Beware! FXLiveCapital 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.

 

FXLiveCapital is quite the shady broker – it would be best to avoid the company altogether. Here is why:

FXLiveCapital regulation and safety of funds

FXLiveCapital is registered in the offshore scam haven of St. Vincent and the Grenadines – here is the broker affirming that:

The problem with the jurisdiction is that it does not regulate its Forex markets in any capacity, which means that scammers flock to it so they can run their schemes from there with no opposition.

Compare that to a more conventional and stricter regulated jurisdiction like the UK – companies in Britain are required to report on a daily basis on open and closed trades, as well as keep client accounts segregated to prevent them from even attempting any kind of scam!

There are a lot more comprehensive protections envisioned for traders of such brokers, and if you wish to know more about them, a good place to start would be this list of our top-rated UK brokers.

FXLiveCapital trading software

FXLiveCapital provides access to a distribution of the Metatrader 4 platform – it is revered for its automated trading features and more. Unfortunately we could not progress past the following screen with it:

That is because we could not open an account with FXLiveCapital without depositing at least $100, as you cans see from the screenshot below – and there was no way we would do that, given how shady FXLiveCapital is!

This means that we cannot know what the spreads on the platform are – but the 1:500 leverage is too much, and has been outlawed by most regulatory bodies. Whenever you see a high leverage out there, odds are you are dealing with an offshore broker that is simply trying to attract more clients!

 

FXLiveCapital deposit and withdrawal methods and fees

FXLiveCapital only accepts deposits via various cryptocurrencies – they are not generally eligible for a chargeback, which is why scammers love only having them available – it makes their clients quite unable to get their money back.

We also think withdrawals with FXLiveCapital are going to be quite difficult – the broker offers bonuses, which scammers usually use to keep clients from their money. Bonuses are bound with volume requirements that are quite absurd and make it practically impossible to get even a penny from the broker’s hands. This might very well be the case here, but FXLiveCapital does not have its Terms and Conditions available anywhere on its website – meaning we have no idea what you are in for when trading with the broker!

How does the scam work?

There can be no doubt – FXLiveCapital is running quite the scam. What’s more, the broker does so by following a pattern we have seen a hundred times before. Here is how it usually goes down:

Someone stumbles upon the website the scammers are running, and is prompted to make an account – if they decide to do so, they are required to leave a phone number. Of course, this seems quite inconsequential, but it is crucial for the scammers, who start calling around the clock to demand deposits. These people are masterful manipulators, and no-one is safe from them – if you deposit, they will simply demand more and more, until you are either bled dry, or realize what’s going on. Once that happens, the scammers will simply cease all contact and move on to new targets!

What to do when scammed?

If you have been scammed, you need to take the following steps to make sure you do not lose any more money:

First off, reissue whatever forms of ID and credit cards the scammers had access to – this is crucial to restoring your privacy. Also, remove any remote control software the scammers had you install on your PC!

Secondly, you should thin about getting your money back – the best way to do so is by contacting your bank and asking to file a chargeback. However, if one is not available, do not trust any recovery agency that might contact you and demand an upfront payment for its services – this is simply another scam, designed to pray on victims of the previous one!

Finally, do not hesitate to leave a comment with your own thoughts on FXLiveCapital in the section below – in doing so, you will be helping us raise awareness of the scam, which is an excellent way to combat it!

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *