Beware! ManCapitalGroup 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.
ManCapitalGroup is a blacklisted broker, and that pretty much says it all. The entity is probably created offshore and offers its services in jurisdictions without being authorised to do so, thus breaching financial laws and regulations. ManCapitalGroup is a scam, and we’ll explain why in the following review.
ManCapitalGroup REGULATION AND SAFETY OF FUNDS
ManCapitalGroup is supposedly a broker legally created in St. Vincent and the Grenadines. We can’t confirm that’s true because the jurisdiction mentioned is a shady tax haven, which is indeed overcrowded with scammers due to the lack of transparency. The local regulator SVGFSA doesn’t issue licenses or in any way control the Forex market, so the SVG brokers are generally too risky for traders. ManCapitalGroup itself is a scammers’ project as the financial authority in British Columbia, Canada, issued a warning against it. In conclusion, your funds will be in danger if you deposit because the broker is an exposed scam.
Avoid ManCapitalGroup, and check the high-rated EU brokers and British brokers, instead. The European companies are adequately regulated, but most importantly, participating in deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. The deposit funds guarantee extra customer protection, and if you can open accounts with European companies, you’d be safe.
ManCapitalGroup CFD TRADING SOFTWARE
ManCapitalGroup’s trading software is web-based and can’t offer much to traders. The few indicators and charting tools are unreliable, while advanced features such as algorithmic trading are impossible. Besides, the EUR/USD spread is floating around 9 pips, which is 9 times worse than the regulated brokers’ standards. ManCapitalGroup is too costly, which is a good reason alone to avoid it.
That being said, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which deliver the best Forex platforms. The MTs are packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which happens to be an unrivalled advantage.
The leverage ranges between 1:100 and 1:400, and both ratios are too risky for retail clients. Anyway, 1:400 is allegedly within reach if people deposit more than $50 000, but we can’t take their word for it. ManCapitalGroup is exposed, so anything they say is most probably a lie.
Speaking of leverage, it is so dangerous that many regulators strictly control its usage, so licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are reliable but not leverage restrained, so risk-tolerant traders eligible to open an account in Switzerland can safely go for it. Leverage is risky, and you’d better use it wisely.
ManCapitalGroup DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, which is around twice more than the regulated brokers’ requirements on average. Also, many legit brokers can now provide services for as little as $5, so it’s worthless dealing with ManCapitalGroup anyway.
The real deposit methods are actually unknown. The broker indicates that Credit/Debit cards and Wire Transfers are possible. Still, upon registration, clients will find out that they need to contact the broker over the phone to get information about funding. That’s fishy.
Nevertheless, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
The minimum withdrawal is $100, but the unfortunate people who deposited won’t see any money from ManCapitalGroup as it’s a scam. Allegedly, the broker processes withdrawal requests free of charge.
The provisions for inactivity are fearsome, and the broker will certainly use the clause to pillage clients’ accounts. According to the Terms, after only 30 days of inactivity, an account becomes dormant and will be charged $99 per month. That’s a scam!
ManCapitalGroup doesn’t mention anything about incentives, but we are convinced that as soon as they reach you over the phone, they’ll present you with bonuses. That’s what scammers usually do.
Overall, ManCapitalGroup is an exposed scam, so you should avoid it.
HOW DOES THE SCAM WORK
Fraudulent brokers and fishy websites come forth every single day. Nevertheless, most new scam projects represent a modification of common fraud that’s similar from country to country.
Nowadays, scammers are stalking victims mainly on the Internet and social media. Their offers look legit and present exciting opportunities to put your money in the Forex market. To get enticed, people will be reassured the broker can secure high returns and risk-free trading guaranteed by seasoned financial professionals. The scammers intentionally make people believe Forex is harmless, but precisely the opposite is true- you can lose everything if not careful enough.
In the usual scenario, scammers just pocket victims’ deposits and won’t send a dollar back. Sometime after the deposit, clients would ask for a withdrawal or a refund, but the con artists would delay or downright refuse to pay back. Make no mistake, scammers would find excuses to deny withdrawals and would even shamelessly ask for more money to let clients get their money. In the end, when fraud becomes evident, the scammers would simply cut the communication, leaving the victims defrauded. Then, the fraudulent brokers’ website will be abandoned sooner or later, and another one will appear in its place. Scammers are professionals and will carry on forging crooked schemes, so you need to stay alert and always double-check.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, 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, too. Be responsible