MorganCapFX.com review – 5 things you should know about morgancapfx

MorganCapFX.com review – 5 things you should know about morgancapfx

Rating: 1

Beware! MorganCapFX.com is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

There is a certain appeal to MorganCapFX.com that might act as a catalyst for many users. But the truth is that, for us, this appeal is an indicator of an experienced scammer, one that has done previous frauds and has some serious experience. And that is why the following review is of importance; it will unveil the illusory appeal and will reveal the true nature of MorganCapFX.com. So read on for crucial inforamtion!

We were faced with the most common registration form and user area used by scammers. It is a  template far and wide used by unlicensed brokers, and we have seen it being used hundreds if times, more than any other.

The web trader we accessed reveals that the available spread for the EUR/USD pair is around 0.2 pips. There are commissions disclosed for the higher account types, but here’s the thing. In the first place, trading accounts with scammer brokers rarely apply; these are used to make the broker seem more professional. And second, the commissions discussed are too low to make a big difference, the spread would remain below 0.5 pips, making it deceitfully lucrative to users. So, we believe that this cost of trade has been manipulated.
The leverage on the user area has been capped at 1:200. The available assets for trading are forex currency pairs, commodities, cryptocurrencies, indices, and stocks.

MORGANCAPFX.COM REGULATION AND SAFETY OF FUNDS

In the legal documents, the broker sates that it abides by Estonian governing laws, which would make sense only if the firm was regulated by the Estonian Financial Supervision Authority, which it isn’t. This claim is used by some scammers for reasons we do not know; they find that Estonia is the perfect scapegoat jurisdiction.

Then, we have a UK contact address. So the broker abides by Estonian laws while being registered in the UK. Utter nonsense that only a scammer brokerage can claim! There is no proof that the firm is registered in the UK, and we know for a fact that the FCA does not regulate it!

So, MorganCapFX.com is unlicensed and a risk to all!

It would be a shame to invest in any unregulated broker, including this one. All your investments will be lost, while your personal details might end up in very wrong hands. And once that happens, no one can tell how long it will take to undo the mess, nor how far the consequences will go. So, we say this to our readers: only invest in regulated brokers, those that are found in overseers’ databases. Any EuropeanUKUS, or Australian broker will do, although you have to check our review for them to find the one(s) that suit you best.

MORGANCAPFX.COM TRADING SOFTWARE

The following web trader is one that we have seen many times with unlicensed brokers, and there is nothing really special about it.

It is very simple, with only the most basic features, meaning that only first time traders can benefit from it It’s way too simple for anyone else, not to mention that we think the broker has tampered with it. So, no we do not recommend it.

MORGANCAPFX.COM DEPOSIT/WITHDRAW METHODS AND FEES

We get very odd and unpopular third part payment methods in the user area: CEX.io, PayPound, PayCent. The first is a is crypto exchange; PayPound seems to us like a very shady payment service provider; and so does PayCent. As for the exchange it did not seem to reliable either. So, MorganCapFX.com provides untrustworthy payment gateways; who knows where all the money will go to!

The withdrawal area in the user dashboard was completely barre, with no indication that the client will ever be able to take out money.

According to the Deposit and Withdrawal policy there are withdrawal fees. These are a $50 withdrawal commission for bank transfers, $25 for e-wallets, and $35 for credit card withdrawals. Let us not forget the 10 percent fee applied to each withdrawal when an account has not done a 200x turnover requirement. The minimum withdrawal for bank is $250, and $100 for the rest of the methods.
It takes up to 5 days to process a request.

Just to note the obvious, the withdrawal methods that are talked about on the website and the legal policies are are barely the same as the ones in the user area, which tells us that the company downright lies.

So what is the reason to invest here? None whatsoever!

HOW DOES THE SCAM WORK

Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.

The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.

Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.

The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.

Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.

WHAT TO DO IF SCAMMED

The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.

An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!

We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.

Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite

Leave a Reply

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