily operates unlicensed. Allegedly, it is going through licensing procedure and should become authorized soon. Even if it is the case, still, it is prohibited to render services until becoming a fully licensed broker. Anyway, we are sure that is not true and that it is a fabrication to justify its lack of trading credentials.
What Platforms Does RXKCapital Offer? – Available Trade Software
Regarding trading software at RXKCapital, it is a web trader with some ordinary qualities that might satisfy novices. No matter what, even if the RXK trading platform is good, you are still in jeopardy because of the fraudulent nature of this broker. Although this broker claims that its platform can ensure stop loss, fast execution, ease of access, multiple charts, and unlimited pending orders, it is another pack of lies. For these advanced features and many more (e.g., expert advisors and copy trading), you need powerful and reliable software like MetaTrader 4, MetaTrader 5, cTrader, and Sirix.
Trading On Mobile Or Desktop
If you are one of those preferring trading on the move, then mobile trading apps are for you. Leading forex brokers have their proprietary mobile trading applications that come with a great set of tools. Likewise, aforesaid trading programs (MT4, MT5, etc.) are accessible on cell phones, tablets, and desktops. In addition, they provide the same quality and functionality on all devices. When it comes to the RXK web trader, it is inferior compared to these state-of-the-art platforms.
What Do We Know About RXKCapital Account Types?
Concerning RXKCapital trading accounts, there are the following types.
- Standard: 10,000 EUR minimum deposit, leverage 1:20, 25% margin loan
- Advanced: 20,000 EUR minimum deposit, leverage 1:40, 40% margin loan
- Platinum: 100,000 EUR minimum deposit, leverage 1:60, 60% margin loan
- Expert: 250,000 EUR minimum deposit, leverage 1:100, 100% margin loan
- VIP: 500,000 EUR minimum deposit, leverage 1:150, 200% margin loan
As you can observe, the minimum opening balance at RXKCapital is 10,000 EUR, which is hefty and an avoidable risk. For instance, for 10 USD, you can start trading with credible brokerage firms. Also, this fraudulent broker guarantees access to over a thousand trading products across the following markets.
- Forex: USD/CAD, AUD/NZD, GBP/EUR
- Crypto: Bitcoin, Dogecoin, Litecoin
- Metals: gold, aluminum, silver
- Commodities: natural gas, crude oil, rice.
We suggest looking for legitimate brokers if you want to trade with full-scale tradable assets safely and profitably.
Can a Trader Use a Demo Account?
With reference to a demo account, this option is great for beginners since it enables practicing trading without risks and costs. As for the latter, scammers are not interested in giving anything for free. So unless they can’t cash in on it, they won’t utilize it. Thus, some fraudsters like this one don’t offer demo accounts. Keep in mind that other hoaxers provide a demo account version to lure you into trading. All in all, if you want to practice trading, and test terms of exchange, trading strategies, and platforms, better do it with licensed companies.
Areas Of RXKCapital Scam
In relation to areas of operation, this broker continues illegally to render services. According to RXKCapital reviews from victims, we could say that this financial swindler is focused on scamming traders from
- Germany
- Sweden
- UK.
If you are by any chance a trader based in any of these countries, you should avoid this illicit broker like the plague. Likewise, choose forex providers authorized by German BaFin, Swedish FI, and British FCA.
Also, avoid the trading frauds XTB Global, AF Group, and Axiance at all costs! Moreover, before investing, always look into the past of internet trading firms!
Bonuses – Terms & Conditions
As regards promotions, you should know that they are banned in many jurisdictions due to mishandling. In fact, many fraudsters offer generous prizes to rope people into investing. Bear in mind that rewards always come with some hard-to-meet conditions. The same applies to the RXKCapital broker. It provides trading bonuses that can be allocated to your account only when you achieve 30 times the trading volume of the received bonus. This is challenging even for advanced traders. In addition, you can’t withdraw bonuses.
Deposits & Withdrawals – How Safe Is It?
In respect of how you can transfer your funds to and from accounts at RXKCapital, reportedly, you can do it via credit/debit cards, wire transfers, and electronic wallets. In reality, you can only make deposits through crypto wallets. This funding method is dangerous and frequently used by fraudsters. As for withdrawals, despite the fact this fake broker promises super-fast withdrawals, you should be aware that there are no money withdrawal guarantees with broker scams. However, you can apply for a chargeback, which is explained later in the article.
What Is Known About RXKCapital’s Trading Conditions?
Touching the RXKCapital’s trading conditions, as it goes with all unscrupulous brokers, terms of exchange are fabricated to appear beneficial but actually are unfavorable and against current industry regulations. For example, many markets have restricted leverage due to its high risk (1:30 in the UK and 1:50 in the US). Since RXKCapital doesn’t adhere to any legislation, its leverage ratio goes up to 1:500. Margin loans are from 25% to a whopping 200%, serving again to entice you. Another decoy is an interest-free credit, which depends on the account type, ranging from 2,500 to 250,000 EUR. Generally speaking, this phony broker will exploit your interest in trading to defraud you.
Why Do Scammers Prefer Cryptocurrencies?
As already stated, one of the malicious tactics employed by scammers is insisting on deposits in digital currencies. This is done because crypto payments are hard to trace and reverse. Namely, financial swindlers like RXKCapital create a bogus crypto wallet and cajole you into putting funds into it. Once you get tricked, you won’t see your money again.
Scammed by RXKCapital Broker? – Let Us Hear Your Story
If you are one of the unsuspecting victims of RXK Capital, don’t feel embarrassed to share your negative experience and help others avoid ending up like you. Although RXKCapital hasn’t yet been blacklisted, it is just a matter of time before it becomes exposed. Thus, don’t forget to notify the relevant authorities so that scam brokers can’t get away. Lastly, you can get your money back; read more about it in the following section.
But What Is A Chargeback?
A chargeback is a method enabling victims to retrieve the stolen money. It depends a lot on the means of payment. For instance, VISA and Mastercard allow cashback within 540 days. Bank transactions can be canceled, but it must be done before approving the transfer. Finally, crypto payments, as being said, are most challenging to charge back and require professional assistance. Therefore, our company is at your disposal for this matter. Get in touch with our chargeback specialists today.