Upon receiving several complaints about Broker Capitals broker, we’ve decided to dig deeper and see who’s behind this business. While the website claims that the company has been active for the last 20 years, 15 of which are under the FCA umbrella, the reality is a bit different. Our honest Broker Capitals review will provide you with all the necessary information about the brokerage.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | brokercapitals.com |
| Blacklisted as a Scam by: | CONSOB |
| Owned by: | Broker Capitals Limited |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $200 |
| Cryptocurrencies: | Available – IOTA, BTC, LTC |
| Types of Assets: | Forex, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:1000 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Is Broker Capitals a Scam?
Broker Capitals claims to be a brand of Broker Capitals Inc., established 20 years ago in the UK. Furthermore, the company allegedly has had an FCA license for the last 15 years. Since we were quite suspicious about this fact and were not provided with the license number, we searched the FCA register. As suspected, there’s no Broker Capitals Inc. or Broker Capitals trading firm.
Additionally, the Client Agreement indicates that the actual owner of this charade is Broker Capitals Limited, incorporated in Saint Vincent and the Grenadines, the only place without a financial regulator.
Broker Capitals is not a legitimate trading company. The website was registered in December 2021, and the firm has already been blacklisted by the Italian regulator CONSOB. The trust index for this particular website is low.
Reasons Not to Trust an Unlicensed Broker
Unlicensed trading firms don’t follow any legal prerogatives. In fact, they’re free to do whatever they like, including vanishing with clients’ funds. Once it happens, tracing your money is hard, and recovering it is even more complicated. That’s the main reason to avoid unregulated offshore fraud and deal with legitimate firms under ASIC, FCA, BaFin, or any other Tier1 license.
Furthermore, we strongly urge you to stay away from WinzoFx, Trade Unity, and FTM Trade fake brokers.
Broker Capitals Is Blacklisted by the Italian Regulator CONSOB
The Italian regulator blacklisted Broker Capitals trading firm. According to a warning, both of the company’s domains are added to the list of fraudulent domains, and customers should avoid them by all means. According to CONSOB, there’s no compensation fund to reimburse victims.
What Do Traders Think Of Broker Capitals?
In addition to regulatory opinion, we have checked traders’ reviews. As expected, very few of them are positive. Mainly, customers are complaining about withdrawals. Once they submit a withdrawal request, it seems this broker stops responding and blocks customers’ access to the trading account and platform.
Broker Capitals Available Online Trading Platform & Tools
If you were hoping for something positive in this review, it’s not the trading platform. Broker Capitals offers a rudimentary WebTrader without any special tools. You will not have access to EAs, social trading, or any other advanced features. Instead, there is a dashboard showing currently open trades, a trade column enabling you to open a position, and a market watch giving you brief news. You can see your trading history in the orders section, and check accounts tab showing the remaining funds and margin level.
What Is The More Efficient Software?
Whether you’re new to online trading or an experienced investor, you will find MetaTrader way more advanced. Regardless of your decision for MT4 or MT5, you’re about to get the most advanced software with the largest number of trading tools. This platform supports automated trading and social trading, meaning you’re not doomed to traditional investment as with WebTrader. In addition, you can implement different strategies, customize the entire interface, and apply some in-depth analytical tools.
Broker Capitals Accounts Overview
You can choose from one of the 3 account types:
- Micro – $200
- Standard – $250
- Premium – $5,000
Besides the initial deposit, the Micro account supports only Forex and metals trading, while from the Standard, you can also request access to other CFDs. In addition, margin call and stop-out levels are changing with each type, while the leverage is reducing from 1:1000 for the Micro account to 1:100 for the Premium one.
Broker Capitals Broker – Countries Of Service
Upon reviewing the complaints, we concluded that the majority of Broker Capitals trading scam victims come from:
- Italy
- Germany
- France
- Spain
- Switzerland
Also, remember the names of the trading frauds AltoFX, MetaversesWorld, and StakingTrades trading scams and avoid them at all costs! Furthermore, before investing, always check the background of internet trading organizations!
Broker Capitals Range of Trading Markets
Depending on the account type, clients can access the following markets:
- Forex – EUR/USD, USD/TRY, CAD/ZAR
- Indices – DJIA, S&P500, CAC40
- Shares – AMZN, NFLX, GOOGL
- Commodities – corn, gold, soybean
- Cryptocurrencies – DASH, SHIB, DOGE
What Trading Terms Does Broker Capitals Offer?
The broker offers trading terms that directly oppose the FCA regulation, showing us that they cannot be licensed. If you trust the website, all these terms are in your favor, such as low spreads and high leverage. In reality, you’re quicker to lose your funds without being able to manage the risk appropriately. In addition, the company charges some hefty trading fees.
About Leverage and Spread
The leverage ranges from 1:100 to 1:1000, depending on the account type. As per the FCA regulation, the highest leverage is for the Forex market, going up to 1:30. The spread is advertised to be 0.6 pips for EUR/USD pair. However, the Account Types section indicates that the benchmark is 1.0 pips.
Minimum Investment Amount
The minimum investment amount Broker Capitals requires is $200. This is somewhat lower demand than other scheme firms requesting at least $250. However, this broker itself is not worth your money. Every penny you invest is at risk, and there’s no regulator to reimburse you.
Broker Capitals Deposit, Withdrawal Methods, and Fees
When it comes to deposits and withdrawals, the first thing to mention is suspicious payment processors, including CardPayz and e-wallet PayPound. Since we’ve never heard of those, your funds are likely unsafe. Besides, the company charges an inactivity fee of $50 in case your account is inactive for more than 30 days and 30% of the amount in case you wish to close your trading account.
Methods of Payment
The broker hasn’t specified available payment methods but based on their glossary in the Client Agreement; we can conclude that the firm accepts the following:
- Debit/credit cards
- Wire transfer
- E-wallet
Scammed by Broker Capitals Broker? – Let Us Hear Your Story
If you were scammed by Broker Capitals, it’s important to act quickly and file a dispute for a chargeback. Contact us via online chat to book a free consultation and our staff will be happy to assist.
But What Is A Chargeback?
This is a way for your bank to recover the funds from the merchant. Contact us immediately, and let’s start the process before the broker vanishes.