Beware! Capital Hall is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Capital Hall is an offshore forex and CFD broker offering several account types on the MetaTrade4 platform with leverage of up to 300:1.
The trading instruments include over 40 forex pairs with a number of exotic currencies like Chilean Peso, Mexican Peso, Swedish Krona, Turkish Lira, South African Rand, Norwegian Krone, Danish Krone, Czech Krona, Hungarian Forint, Singapore Dollar, Polish Zloty, China Yuan and Russian Ruble.
Other assets include plenty of CFDs on commodities including cocoa, coffee, cotton, nickel, soybean, sugar, wheat, zinc, aluminum, oil and natural gas, spot metals like silver and gold, 13 indices, stocks and even major cryto coins like Bitcoin, Bitcoin Cahs, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Tron, Monero, Ripple and Zcash.
With its opening account Capital Hall offers spreads starting form 2,8 pips, which is twice higher than the levels, traders would usually consider acceptable.
Capital Hall regulation & safety of funds
Capital Hall is owned by Capital Tech Ltd – a company registered on the Marshall Islands and operated by Pbox Ltd – another company based in Bulgaria.
Unfortunately both companies are not authorized and do not hold licenses to provide financial services. That makes Capital Hall operations in Europe and other regulated markets totally illegal.
Have in mind that trading with unregulated brokers comes with a unreasonably high risk of loosing your money to scammers.
Brokers, holding licenses by well respected financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), on the other hand, have to follow strict rules among which to file regular reports, to allow external audits, to refrain form offering trading bonuses, to keep all clients funds in a segregated account, to provide a negative balance protection, to maintain a certain level of operational capital and in some cases even to insure traders money.
So if you trade with a FCA broker and for some reason it is unable to pay, you can be compensated with up to 50 000 GBP. Similarly, if you trade with a CySEC broker you will be able to get back up to 20 000 ERO of your trading capital.
Capital Hall deposit/withdrawal methods and fees
Capital Hall accepts a variety of payment methods, including some popular e-wallets like WebMoney, QIWI Wallet, Yandex, OK Pay, iDeal, PostPay and SOFORT. They accept also VISA and MasterCard, as well as bank wire transfers.
Going through the broker’s Terms and Conditions, however, we came across a number of weird withdraw requirements among which a minimum trade volume requirement in the amount of 1 standard lot for every 4 dollars you have received as a bonus. Have in mind that one standard lot equals 100 000 base currency units.
On top of that you will have a withdraw fee, if you request more than one withdraw per month, as well as an administrative fee if Capital Hall decides you are not trading enough. And finally keep in mind that “Capital Hall maintains the right to change the terms of the bonus policy at any time”.
The minimum deposit requirement varies between 250 USD and 50 000 USD depending on the account type.
How does the scam work?
Fraudsters are ingenious at getting to your money and yet here is one pretty popular scenario:
It will probably all start with a video you may watch on one of the so called robo – scam websites, like Crypto Revolt or Bitcoin Evolution, where you will be told how easily you can get filthy rich by simply registering with “a state-of-the-art” trading app or some software.
And if you get hooked and leave your e-mail and phone you will be instantly transferred to the web page of an offshore, unregulated broker, where you will be invited to deposit your first 250 USD and start “making money” right away.
Besides, your first trades will be surprisingly successful and soon the money in your account will nearly double. That, however, will be simply a manipulation, as scammers would obviously like to trick you to invest more.
That is when you will receive a call form a “senior account manager” as well, who will expertly advise you, that if you want to make some real cash, you will simply have to invest more – like at least10 000 USD.
And you will not know that you have been scammed until you request to withdraw some of your funds. It will simply turn out it is not possible, because of some obscure clause in the terms and conditions linking your welcoming bonus, for example, to some minimum trade volume requirement. Certainly it could be something else, but the bottom line will be the same – scammers will not give you any money back.
What to do if scammed?
Be sure to immediately file for a charge back with your credit card provider. Fortunately, recently MasterCard extended the period in which you will be able to do that to 540 days and VISA are planning to do the same in December.
If, by any chance you have told scammers your credit card number or online banking password, do not waste a second, but immediately block your credit card and change your online banking password.
In the event you are a victim of a scam, do not waste any more money with the so called “recovery agencies” – they will not recover any of your funds, but will simply collect an upfront payment, leaving you even deeper in to the red.