Beware! QcapitalForex is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
QcapitalForex is a unregulated, anonymous broker, offering something they call “binary robot software”, which is supposed to trade on your behalf. In the following paragraphs we will discuss at length the problems associate with the so called managed accounts.
Apart from that their offer includes a variety of forex pairs and crypto CFDs with three account types and a web based platform.
QcapitalForex regulation & safety of funds
As we already noted QcapitalForex is virtually anonymous – there is no information about the company that runs them – just a contact address in New York.
Besides, if QcapitalForex operates on US soil they will be required to get a license by the US Securities and Exchange Commission (SEC) and to become a member of the National Futures Association (NFA).
And have in mind that the minimum capital requirement for all US regulated brokers is as high as 20 million USD and that is why only a handful of brokers are regulated there.
As a matter of fact QcapitalForex is not regulated neither in the US nor in Europe or anywhere else.
QcapitalForex deposit/withdrawal methods and fees
QcapitalForex accepts bank wire transfers, bitcoins and PerfectMoney payments. However, Skrill – one off the most popular e-wallets on the market is not accepted, as well as card payments with VISA and MasterCard.
Bear in mind as well that since last fall Skrill has adopted a new anti-scam policy according which all brokers using its services in the European Union should prove they hold a legit license. As we noted QcapitalForex does not have a license.
Also, have in mind that, if you get scammed and you have payed with VISA or MasterCard, you will be able to file for a charge back, while with bank wire transfers or bitcoins there is no such option.
The bigger issue with QcapitalForex, however is the fact that they offer managed accounts, while acting as market makers. Market makers are making money when their clients lose and vice versa. Binary option brokers such as QcapitalForex are market makers by default and that is why their offer to automatically manage your account, promising returns on up to 90% of your trades, is so controversial – this is called conflict of interest.
Apart from that the minimum deposit requirement with QcapitalForex is 500 USD.
How does the scam work?
The most easy way to get scammed is to follow an ad with some too- good- to- be- true offer for fast and easy returns, that most probably you will see on Instagram or Facebook. And then you will lend on one of the so called robo scam websites, like Crypto Revolt and Bitcoin Evolution where all you will be asked to do is to leave your e-mail and phone. And if you do fill the simple registration form in a second you will be transferred to the web page of a scam broker, where you will be asked to deposit about 250 USD.
Bear in mind that scammers will not be happy with just 250 USD and will make everything possible, including manipulating your trades, to mislead you to invest more. And you will be getting lots of phone calls as well – it will be your senior account manager with trading advises and signals, but basically he or she will be pressing you to invest at least 10 000 USD.
And at that time most people do invest that kind of money without realizing they have been scammed until the very moment they decide to withdraw some cash. Then scammers will simply cancel their withdraw requests on the ground that they have not met some minimum trade volume requirement, possibly linked to a trading bonus. The excuse might of course be different, but the result in the end will always be the same – you will not be given a single penny back.
What to do if scammed?
The only chance to get your deposit back is to file for a charge back with your credit card company. And here the good news is that both VISA and MasterCard will allow you to file for a charge back within 540 days.
And if somehow scammers have managed to get to your banking details, immediately block your credit card and change your password.
And one final advice – if you are approached by the so called recovery agencies, do not trust them. They will simply charge you with some fees in advanced and basically that is how the story will end.