Excent.Capital review – 5 things you should know about excent.capital

Excent.Capital review – 5 things you should know about excent.capital

Rating: 1

Beware! Excent.Capital is an offshore broker! Your investment may be at risk.

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Excent.Capital is one of those copy brokers that take almost everything that it is made of from different sources – all unlicensed brokers – and label them as its very own unique package. This has been done before, and has reached a point were the copiers are being copied, and so on, proving just how little imagination scammer brokers have, and how little effort they put into their schemes; yet they are still relatively successful. The following review of Excent.Capital is an excellent example of what to look for in suspicious brokers, and how to distinguish them from legit ones.

The user area is a familiar template that never really impressed us, and for a reason. It’s incredibly simple, and there isn’t much to do there. Moreover, the broker required of us to have a verified account prior to creating an account, but at least we opened a demo account and with it came a web trader.

From this terminal we took the following trading details. The EUR/USD cost of trade was 1.1 pips, and the available trading instruments are forex currency pairs, cryptocurrencies, commodities, indices, and stocks.  The user area revealed a maximum leverage value of 1:100.

The website is available in English, Spanish, and Portuguese.

EXCENT.CAPITAL REGULATION AND SAFETY OF FUNDS

We read that the broker is held by a company registered in the British Virgin Islands. This is a brave claim because the nation has a regulator, and that would mean that, supposedly, Excent.Capita is licensed by it. We had to visit the British Virgin Islands Financial Services Commission (FSC) website in order to make sure that the broker was not licensed by the agency, and of course Excent.Capita was not.

The contact page claims otherwise- the main headquarters of the broker are actually located in the UK, with even less evidence to support the claim. All FX brokers in the UK must hold an FCA license, otherwise they are labeled unlicensed and a risk. Excent.Capita does not posses a license from the FCA, meaning that if it is really based in the UK then it is offering illegal services there.

The fact of the matter is that Excent.Capita is not licensed and is offering risky trading conditions. All investments are at even bigger risk considering the high probability that the company is also a scam!

Perhaps the most crucial move a user can make in the process of deciding what broker best suits her needs is to ascertain that the broker is regulated, properly, by a legitmate license issuer (there is a rise in fake regulators). Make sure your broker of choice is a UKEUUS, or Aussie-licensed entity; there are other perfectly fine jurisdictions where a firm can be authorized, it’s just that these ones are the most developed in terms of providing the best possible trader security. Moreover, some specific regulators also allow for their regulated brokers to participate in compensation schemes which add a very sturdy extra layer of defense. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.

EXCENT.CAPITAL TRADING SOFTWARE

The web trader given to us is one that has grown popular over the last couple of months, as more and more brokers use it. Its popularity is mainly due to the expert blend of illusion and limited features, making the web trader very alluring to many novice users.

Some of the main features include pending orders, time frames, some chart customization tools, stop-loss, take-profit, and more.

Unfortunately, the illusion does not stick around for too long because traders will want at some point to advance in their learning, and this web trader simply does not offer any progress.

EXCENT.CAPITAL DEPOSIT/WITHDRAW METHODS AND FEES

We could not take any payment information from the user area because there was no payment area anywhere. This is perhaps because our account was not verified. Whatever the case is, this leaves us with the only other option, which is to take all payment conditions from the website.

The payment methods are said to be credit cards and bank transfer. There is no minimum deposit requirement revealed anywhere.

If a withdrawal is less than $1000 then the broker will apply a $30 fee. Withdrawal requests are processed in 2 working days.

Note that these might not be the actual payment conditions; unlicensed brokers tend to greatly deceive with payment information.

Excent.Capital is not worth it. This frim is not legit nor authorized; it is a risk to all!

How Does The Scam Work

We can easily reverse-engineer the scammer process by looking at the whole thing as a series of contained events.

The first of these is falling for one of the thousands of online ads that lead to any number of fraudulent investment websites. The most obvious aspect of such ads is their ability to attract the eye gaze of users since they include glamorous content that we have all dreamed of owning.

Giving in to one of these ads will lead the user to one of two sources: either a so-called intermediary website or the scammer brokerage itself. The former works to introduce the latter, so the principle remains generally the same. The second step ensues once the user provides the crucial contact details that will be used by the firm to solicit funds. Because they are crucial to the scheming process, the broker will put a lot of input into this effort.

The third event is establishing grounds for communication, and a pivotal point for recruiting the user as a depositor. The first deposit is the hardest to sell, and that is why most scammer brokerages have dedicated internal departments whose only job is to entail a preliminary investment.

The fourth even is up to the retainers, or the expert scammers – account managers-, whose job is to keep the user invested as long as possible and to drain as much money out of her. Here is where many, unbeknownst to the user, psychological tricks are used by the scamming experts to really deplte funds from accounts.

The final step is containing the damages,  or to put it in the lingo of the perps- to keep the stolen mon ey with minimal collateral damage. Here is where the scammers get cheap. Many will simply ignore the requests of withdrawals- or simply stall them-, or can shut down accounts and even entire websites for the purpose of keeping what they have stolen.

What To Do When Scammed

Fiel for a chargeback! It’s the surest way to get your money back, although not many scammer brokers allow for credit/debit card deposits. They are aware that users can file for a chargeback, and therefore condemn it by either not including cards payment gateways or by penalizing the client when she files for one. Note that,  VISA and MasterCard have extended their cash-back period to 540 days.

A popular payment method is bank transfer, and here is where things get tricky. Users should contact the bank to help them out if they get scammed, but there is no real guarantee that the banking institution will be able to help them out. Moreover, change your bank account user name and password ASAP should you get defrauded.

Crypto payments are untraceable and are therefore non-refundable. For these reasons, crypto wallets are the favorite means for investing for scammers.

The last point to make concerns recovery agents whose promises will tempt many a victim. Agents or agencies promising some magical way to recover your stolen funds are separate fraudulent entities.

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