Beware! Ncapital 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.
Ncapital Group is a broker that deals primarily in crypto CFDs – it only has one Forex asset available. Ncapital Group is also not licensed in any way and does not deserve your time or attention. Let’s take a closer look at the broker:
Ncapital Group regulation and safety of funds
Ncapital Group claims it operates from the Seychelles, as you can see below:
We looked up the name of this Expand Solutions, Ncapital Group’s supposed parent company in the register of the Seychelles FSA – the island nation’s regulatory body:
As you can see, nothing comes up – the company is not licensed to operate there. This is quite disappointing, since the Seychelles are among the least demanding offshore jurisdictions – needing a broker to have only $50 000 in liquid funds to issue a license. And if Ncapital Group cannot secure a license there, it does not speak well for the company – if it is not fraudulent, which we doubt, it will go under with the fist bad turn of the markets. To ensure you do not experience losses because of that, stick to licensed brokers!
Ncapital Group trading software
Ncapital Group offers two trading platforms – a WebTrader and a custom desktop terminal. Here is what the latter looks like:
The interface is clean and some basic charting tools are present, but it still cannot hold up to comparisons with industry standard trading platform, Metatrader 5. What’s more, we do not know what kind of leverage Ncapital Group offers – that information is not available anywhere on its website.
Ncapital Group deposit and withdrawal methods and fees
The minimum deposit with Ncapital Group is the audacious 1000 euro – this is much more than what a legitimate broker would take to open you an account – some companies go for as little as $10 for a micro account.
The broker accepts deposits though Bitcoin, credit cards and wire transfers. If you have deposited with Bitcoin, or using a wire transfer, we have bad news – these payments are final and not eligible for a chargeback.
And a chargeback might be the only way you can get your money back from Ncapital Group – the broker issues bonuses, which are bound with extra conditions, as you can see below:
This is the only thing we know about these extra conditions – but most offshore brokers bind bonuses with virtually unachievable turnover requirements and forbid withdrawals till these requirements are met – this is probably the case here as well, so beware!
How does the scam work?
If you have made it this far, it is clear that Ncapital Group is a scam – what’s more, the broker follows a very established scheme, which we have seen thousands of times at this point. Here is how it works:
First off, the would-be victim stumbles upon an ad – that ad promises them impossible returns on deposits and they follow it to a website, very similar to Ncapital Group’s own. From there they can make an account, leaving their phone number in the process. Should they do so, they can expect a barrage of calls – the scammers will hound them relentlessly for deposits. And once they do put some money with the “company”, more and more deposits will be required under all sorts of excuses. But once the victim decides to withdraw their funds, or realizes they are being conned and stops pouring money with the broker, the scammers will leave them high and dry.
What to do when scammed?
So, you have been scammed – you need to take some decisive steps to ensure that you do not suffer further losses – first off, uninstall any software the scammers had you put on your PC – Ncapital Group in particular has you install AnyDesk and it will certainly use it to snoop around without your consent. Change all forms of ID and credit cards you have provided the scammers with – only then will your privacy be restored.
Then, it is time to think about recovering your losses – contact your bank, explain your situation to them and let them offer you a solution. But even if one is not available, do not trust the various recovery agencies that you can find online – should they demand an upfront payment for their services, you are simply dealing with another scam!
Finally, do not hesitate to share your experience below – only through a higher general awareness of these scams can we hope to stop them!