Beware! Culturecapitalth.com 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.
Culturecapitalth.com claims to be “a forex and commodities broker that offers both retail and institutional clients trading services and facilities” and that aims to “provide the best possible trading circumstances to clients and grant unlimited access to liquidity”. Do not fall for big promises – this is just another unlicensed broker who makes purposefully deceiving claims. The broker claims to be registered in the UK and hopes that you will presume that they are also regulated – which is not the case. Culturecapitalth.com is fully anonymous and does not provide any sort of legal documentation. This is hardly in line with their promises of reliability. The safest option here is to avoid this broker at all costs and only trade with legitimate, licensed companies.
Culturecapitalth.com REGULATION AND SAFETY OF FUNDS
Culturecapitalth.com claimed that it is based and registered in the UK – one of the countries with the strictest forex trading laws. However, registered and licensed are not the same thing. A quick search in the register of the FCA, the UK financial regulator, proved that Culturecapitalth.com is not really licensed to operate in the country.
The only way to trade safely is with a broker that is thoroughly regulated by a reputable financial authority like the FCA, ASIC, or CySEC – such licenses ensure that your broker is legitimate and is maintaining a high standard of service. In order to obtain a license from one of these regulators, a broker must meet many requirements – for example, they have to keep client deposits in segregated accounts. This ensures your broker would not be able to use your money for their own financial activities. Brokers both in the UK and the EU, and in Australia have to maintain some sort of minimum capital to prove that they are financially stable – €730 000 in the EU and the UK, and A$1 million in Australia. Negative balance protection is provided to retail clients – so you could never lose more money than you have in your account. Leverage restrictions exist under all of these jurisdictions – those restrictions protect investors from the dangers of high leverage, namely losing a lot of money very fast.
We hope you can see for yourself that working with a licensed broker is your only real option – if you opt for a scammer, you will be spending less time trading and generating profits, and more time wondering how to retrieve your money.
Culturecapitalth.com TRADING SOFTWARE
Culturecapitalth.com offers its clients the chance to trade on MetaTrader 5 – one of the best platforms in the industry:
These would not be the first scammers who try to use MT5’s stellar reputation to their advantage – the fact that a broker offers a great trading platform does not necessarily make it legitimate.
Better look up legitimate brokers who offer MetaTrader 5 – there is a reason why this is currently the most used platform in the industry. The MT software is a true trading staple and offers many great features alongside an interface that is easy to use and get used to. You will not only get access to advanced charting tools and customizable indicators but also use far more interesting tools like Expert Advisors, VPSs, signals you could set up for prices going above or below a certain level, a market full of trading apps, a built-in economic calendar, and much more. All in all, the software has everything you need to build and maintain a successful trading strategy.
Culturecapitalth.com TRADING CONDITIONS
Culturecapitalth.com offers Standard and Professional accounts. In order to open a Standard account, you will have to invest at least $500 – far more than most legitimate brokers would ask for these days. Check out some brokers that offer accounts for $100 or less instead.
Culturecapitalth.com offers leverage of 1:100 even to retail traders – which proves with complete certainty that they could not be licensed in the UK. Brokers in this country, as well as in the EU and Australia, cannot offer leverage higher than 1:30 on forex majors to their retail clients. The problem with high-leverage trading is that it can result in two things – bigger profits, or bigger losses. However, if you are an inexperienced beginner, the second outcome is much more likely. That is why we always urge readers to be careful with their leverage settings.
The spreads we got on the broker’s platform were quite average – 1.8 pips on EURUSD. The problem is that on the website, Culturecapitalth.com claimed that we would be trading with much lower spreads – starting from 0.1 pips. This is just another example of this broker providing inaccurate information to lure you into a trap. Moreover, they have refrained from mentioning anything about additional commissions – those might turn out to be huge and prevent you from generating a decent profit.
Culturecapitalth.com DEPOSIT AND WITHDRAWAL METHODS AND FEES
Culturecapitalth.com accepts deposits made via wire transfer, through the electronic payment solution Help2Pay, or in crypto – the broker accepts Bitcoin, Ethereum, Tether, and Binance Coin. This means that if you already have deposited with this broker, it would be very hard for you to retrieve your money. All crypto transactions are both anonymous and irreversible by default. Wire transfers are a safer option since they are not as anonymous but getting a chargeback on such payment is still only possible theoretically. You can see how this broker prefers payment methods that would prevent you from getting your money back – the best protection, in this case, is not to deposit with the broker as a whole.
HOW DOES THE SCAM WORK?
You might think that not many people fall for such scams but you would be dead wrong – some scams are quite elaborate and have managed to fool a lot of people. That is why it is important to know what to expect and look for in order to spot a scam broker from a mile away.
The scam starts with an ad on the Internet promising you an easy gateway to forex trading or investing – the only thing you would have to do is open an account with the broker. You know that there are people who trade for a job and that even regular Joes manage to earn a nice side income through trading and wonder why not the same, there is no harm in trying. So you give in and provide the scammers with your contact details.
This is the moment when you will start getting constant calls and emails asking you to deposit – even if you have only opened a demo account. At some point, since everything seems legitimate, you do deposit and in the beginning, things might be looking great. The profits you were promised come soon but you should remember that it is easy for scammers to manipulate platforms to make it look like you are turning a profit. But you will be asked to keep on investing – and you would have no problem doing that because you will be smooth-talked into it by people who scam others for a living.
But when you try to withdraw, you will start running into different obstacles – obscure clauses in the Terms and Conditions preventing you from withdrawing, additional fees and taxes, and weird procedures. At some point, you would not be able to deny the fact you have been scammed – but it will be too late. The scammers will disappear and stop answering your calls and emails and leave you wondering what to do.
WHAT TO DO WHEN SCAMMED?
So what can be done in case you have already deposited?
Be prepared that there is a rather high chance that you would never see your money again. There is, however, still hope to retrieve it especially if you have deposited with a credit or debit card – both Visa and MasterCard allow chargebacks within 540 days of the transaction. Moreover, there are some things you absolutely have to do in order to avoid further losses of money.
Change all passwords and banking details you have provided the scammers with and remove all sorts of remote access software if you have installed such. Some scammers would promise to help you trade, or resolve different problems if you only install such software – their actual agenda is to get access to your computer and all your passwords and information.
Don’t trust any so-called “recovery agents” who offer to retrieve your money for a fee – this is just another type of scam targeting desperate scam victims, often conducted by the same people that are behind your “broker”.
Make sure to notify authorities and try to share your story online, or with your acquaintances – the more people know about such scams and how they function, the lower the success rate they will have.