Beware! CapitalSands-FX.com 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.
Many of the common scammer broker tropes are to be found on the website of one CapitalSands-FX.com. This brokerage site is chaotic in a way that the information is all over the place, and it seems that the company has filed its site with irrelevant information about the services it offers. We went on with the creation of an account because that is how we will get the most accurate trading and payment information. Something very interesting happened once we proceeded to the registration page. We were immediately transported to a trading platform, where we could choose from a range of servers, each belonging to a different broker.
Some of these brokers we knew, as we have reviewed them before. You may check our database for them. The common theme among them is that most of them are completely unregulated.
Nevertheless, once we created an account, we were given access to said trading software which also played the role of the main area for the user dashboard. There is a side menu that reveals all other sub-pages, like account settings and payments. Through the trading software, we read a EUR/USD cost of trade of 0.2 pips which is excellent but surely commissioned. Users can trade with forex currency pairs, commodities, indices, cryptocurrencies, and stocks. The leverage is supposed to be capped at 1:500.
The website comes exclusively in English.
CAPITALSANDS-FX.COM REGULATION AND SAFETY OF FUNDS
The regulatory information, combined with the multiple addresses, indicates that CapitalSands-FX.com is confused and quite intertwined in its lies.
The most popular and “legit” claim that we have is that the broker is located in Saint Vincent and the Grenadines. However, the footer asserts that the company has addresses in Dubai, the UK, and India out of all places. There is no way for us to make sure that the broker is actually located there, but what we are certain of is that CapitalSands-FX.com is definitely not regulated in any of these locations.
As for the alleged Saint Vincent and the Grenadines registration, it may or may not be true, for it makes little to no difference at all. This Caribbean nation is well known amongst the scammer broker community for its looser laws and systems, as well as its lack of an FX regulator, that allows just about anyone to incorporate a fake brokerage firm. Thus even if CapitalSands-FX.com is registered there it still is unlicensed.
Another sign that this broker is very UNREGULATED is the size of its legal documents. Just take a look at the Terms and Conditions and ask yourself the question of whether a legit broker would have only a single page of T/Cs? The answer is no.
Never invest in brokers that do not have a license or claim to have one without any evidence to support it. We recommend to all our readers to invest in FCA or CySEC regulated entities for these are some of the top FX overseers working today! These licensors, alongside others, employ scrutinizing rules and demands from their registered brokers. These prerequisites are very taxing, and that is why unregulated brokers are what they are; they simply cannot meet them! A good example of a requirement from most regulators is a specific starting capital that ranges from $50 000 to $20 million! Furthermore, the FCA and CySEC, specifically, offer compensation schemes to users of brokers under their gaze. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
CAPITALSANDS-FX.COM TRADING SOFTWARE
This trading software is the example platform used by unlicensed brokerage entities. It focuses much on visuals and very little on any kind of service.
Its shallow services are best represented in the fact of its limited features, which include multiple time frames, very limited chart customization options, and pending orders. That’s all there is to this one!
CAPITALSANDS-FX.COM DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, deposits are processed through forexbooklet.com. In much the same way that was with the account creation process, payments through this gateway have assigned to your chosen broker. What we mean by this is that we are again presented with a list filled with scammer brokers, among which we find CapitalSands-FX.com
When we picked the broker of interest, we were presented with the choices. Either pay by card, wire transfer, or through a crypto method. The minimum deposit was $1.
The withdrawal area reveals that these are made through wire transfer or a bitcoin wallet. There was no other information on withdrawals we could find. The website is very barren when it comes to this topic, while the short legal documents barely cover the essentials so why would we expect them to aid us with withdrawal info?
CapitalSands-FX.com is utterly unregulated and a scam! Do not invest in this broker if you cherish your funds!
How does the scam work?
The most common scammer scheme is also the easiest one to apply. It requires a sort of hierarchal structure within the scammer community, but the structure is the same in most illegal brokers. The only differences here are observable when brokers add their small twists to it.
The scam starts when users are baited by one of the thousands of investment ads that are scattered throughout the internet. These are mostly found in popular websites, such as social media outlets and similar sources. The ads are very colorful and convincing, most utilizing some sort of a lure, be it a beautiful woman, luxurious houses or/and cars, or a rich lifestyle where money is easily made through online FX investing. The fulfillment of these dreams is just a click away!
Once clicked on these ads, the user will be sent over to the broker’s site or an intermediary website. In any case, users will be required to give away their contact details in order to continue. If one gives these away, then he or she will definitely start receiving calls or emails from the first wave of fraudsters, the so-called “openers”, whose job is to guide you through your first deposit.
Once deposited for the first time, the second wave of the scammers hit. These are high-level fraudsters who are after the big money. They will push users to deposit more and higher amounts while promising unrealistic returns of profit. Their methods of conviction are not to be underestimated, for they are as charming as they are dangerous.
Sooner or later, the investor will want her money back, either due to suspicion or just because. It is then that the final step of the scam is activated. During this step, the criminals will do whatever it takes to stall or withhold all withdrawal requests. Other extreme measures include closing down a user account, blocking it, or completely shutting down the website.
What to do if scammed?
Probably the first thing one should do after being defrauded by a scammer broker is to file for a chargeback. Credit card and debit card companies allow for this option mainly because of similar cases. It’s probably the best option! MasterCard and VISA have a chargeback period of 540 days.
Money lost through a bank transfer should induce the user to immediately change her bank account password and username, to reduce any further damage. Furthermore, the user’s bank may have a specific plan in motion for such cases, so it’s always a good idea to contact the bank directly.
Never invest in fake brokers through whatever currency they offer. Crypto deposits are untraceable and as such are forever lost once processed.
One last thing to remember is to stay away from recovery agencies or agents. You will stumble upon people who claim to be able to return all your lost funds, but what they don’t tell is that they are scammers as well. They will ask for a fee in return for their “services”. If you pay them, the money is lost, for they will disappear.