Beware! CapitalTradeForex 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.
CapitalTradeForex is a pure scam! Its website is stuffed with false claims, registrations are impossible, and on top of it all, a leading regulator blacklisted the so-called brokerage, confirming it’s a fraudulent business that should be avoided. In the following review, you can find out which authority exposed CapitalTradeForex as a scam scheme.
CapitalTradeForex Regulation And Safety Of Funds
CapitalTradeForex is NOT REGULATED! But it claims to be, misleading the public so as to create a false sense of security and entice people into its fraudulent scheme. In fact, the so-called broker is not transparent at all, and one cannot find a single thing about their business – company names, registration numbers, and licenses (if any) are missing, which is a red flag nonetheless. Shadiness always suggests a scam.
However, the most critical aspect, in this case, is that CapitalTradeForex is an exposed scam, as the British authority FCA issued a warning against the broker. In its publication, the regulator states that CapitalTradeForex is unauthorised, which practically means that the trading services offered by the broker are unregulated and illegal! CapitalTradeForex is a scam, and you should avoid it no matter the case!
That said, we recommend that you should trade with regulated brokers only! For example, CySEC (Cyprus) brokers and FCA (Britain) brokers have been proven safe because both authorities impose tight restrictions to ensure the safety of clients’ funds. The mandatory regulations include client account segregation, risk-reducing measures like leverage restrictions, negative balance protection, and increased capital requirements to license a broker (€730 000). But most notably, both CySEC and FCA brokers are covered by deposit insurance funds – clients of Cyprus brokers can claim up to €20,000 in compensation, while UK protections are up to £85 000 per person! On the other hand, trading with fishy unregulated brokers will leave unprotected and vulnerable to fraud, so it’s never recommended to trust your money with such entities.
But before we continue, see a fragment of the FCA warning against CapitalTradeForex:
CapitalTradeForex Trading Software
CapitalTradeForex claims to provide MT5, but that’s not true. We couldn’t find the broker on the MetaQuotes list of brokers, and for things to worsen, registrations were impossible at the time of writing. We tried to sign-up but in vain – the entire registration page was missing as the Open Account links redirected to the Home Page. So, with that being the case, we cannot even confirm that CapitalTradeForex has trading software at all.
That said, we should remind you that CapitalTradeForex is an exposed scam, so dealing with it would be a very bad idea. For that reason, we’d like to introduce our lists with MetaTrader 4 brokers and MetaTrader 5 brokers. The high-rated firms are secure and provide the best platform for Forex trading, including numerous advanced features such as automated trading and analytical tools, complex indicators, reliable charting tools, and a marketplace with thousands of apps. Trading with MT brokers is recommended, but make sure to choose real ones over the fake CapitalTradeForex!
CapitalTradeForex Trading Conditions
As one can guess, real trading conditions cannot be discussed as the broker can’t provide trading software. Nevertheless, for the purposes of this review, we shall cover the broker’s claims on the matter.
So, the trading instruments are purportedly 17 000, which is a pure lie – not even one is available!
The trading costs are allegedly normal as the spreads are said to start from 1.6 pips, which is another lie.
The trading risks are allegedly high as leverage can reach 1:500, according to the information from the website – yet another lie; the trading service provided by CapitalTradeForex is fictitious!
CapitalTradeForex Deposit/Withdraw Methods And Fees
The minimum deposit is allegedly $50, but we cannot validate this information. In any case, CapitalTradeForex is a scam, so see the affordable brokers instead – some of them ask between 5 and 10 dollars to let clients trade.
As for funding, the broker claims to accept a number of unspecified methods, but we cannot which one these are, as registrations were impossible. But whatever the methods, you shouldn’t use any at all!
As for withdrawals and fees, there is absolutely nothing as CapitalTradeForex does not provide legal documents. The absence of documentation is a major red flag, and it undoubtedly proves that CapitalTradeForex is illegal! That’s a scam, and you should avoid it, but before we continue, see some of the purported conditions:
How Does The Scam Work
Forex scams are not as sophisticated as you might think. The scheme usually consists of a fraudulent website and a scam call centre called a boiler room. Scammers pay little attention to excellence and create scrappy websites as they focus on contacting as many people as possible, and for that reason, their websites are usually substandard and ignorant. And to find victims, scammers use social media, Discord groups, Telegram chats, fraudulent ads, and most notably, they interact with hackers to buy people’s details. What usually happens is that you may receive an unsolicited phone call or a chat on social media by scammers who promote get-rich-quick schemes, guaranteed earnings, bonuses etc.
But the worst part of the scheme unveils after the first deposit. Clients will be fooled with fictitious profits, followed by promises for even more gains and requests for more deposits. In the worst case, victims will deposit again, but if they want to withdraw, they will not be allowed to. In a typical trick, scammers say that clients should pay taxes in advance if they want their money back. If this happens, the fraud becomes more than evident, and victims usually realise they’ve been scammed.
What To Do If Scammed
Inform the authorities first – call the police, contact other regulators and agencies and report what happened. Also, deactivate your cards ASAP and call your bank to inform them about what happened. They’ll give you instructions.
Unfortunately, if you deposited cryptocurrencies, there is not much you can do as these transactions are irreversible. If you used your bank card, you’d at least have the chance to file for a chargeback. However, keep in mind that scam recovery agencies are flooding the market, so you need to be cautious while trying to get your money back.
And lastly, consider sharing your experience to help protect others; we’ll appreciate it!