Beware! Western-Capital 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.
In this review, we are going to show you a shady broker fraudulently claiming to be a Gibraltar business. In fact, they deserved a warning issued by the regulator for the assertions they make. Also, Western-Capital is somewhat linked to a few other shady brokers because all of them use precisely the same MetaTrader distribution. Find out which those are in the full Western-Capital review.
Western-Capital REGULATION AND SAFETY OF FUNDS
Western-Capital is introduced as a brand name of Zest Invest LTD, an entity based in Gibraltar, but that’s a falsehood because there is no such company in existence. The Gibraltar financial authority itself refutes those claims in the warning issued against the broker. Your funds are in danger if you deposit with Western-Capital because it’s an exposed scam scheme set up to defraud as many people as possible. You can get more details from the screenshot at the bottom of this section.
Avoid this scam and see the high-rated EU brokers and British brokers instead. We recommend those because the European financial market is safe, and the FX companies licensed there are covered by deposit insurance funds laid down to protect clients in case of insolvency or fraud. So, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. Consider these figures when choosing a broker to trade with.
Western-Capital TRADING SOFTWARE
Western-Capital provides MetaTrader5 for their clients, but the distribution is actually delivered by a company named BRConsulting. Well, there is no valuable information about this company that one can find. Still, we know that few other brokers are also using the BRConsulting services- BRX-Capital, FXCMCapital and BTC-Robotics. The actual link between those entities is unknown, but we believe that the same group of scammers runs all mentioned, so make sure to avoid them. MetaTrader is upper-class trading software, so you’d better find trustworthy and well-regulated brokers to get it from.
Now, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which are highly renowned and adequately regulated. MT delivers the leading Forex platforms, featuring advanced tools such as Expert Advisors, Algo Trading, as well as many complex indicators and excellent charting tools. There is also a marketplace with more than 10 000 trading apps you can successfully fit into your strategy.
The EUR/USD spread we encountered was enormous- 5.9 pips, which is an exceptionally unfavourable Buy/Sell difference. Such a rate makes the trading with Western-Capital costly, and the profit potential would be significantly reduced. The maximum possible leverage is 1:500, which is a high-risk ratio that can cause heavy losses if not carefully used.
In fact, leverage is so dangerous that many financial authorities enforced regulations to reduce leverage-related losses. As a result, EU, British and Australian brokers have to limit their clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t offer more than 1:50. Most of the high-leverage FX companies are poorly regulated and dangerous to deal with, so be cautious.
Western-Capital DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Western-Capital is $250, which is slightly higher than the regulated brokers’ requirements- $100 on average. The funding methods accepted are Credit/Debit cards and cryptocurrencies. We need to note that the digital coin transfers are final, non-refundable, and people don’t even know whom they are sending money to. On the other hand, bank card funding is much safer because it’s allowed to dispute transactions and eventually get a refund, so consider this information before making any deposits whatsoever.
While talking about deposits, see the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers on the lists if you have trusted payment systems. The brokers on top of the lists are strictly regulated, and you wouldn’t come across scammers.
The minimum withdrawal amount is $100, and each one will be subject to a $30 fee. However, the inactivity fees are unbelievable- the dormant accounts will be charged 25%. But to make matters even worse, Western-Capital doesn’t specify terms, so at any time, they can consider traders’ accounts inactive and cut 25% of the balance. That’s a scam.
There are trading incentives available, but the Bonus Policy is fraudulent, too. According to the clauses, for a $100 bonus, traders need to execute 20 lots to become eligible for withdrawal.
Overall, Western-Capital is an exposed scam, so you should avoid it. Make sure to report to the authorities immediately if they contact you.
HOW DOES THE SCAM WORK
Internet is plagued by scammers’ fraudulent ads and deceitful social media profiles, promising get-rich-quick schemes, and it’s tempting to at least have a look.
If you click on and provide your e-mail and contact numbers, they’d ring you at once. You’ll be offered bonuses, managed accounts, risk-free deals, guaranteed profits and so on. Most scammers are seasoned manipulators, and while trying to strike a deal, they would inevitably ask for your bank card details so that you can start investing straight away. However, their actions would indicate urgency, and that’s a treacherous sign and evidence of a scam. So if someone pushes you over the phone to start trading ASAP, then it’s most probably a scam.
Nevertheless, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d demand from you to fund your account over and over again for no obvious reason. Reputable companies wouldn’t push you to make deposits, so if you feel pressurised, that’s apparently a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!