SoloCapitals Review – 5 things you should know about solocapitals.net

SoloCapitals Review – 5 things you should know about solocapitals.net

Beware! SoloCapitals 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.

 

We shall start with the recent warning the Financial Conduct Authority (FCA) has issued against SoloCapitals. FCA warns that the broker is targeting UK customers without authorization and that is exactly the problem with SoloCapitals – although the company is registered in Estonia, it is not regulated. We will discuss the issue in some detail latter in our review.

Otherwise here is what SoloCapitals offers their clients – over 50 forex pairs, lots of which minor or exotic like USDINR, USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDHUF, USDHKD and USDDKK, as well as various CFDs on silver, gold, platinum and palladium, oil, natural gas, cocoa, sugar, copper, coffee, wheat, soybean, corn, orange and cotton, 23 indices and a selection of crypto coins – Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Gold, Dash, Ethereum Classic, Monero, Verge, Siacoin, Stellar, NEM, Qtum, Lisk and Bitcoin Cash.

All of that is offered with a leverage of up to 100:1 and a web based trading platform, but spreads are somewhat saltier for our taste – starting from 3 pips, fixed.

SoloCapitals regulation & safety of funds

SoloCapitals is owned and operated by an Estonian company – TB Corp OU, and as we already discussed it has been blacklisted by the British financial regulator, the FCA, for illegally targeting UK customers and for suspicions that SoloCapitals is actually involved in scam.

Bear in mind that trading with unregulated brokers has always been extremely risky, because too often such brokers are involved in scam.

That is why our best advice is to trade only with legit companies, registered and authorized by a well known financial institution such as the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

This is the only way to feel safe about your funds, and besides, with a FCA broker you will even get an insurance of up to 85 000 GBP, that will cover your trading account even in the unlikely event your FCA broker files for bankruptcy.

SoloCapitals deposit/withdrawal methods and fees

On its homepage SoloCapitals has the logos of VISA, MasterCard, American Express and PayPal, so we might assume that those are the payment methods the broker accepts. The minimum deposit is set at 250 USD, which is fine, but we came across several rather strange clauses in the SoloCapitals client agreement, which you should have in mind before agree to deposit your funds with them.

For example you will have to agree that the broker may make withdrawals from your own bank account whenever they say you own the some money. We should note that this is highly risky. See for yourself:

Also, SoloCapitals say they may charge fees on their sole discretion, including a fixed commission in the amount of USD 30 for every withdrawal request. Mind that a withdraw request might be canceled for various reasons, including if you have not met some minimum trade volume requirement, linked to your welcoming bonus for instance.

You should be aware of bonuses all together. The practice is highly controversial and is usually used by scammers as an excuse to steal your money. With SoloCapitals for example for a 200 USD bonus you will have to trade at least 10 000 000 USD, before you will be allowed to file a withdraw request. Obviously this might prove quite challenging.

How does the scam work?

More and more often scammers use the so called robo scam websites like Global Crypto App and Bitcoin Boom, where potential investors are lured by offers of fast and easy returns (usually completely unrealistic) in exchange of a small investment.

Those websites however, are not brokers per se, but just portal trap websites, which will transfer you to a selected scam broker the minute you register, leaving your e-mail and phone.

And when you are redirected to the homepage of the unregulated, scam broker you will be invite to deposit about 250 USD.

That, however, is just the beginning and scammers will do whatever they can to convince you to deposit more. For example your initial trades will be amazingly successful, but that will not be real – scammers will be simply manipulating your account, so that latter you will be more easily convinced to deposit let say 10 000 USD. And that is exactly what your “senior account manager” will suggest, pointing out that this is the only way to make some “real cash”.

Believe it or not, but most people do not realize they have been scammed until the very moment they decide to withdraw some of their funds. Then all of a sudden it turns out they have no right to withdraw, because they have not met some minimum trade volume requirement, possibly linked to their trading bonus. Certainly the excuse might be different, but the end result will always be the same – they will use whatever pretext they can to cancel all withdraw requests.

What to do if scammed?

Do not waste a second, but immediately file for a charge back with your credit card company – this is your only chance to get your deposit back. Besides, the good news here is that both VISA and MasterCard currently allow traders to file for a charge back within 540 days.

Second, if by any chance scammers have tricked you to tell them your banking details like credit card number and online banking passwords, immediately change the password and cancel your credit card. Do the same, if they have tricked you to install a program like TeamViewer. This way they would have gotten access to your PC.

Finally do not trust the so called recovery agencies, if you do not want to get scammed a second time. They will simply make you pay some money in advance and basically that will be the end of the story.

Rich Snippet Data
Review Date
Reviewed Broker
SoloCapitals
Broker Rating
11stargraygraygraygray

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2 Comments

  1. I have been reclaiming my money from solo capitals for months, but they promise that it will be deposited on my visa card within 5 days, but unfortunately nothing has yet been received. NOW I CANNOT EMAIL THE COMPANY. They blocked my emailadress, I think.
    They asked me to unblock my card for 20 minutes, but I didn’t do that, they could take 10 euros off and refund my money, luckily I didn’t, because the card is blocked because they have 450 euros wanted to pick up

  2. Marianne Ottinger

    Jag har blivit lurad på22 250€ av SOLOCAPITALS. På mitt konto finns 70 000€ som skulle betalas ut i omgångar. Passa er för ALLY FLOYD, MICHAEL STEVENS, NORMAN LITTLE och SHERYL BROWN. Hör ni något från någon av dom så lägg genast på, om du vill ha dina pengar kvar.
    ————————-
    I’ve been scammed at € 22,250 by SOLOCAPITALS. In my account there is € 70,000 which would be paid out in installments. Watch out for ALLY FLOYD, MICHAEL STEVENS, NORMAN LITTLE and SHERYL BROWN. If you hear anything from any of them, put it on immediately if you want your money left.

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