Beware! GetzCapital 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.
There really isn’t too much to say of our first opinion concerning GetzCapital. It seems and feels like your average every day broker, but with a slight twist to its experience. The difference here is that GetzCapital may be a risk to investors, and this is just our first feeling for it. However, we have learned to trust our first judgement, because we have reviewed hundreds upon hundreds of brokers similar to this one, all of which turned out to be a illegitimate in one way or another. Read the review to find out all the important sides to the broker.
Registering was simple and fast, and we verified our account without encountering an issue. We quickly were given access to a trader’s area. The portal area was decent, and at times even looked professional. We quite enjoyed it, even if, essentially, more was needed to put it next to other client dashboards.
The leverage was capped at 1:500, which is by far the most common offshore broker leverage value. The biggest surprise was that we opened a fully functioning MT5 trading software, and we entered with a live account! The EUR/USD spread was 2.3 which is not that goo a spread to be honest. The available financial instruments are forex currency pairs, metals, and oil. The lack of more assets was a disappointment.
The website is accessible in English only.
GETZCAPITAL REGULATION AND SAFETY OF FUNDS
The one thing that we definitely noticed is that the broker really wants to make sure that all users know of its Saint Vincent and the Grenadines registration. At some point we even encounter the assertion that GetzCapital is regulated by the Financial Services Authority of Saint Vincent and the Grenadines, which in fact exists, but does not regulate the FX market, only the banking sector. Thus GetzCapital might be located in the Caribbean country, but it definitely is not regulated there.
At some point we realized that the website is in fact a very undersized thing, with the home page being the only real page. Everything else was either the user area, registration form, or the legal documents. There are no real dedicated sub-pages!
With that said, there is nothing more to it. The simple truth is that GetzCapital is UNLICENSED, and is therefore a risk to all investments.
We always say that investing in unregulated brokers is a sure way to lose money. The first and foremost thing to do when picking a broker to invest in is to look for a license. Preferably look for FCA or CySEC regulated brokers, or other European watchdogs, or US ones. All legit regulators have long lists of rules and prerequisites that all brokers must abide by. Not doing so, will lead to penalties or foreclosure! Furthermore, many regulators have in-store financial compensation schemes for all users under licensed brokerages. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
GETZCAPITAL TRADING SOFTWARE
The company has gotten its hands on an MT5, which was really a surprises! How unregulated brokers are able to get full access to MetaQuotes softwares we don’t know.
The main features of the MT5 include time frames, pending orders, an economic calendar, EAs, VPS, One Click Trading, Level2 Plugin, and improvements on almost everything that made the MT4 such a hit, like better charting tools!
GETZCAPITAL DEPOSIT/WITHDRAW METHODS AND FEES
From the user area we get that the minimum deposit is well nothing. We had no way of continuing on with the process. The depositing area reveled to us that the investment methods include only crypto based depositing means. We had no way of gathering a minimum deposit from the user area. The website reveals that the minimum deposit is $100, even though we cannot verify this. The only investment method mentioned in the short terms and conditions is a BTC wallet, for both deposits and withdrawals.
The withdrawal section was unhelpful, and so was the website. We found no withdrawal info, but judging by the deposit details, we assume that withdrawals are also processed through cryptocurrency wallets. Because of this, we think that withdrawals are instantaneous, and there also might be some small transfer fees. However, this is all based on speculation; we cannot be entirely sure it is true!
We really cannot find any reason to invest in GetzCapital. Your money is at a risk here! Stay away!
How does the scam work?
Online ads are the gateway to most investment scams. Ads that seem extravagant with quite impossible promises are most certainly the entry point into a scam. Gibing into one of these ads is the first step to being scammed.
The second step is to deposit. Once users click on the ad, they will be redirected to a scammer broker site or an intermediary website. What follows is a registration, where users will be asked to provide a phone number or a phone number.
Next, the scammer will directly contact those that have fallen for it. The first calls are made by the first level of fraudsters, the rookies. Their one and only goal is to compel users to deposit for the first time. Once a deposit is made, the user is hooked onto the scam.
The second wave of scammers, the core of the fraud, sometimes called “account managers”, will try to keep you invested in the shame for as long as possible. They might even pay some profits, just to keep you invested. The user will deposit an additional 2-3 times, which is actually the perfect scenario for these criminals. At some point, the user will realize he or she is in the middle of a scam
There are no more steps to the scam. The user has deposited as much as he or she did, and the fraudster have disappeared. The money is gone, and users cannot withdraw.
What to do if scammed?
If money was lost through a credit or debit card, the good news is that most credit card companies have an easy way of recovering money. Furthermore, MasterCard and VISA have a chargeback period of 540 days.
Wire transfer frauds, that is broker/investment scams, are harder to recuperate, but not impossible. The crucial thing to do is to change your bank account username and password! Aside from that, we advise users to contact their banks, because most banking institutions might have a plan on how to deal with money lost to investment scams!
Never invest in unregulated brokers through any sort of cryptocurrency wallet, no matter how good the returns sound! Crypto deposits are untraceable!
The last scam that users might stumble upon is in fact most of the time one that has nothing to do with the investment scam, although a potential relationship between the two is not excluded. We are talking about the so-called recovery agents or agencies. These will claim to be able to recover lost funds in return for a fee. After users pay this charge, they can kiss their money goodbye!