Beware! DojiCapital 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.
DojiCapital is yet another offshore broker that justifies the negative sentiment we generally have towards these companies – the broker does not have any form of regulation and its Terms and Conditions are highly problematic. We suggest avoiding the company – but if you need more proof on why, you can find it in the review below.
But before we get into it and expose all of DojiCapital’s failings, we need to make a small disclaimer – we could not open an account with DojiCapital – as you can see from the screenshot below, the broker demands a real phone number to do so.
We will get into why it does that a bit later, but for now it suffices to say that there is no way we would give any of our real contact information to a broker like DojiCapital – especially something like a phone number! That does mean that we were unable to experience all that DojiCapital has to offer in the way of trading, but given what we have to say about the broker, we think that might be for the better actually!
DojiCapital regulation and safety of funds
Unfortunately, the company is not regulated. DojiCapital does not have its address anywhere on the website either – and yet, buried deep within its Terms and Conditions was the the following:
This gives us all we need to know about the company. St. Vincent is one of the most infamous scam havens out there – the country has refused to regulate its Forex markets, which has led to hundreds of scammers setting up shop there so they could run their schemes unopposed. Without a license, there is no telling that DojiCapital is not one of them! And what’s more, without a license there is no guarantee that DojiCapital can ensure any amount of fund safety to you – regulated brokers are required to maintain certain policies to do so – for example, companies in the UK have to keep client accounts segregated from their own to make sure the money inside does not go towards the creditors of the broker in the case of insovency!
To make sure you are trading profitably and safely, always stick to legitimate, licensed brokers!
DojiCapital trading software
DojiCapital advertises some kind of web-based trading platform on its site – but as we could not make an account, we could not access it. Therefore we have no idea what that software looks like or how it stacks up to industry standard Metatrader 5!
DojiCapital deposit and withdrawal methods and fees
DojiCapital does not mention its deposit methods – but if you have deposited with the broker we suggest you look into filing a chargeback, if possible. That is because DojiCapital charges some absurd fees – here is the one the broker envisions for inactive accounts:
This is more than what any legitimate broker would charge in an year of inactivity – worse still, DojiCapital has the following to say about its withdrawal fees:
We do not know what the broker charges exactly, but given the ridiculous fee on inactive accounts, we do not expect it to be a sensible amount!
How does the scam work?
DojiCapital is definitely running one of the oldest scams in the book – here is how the scheme unfolds:
Someone stumbles upon the broker’s website and are prompted to make an account. They are also required to leave a phone number, as you saw – this is crucial to the scammers, who will then start calling them around the clock to demand deposits – more and more money will be demanded, until the victim runs out of money or realizes what’s going on – at which point, the scammers will cut them off and move on to new targets.
What to do when scammed
If you have been scammed, take the following steps to make sure you do not suffer further losses:
Reissue whatever credit cards, IDs and so on the scammers had access to and remove any remote control software they had you install.
Contact your bank and ask them for a chargeback – and do not fall for further scams! If contacted by a recovery agency, which demands an upfront payment for its services, know it to be just that – another scam!
Finally, do not hesitate to leave a comment in the section below to help us build awareness of the scam – the best way to combat it!
