WealthCapital review – 5 things you should know about Wealthcapital.fm

WealthCapital review – 5 things you should know about Wealthcapital.fm

Beware! WealthCapital is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

FXTM

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

WealthCapital is a Forex brokerage presumably registered in Estonia. It provides a web-based trading platform, not the MT4 trading terminal and clients are extended a generous but balanced leverage of 1:200. Furthermore, there is wide range of trading products from which to choose but the spread on EUR/USD is 2.8 pips which is quite high and unfavorable for traders. There is a required minimum deposit of $500 which is twice the industry average and, again, unfavorable for traders.

WealthCapital regulation & safety of funds

According to the website the company behind the brokerage is registered in Estonia by the name Astra Consulting OÜ with an address Harju maakond, Mustamäe linnaosa. Estonia is a member-state of the EU and has diligently included online Forex trading within its regulatory framework. However, after checking with the online registry, we can safely conclude it does not hold a license by Finantsinspektsioon. As a matter of fact we know of only one Forex brokerage that holds a license from the country’s financial regulator – Admiral Markets.

Many unregulated brokerages prefer Estonia as a location because of its reputation as quite a liberal country when it comes to crypto trading and are hoping to take advantage of misinformed traders. We always recommend traders take a look at the online registry of the Finantsinspektsioon when dealing with a supposed “Estonian” brokerage. Putting that aside, the brokerage does provide a web-based trading platform. Here is a screenshot:

As can be seen from the screenshot – the spread is quite high at 2.8 pips on EUR/USD, especially compared to the industry average of a pip and a half. The leverage extended for traders is 1:200 which is quite generous and balances as the same time. However, the lack of regulation inclines us to believe that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the Financial Conduct Authority in the UK or CySEC in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy.

Crypto Invest Home Investments deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw only via Visa, MasterCard and wire transfer, popular e-wallets such as Neteller, Skrill, WebMoney are not supported. We couldn’t find any troubling withdrawal conditions in the terms and conditions of the brokerage.  We advise traders stay away from the brokerage and to always be diligent and put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.

After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:

Through clicking an ad with promises for fast money, you will be redirected to a website such as  Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Rich Snippet Data
Review Date
Reviewed Broker
WealthCapital
Broker Rating
1.21star1stargraygraygray

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
Cyprus, Australia 4.97/5 $100 Click for a special offerWebsite
UK, Cyprus, Belize 4.95/5 $5 Click for a special offerWebsite
Australia 4.90/5 $100 Click for a special offerWebsite

4 Comments

  1. I invested 250pounds in March this year. Jason Miller spoke to me a couple of times. Unable to get into my bitcoin account. Emailed no reply. Want my money back. But to no avail.

    1. ha anyone had a bad experience with wealthcapital.fm, i have invested £4000 with a bitcoin with them, they have increased by account with a few trades to £6100 and no problem so far but they want me to invest £8000 more to make bigger profits, any thoughts from anyone

      1. my partner also have invested 10.000 euro’s ( not in bitcoins but in stocks en buys en sells ). They increased it with a few trades to 14.000 euros. They want also that he invest more and he almost did but I have convinced him not to do. I think he will lose the 10.000 euro’s. He made an agreement with a certain Tommy ( he has confidence in this man ) that he will not push him furthermore to invest more. But then a college of Tommy phoned him for making a plan not paying taxs over his money but only when he invest more and he pushed and pushed. My partner said please connect me back to Tommy. My partner made agreement at every end off the months he withdrew 300 euros of his account. So we will see.Please informe me over yours experiences with Wealth capital

        1. Hi Sonia, how his things?
          I am being persuaded to get a loan to invest on capital wealth under promises that I won’t lose my money on the first 2 weeks.
          I would love to know your experience with them to help me decide. I hate loans and I am scared of being scammed 🙁

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

UK’s FCA warns against unregulated Marshall Islands-based brokerage

Unregulated Forex brokerage WorldFXM has been added to