Beware! Belfast Capital Group 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.
Belfast Capital Group sells its services pretty well. If we didn’t know any better, we would definitely be on the deposing side of it all. But, we are not new in the game, and always must be scrupulous, especially when talking about companies that require a deposit before continuing with using its services. Yet, we cannot overlook the relaxed style of Belfast Capital Group’s website. There is something very appealing about it. It’s the mixture of images, the flow of it all, that creates a blend. Yet, what Belfast Capital Group has in visuals it most certainly lacks in other, more important, aspects. Should you trust this one with your investment? Read the review to find out.
We were able to access a dashboard after a quick and easy registration. The client area is nothing to be inspired by. Quite the opposite. It lacks appeal and is bland, with simple menus that don’t do much in motivating the user to invest and trade. Nevertheless, we were granted access to one of the oddest trading platforms we have encountered in recent times, but more on this later.
The trading terminal gave us a EUR/USD cost of trade of 1.6 pips, which is a tricky spread. It goes above the average by just 0.1 pip, and yet it still is not good enough. The broker is more likely to profit from this spread than the user. The client area does not reveal a leverage, however the website gives us one at 1:500, a number commonly associated with offshore brokers. Be wary with this leverage! It can easily deplete your account!
Trading instruments that were available on the trading terminal are Forex Pairs, Crypto based pairs, Commodities, Indices, and Stocks.
The website can be translated in English and Swedish.
BELFAST CAPITAL GROUP REGULATION AND SAFETY OF FUNDS
For a broker called Belfast Capital Group, it has nothing to do with Northern Ireland at all. It’s not located in the UK, nor anywhere in Europe. In fact its roots go all the way to the notorious St. Vincent and the Grenadines. However, it does not claim to be regulated there, only that its base of operation is localized there.
What matters most is that a broker is licensed by a relevant agency. Being solely registered in a country does not mean owning a regulation!
Furthermore, St. Vincent and the Grenadines is one of the most popular Caribbean offshore locales for shady brokers, since it does not issue licenses to forex brokers, as the local regulator has multiple times revealed before in the past. . In essence what this means is that any St. Vincent and the Grenadines brokerage firm can chose to ignore the rules by which legitimate firms operate, and instead focus on cheating and scamming users. We believe that Belfast Capital Group is one such company. So far, we are not impressed by anything, and what’s more worrying is that Belfast Capital Group continues to meet our suspicions, as though we were ticking boxes off of a check list.
Aside from the SVG address, there is nothing mentioned on a regulation!
Belfast Capital Group is certainly an UNREGULATED broker, in turn deeming it a risk to all investments made within it.
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.
BELFAST CAPITAL GROUP TRADING SOFTWARE
As we mentioned, the trading platform is unlike anything we have seen before. It’s not some mess, rather the style of it is quite different from what we are used to.
In fact, can this actually be called a trading terminal? Well, technically no. You see, when we clicked on the charts, hoping to get separate charts for each asset, what we got instead was a good old chart widget from Trading View, a third party that has nothing to do with Belfast Capital Group. Yes, users can buy and/or sell instruments, but are they really buying anything or just throwing their money away? We don’t recommend you looking for an answer to this question, seeing how fraud-like everything has been so far.
BELFAST CAPITAL GROUP DEPOSIT/WITHDRAW METHODS AND FEES
Belfast Capital Group kind of flips things over, and makes the payment information only available through its client portal. The website is completely devoid of payment details. Even the Terms and Conditions do not reveal the important elements.
The only way to deposit is via bitcoin, and so there is no real minimum deposit. We were able to continue with just $1. However, once we went on with the process we were redirected to a bitcoin buying website called indacoin. So we are to believe that users do not deposit at all, but buy bitcoin from an unverified source. Is Belfast Capital Group just a front for indacoin?
Withdrawals are also made via bitcoin, yet how can you expect us to believe that you can withdraw from an account that has actually never existed, since to deposit it to essentially buy bitcoin? We are left with no choice to conclude that Belfast Capital Group does not offer appropriate payment services. It obviously a way to trick users into buying bitcoin.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.