Beware! HighTrustCapital 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.
HighTrustCapital is nothing more than an offshore broker that barely provided any information about itself. Do not even count on getting access to contact details – you will only find an e-mail. It seems like this company would not like you to bother it with unnecessary inquiries – they will ask you to deposit and probably disappear right after that. HighTrustCapital does not offer great conditions or a great platform – why anyone would like to invest with this broker is a mystery to us. Better refrain from giving any sort of attention to such poor offers and check out some trustworthy brokers instead.
HighTrustCapital REGULATION AND SAFETY OF FUNDS
HighTrustCapital is just another offshore company – the broker is registered in St. Vincent and the Grenadines just like many other scam brokers. The reason why such shady enterprises adore the country so much is simple – the local financial regulator only monitors the banking sector. There are no rules and requirements for forex brokers, and nobody to hold them accountable and make sure that clients are being treated fairly. Do not count on any protections or on the broker acting in accordance with all laws if you choose to trade with such an offshore company.
A much better choice is to turn to a licensed UK or EU broker – this way, you would be able to turn a profit and worry that you could get robbed at any time. Such licensed brokers have to do everything by the book and abide strictly by the laws imposed by some respected financial authorities. All brokers licensed in Europe have to maintain a minimum capital of at least €730 000. That amount could be subject to variations though – if the broker has more clients, they have to maintain a bigger capital to prove that they could tend to those clients. Brokers must participate in compensation schemes so if a licensed company goes bankrupt, clients could get compensation of up to £85 000 in the UK and €20 000 in the EU. Negative balance protection is mandatory-you could never lose more money than those you have invested with your broker. Finally, all client deposits must be kept in segregated accounts which ensures that your broker could not use your money for their other financial operations and investments.
HighTrustCapital TRADING SOFTWARE
HighTrustCapital offers access to the web-based trading platform you can see below:
Such platforms are functional enough but the number and effectiveness of trading features are not their strong suit. Their best quality is that they are easy to navigate which makes them a decent stepping stone for complete beginners. Intermediate and advanced traders would definitely not remain satisfied if they are looking for that little “something extra”.
Check out regulated companies offering the most popular platforms in the industry – MetaTrader 4 and MetaTrader 5. Even as a complete beginner you would probably still benefit from trading on a more efficient platform packed with great features. These platforms have ruled the trading world since the software’s introduction 15 years ago. They offer both ease of use and great functionality and are stacked with trading tools like Expert Advisors, VPSs, and the ability to create your own trading bots and indicators and then try them out in a demo account or through back-testing. Don’t hesitate to see for yourself what the platforms have in store for you.
HighTrustCapital TRADING CONDITIONS
HighTrustCapital promises the chance to trade Forex, CFDs, Commodities, Stocks, Indices, and Cryptocurrencies – a decent range of markets. The minimum deposit amount was, however, not specified. We would like to remind you that some of the best brokers in the world of trading offer accounts for as little as $5-$10 – consider checking out the offer of such a company instead of investing both time and money with dangerous schemes.
The spreads we got on the broker’s platform were far from the best – 2.6 pips on EURUSD. This is way higher than the industry average of 1.5 pips most brokers try to stick to (although some great brokers can offer spreads under 1 pip even on their commission-free accounts). Such a spread would mean paying around $26 per lot to the broker just to trade (the price of a pip per lot is $10 usually) – and that is simply too high of a price.
As an offshore broker, HighTrustCapital could offer extremely high leverage legally – however, they chose to stick to more reasonable rates, 1:33 on forex majors. This is close to the leverage caps that exist in the UK, the EU, and Australia (up to 1:30 for retail traders). Trading with such leverage is much safer than choosing higher rates – however, most people open accounts with offshore companies exactly because of the high leverage. If you are careful and experienced, there is nothing wrong with trading with higher rates – here are some brokers who can offer 1:100 leverage.
HighTrustCapital DEPOSIT AND WITHDRAWAL METHODS AND FEES
HighTrustCapital claims that it accepts credit/debit card payments, wire transfers, as well as some online payment solutions such as CashU. When we tried to make a deposit, however, an error occurred and we were not allowed to deposit with a card. This is worrisome since this is the safest payment method – both Visa and MasterCard allow chargeback within 540 days of the transaction which is why scam brokers are reluctant to offer this payment method.
We are unsure how we could deposit without having any sort of payment information – perhaps that will be provided if you contact the broker directly. When you do that, it might turn out that this broker does not accept any of the mentioned payment methods. Many scammers urge their clients to deposit in crypto since such payments are both anonymous and irreversible – be extra cautious if a company that has not proven to be trustworthy asks for such a deposit.
HOW DOES THE SCAM WORK?
This type of scam is really not that complicated – but it has proven to be quite effective and has managed to trick quite a few people. Given such schemes’ growing popularity, it is important to know how to avoid them – so reading the following paragraphs carefully is vital.
The scam starts with you seeing an ad on the Internet for a certain broker’s website. Such websites usually promise amazing conditions and extremely fast profits – but offer very little in terms of license and company information. However, sometimes scammers can be very elaborate in their promise – so you fall for it and provide them with a phone number or an email. There is another option – they might have stumbled upon your contact details somewhere and are the first to make contact. After that, a game of cat and mouse begins – you will be asked to open an account and make a deposit. Keep in mind that these are professional scammers who convince people to transfer money for a living – they will sweet-talk you into depositing by talking about profits and opportunities.
After that, you might indeed see profits and deposit even more money – but all of this is smoke and mirrors, scammers often manipulate results to make you transfer bigger amounts.
At some point, of course, you would want to withdraw your money – and the problems will start. Additional fees or unfulfilled clauses in the Terms and Conditions will appear, and you will be denied access to your money. At this point, you will probably discover something is wrong – and this is when the scammers will drop out of sight.
WHAT TO DO WHEN SCAMMED?
There are a few things you could do if you discover you have been scammed. Chargebacks are possible in some cases depending on the payment method you have used to deposit. Both Visa and MasterCard allow such chargebacks within 540 days while bank transfers and cryptocurrency transactions are irreversible.
Make sure to change all banking passwords. If you have installed any remote access software, remove it immediately – scammers ask their victims to install such software under different pretexts but their endgame is to just get access to your banking accounts and steal even more money.
Notify authorities and share your story with as many people as possible – the more people know about such scams, the less they will fall victim to fraudulent schemes.
Last but not least – don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam, sometimes even conducted by the same people that stole your money in the first place.
