Beware! Flexcapital.cc 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.
Flexcapital.cc is not to be trusted – but before we get into why, we would like to make a distinction – Flexcapital.cc has nothing to do with Flexcapital, the equity management firm. Flexcapital.cc is simply a broker that tries to piggyback off the brand name recognition of the larger entity. With that out of the way, let’s take a closer look at the broker:
Flexcapital.cc regulation and safety of funds
Flexcapital.cc is a completely unlicensed entity – it mentions it operates from Dominica, as you can see from the screenshot below:
And since Dominica does not regulate its Forex markets in any capacity, there are no guarantees about the safety of your funds with Flexcapital.cc and about the broker not being a scam.
Contrast that to regulated brokers, which are required to comply with various rules to ensure they are acting in good faith and well-enough equipped to deal with the frivolities of the FX markets – companies in the UK for example are required to hold over 730 000 euro in liquid funds and report on a daily basis on open and closed trades to make sure they are not engaging in any kind of market manipulation.
There are many other reasons to trade with UK brokers, but as you can see, picking a legitimate broker over one like Flexcapital.cc can only be beneficial to you!
Flexcapital.cc trading software
Flexcapital.cc provides access to a stock distribution of Metatrader 5 that you can see below:
Even though MT5 is the industry standard, this distribution of it has nothing to do with Flexcapital.cc – the broker’s platform is actually the following web-based one that lacks a lot of MT5’s features – automated trading is nowhere to be seen, for example.
The spreads on that platform are audacious, moving over 3 pips on FX majors like the EURUSD – and what’s worse, we have no idea what leverage Flexcapital.cc provides access to – that is not mentioned on its website and does not become clear from the platform!
Flexcapital.cc deposit and withdrawal methods and fees
Flexcapital.cc accepts deposits via credit cards and Bitcoin – the former is eligible for a chargeback, but if you have used Bitcoin to deposit, you will have to contend with Flexcapital.cc’s absurd withdrawal fees, available below – Bitcoin payments are always final!
Flexcapital.cc charges at least $35 for a withdrawal, as well as a 10% levy on all accounts that have not achieved a turnover of 200 times, or been sufficiently verified. That turnover is impossible to achieve – and the levy is inescapable! There are more fees, however – here is the one Flexcapital.cc charges to inactive accounts:
Although the fee is commonly charged in the industry, it is never as high as Flexcapital.cc has it!
This is not all of the shady clauses Flexcapital.cc has in its Terms, however – check out the broker’s Bonus policy:
It states that profits made by trading with Flexcapital.cc-issued bonuses are ineligible for withdrawal. But there is simply no way to know what money is made using the bonus and what using your own funds – therefore, Flexcapital.cc will simply claim all profits are such funds and deny your withdrawal requests!
The ability to withdraw your bonus funds if you have achieved the turnover mentioned in the clause is completely illusory – it is once again too high to be reliably reached!
How does the scam work?
Flexcapital.cc is undeniably running a scam – the broker is also doing so following one of the oldest patterns in the book. Here is how that pattern plays out:
Someone stumbles upon the scammers’ website and is prompted to make an account with them, leaving their phone number in the process. The scammers will then use that number to start calling around the clock and demanding deposits, only stopping if their victim is bled dry or realizes what’s going on!
What to do when scammed?
If you have been scammed, take the following steps to limit your losses:
Reissue whatever credit cards and forms of ID the scammers had access to. Also remove any remote control software they had you put on your PC.
Contact your bank and ask for a chargeback – but if a recovery agency reaches out to you and demands an upfront payment for its services, beware – such agencies are advance fee scams!
Finally, do not hesitate to leave a comment below – in doing so, you will be helping us raise awareness of the scam, which is the best way to combat it!
Jack Bolderoff
Was approached by these people: Claimed they were able to retrieve my $ locked up in Blockchain account of USD$30k from previous scams
Wanted a deposit of 3K to get my refund, but when advised that I did not have that kind of $, they then made me an offer: I deposit $@%) into their account, and they would then retrieve my 30K and with hold their 3k deposit
They sent me a letter signed under seal confirming all details of their proposal, and we made the deposit of $250.00 based upon their proposal
As soon as they received this deposit, every thing changed. Contact Anthony Miller advised that he was not able to assist me, and passed me on to Oliver Bert in his office.
Oliver Bert then advised that he needed the 3K deposit, and refused the agreement which I sent him.
I then requested on thier website that they refund my deposit, and so far nothing.
Forces me to do a drawback on my card, but not sure if I will get that back.