ProCapitalMarkets review – 5 things you should know about Procapitalmarkets.com

ProCapitalMarkets review – 5 things you should know about Procapitalmarkets.com

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

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ProCapitalMarkets is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides a web-based trading platform, not the MT4 trading platform, and an extremely generous  leverage of up to 1:200.However, further trading conditions remain unclear. Read the whole review to find out why.

ProCapitalMarkets regulation & safety of funds

On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name ProCapitalMarkets ltd. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.

We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that the brokerage is not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Furthermore, we had to read through the lengthy terms and conditions in order to find information regarding the address of the brokerage instead of it being posted on the home page of the website which is the common way of presenting corporate information. Such secrecy leads us to suspect that the brokerage wants to hide its offshore location.

However, putting all this aside – the brokerage does purport to provide a web-based trading platform. Unfortunately, there is no demo account available, something which we always consider a dire disadvantage. Without a test-drive traders cannot get acquainted with the trading conditions of the brokerage which is perhaps the most crucial aspect of Forex trading. We do learn that the leverage extended to clients is 1:200 which, however, hides the undesirable risk of losing more than the initial deposit. However, no further information is presented, in fact the website of the brokerage is performs quite poorly when it comes to actually conveying the trading conditions clients might expect and any other prudent corporate information. All in all, we suspect potential clients of the brokerage may be exposed to unnecessary 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 FCA 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. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

ProCapitalMarkets deposit/withdrawal methods and fees

As is usual with unregulated brokerages – there is no information regarding the available payment methods. Usually brokerages at least support credit cards and bank wire as viable payment gateways.

We did find any worrisome provisions in the terms and conditions of the brokerage. Here is a screenshot:

Many scammers choose not to disclose such information to would-be clients, however, with ProCapitalMarkets states that there is a $30 withdrawal fee, as well as a minimum withdrawal amount of $50. Such provisions are excessive in our view and not in favor of traders. We also did read that tthere is a trading turn over requirement for accounts that have taken advantage of the bonus promotion. Traders should always take notice that bonus promotions go hand in hand with such requirements.  This is why we advise traders to always 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?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, 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 angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

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. 

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
ProCapitalMarkets
Broker Rating
1.11star1stargraygraygray

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3 Comments

  1. Barbara Du Toit

    ProCapitalMarkets are scammers. I was sadly convinced to invest 5000 USD, apparently it is now 15000 USD in 6 weeks time.
    all I want back is what I put in. In order to do that I am told I must pay them 10000 USD as insurance, before they will let me have my original funds back.
    Paul Morrison, Andrew miller, Brian Leroy, Peter and more names.
    I did not have time to review them when I received the phone call. I was told 250USD is far to small to receive proper returns. I am also now told that 5000USD is a small amount. They apparently have bigger fish to fry.
    They promised withdrawal is as easy as depositing. withdrawal is not at all possible

    How can these people be reported.

  2. I have invested € 10,000.- in BitCoins at Procapitalmarkets.com. After only one month I should have 27.815.-US Dollar in my account. In order to get a payout, I would have to pay half, that is 13,907.- US dollars, to a Handeslkonto. If I pay that, maybe my 10,000 and the 13,000 will be lost

  3. Liv Kjensberg

    I invested 4000 USD in Procapitalmarkets. After just Three days it became 1500 USD more. Then nothing happend. In talk With Andrew Miller, I said I wantet to withdraw the profit. But he told me not to, because the taxes would be very high. The Money just stay there. When I Call them, they hang up. They don`t answer mail, and I have sent a lot. I tryed to withdraw, without any result.
    Another thing, after some few days, I got a Call. The name was Miller, and I thought it was Andrew Miller. He spoke very fast, and my English is not too good, so I misunderstood. In just a “blink” 3500 USD vas transferd. But it was not Andrew Miller from Procapitalmarkets, but a man called Jim Miller from Pro-trader. In two days I got 700 USD dollar on the account. So I got a Call from Michael Ericsson in Pro-trader. He helped med withdraw the proofit to an e-wallet, Jubiter. Then he should Call med back and show med how to transfer the Money from the e-wallet to my bank account. But Next time he called, he, as usual spoke really fast and tried to push med to ask my bank for loan. I refused. And since I have not heard from them. I tried to withdraw the rest of the Money, but they canselled it. I have sent them mails, but no answer. What can I do?

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