Beware! Broker Capitals 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.
Broker Capitals we are dealing with here looked familiar from the first glance and there’s a reason for that. In fact we have reviewed the same scam broker before, but it was using a different domain name. Apparently Broker Capitals decided to try again since its previous website was shut down due to a warning set against it. This time however the broker uses a slightly different domain name but that’s the only thing it has changed. The fraudulent scheme, unfavorable trading conditions and insecure payments however remain the same.
Not only that, but there is another warning set against this particular website – the Italian regulator CONSOB has spotted the deceit once again and has something to say about it. In order to read all about the warning and what makes Broker Capitals a horrible choice of a broker, keep reading the full review.
Broker Capitals Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
On its website Broker Capitals claims to be based in the UK as well as being fully regulated in the same country since 2005. This statement however can’t be more wrong – Broker Capitals not only isn’t licensed by the Financial Conduct Authority of the UK but its purported address is most probably also fake.
But the “icing on the cake” happens to be the recent warning set by the Italian Companies and Exchange Commission, in short CONSOB. The latter exposes Broker Capitals and its present website as an unreliable firm which offers its services illegally. See for yourself:
This broker is obviously an outright scam! It uses different technologies in order to swindle unaware traders but that’s the way fraudsters usually act. They change their domain name the moment when the previous one gets exposed but keep up with the lies and attempt to rip off new clients.
Broker Capitals Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|Broker Capitals platform||❌||❌||❌||❌|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Even though Broker Capitals claims to offer a trusted and advanced WebTrader, the truth is poles apart.
After we registered we managed to log in to a very basic platform. Take a look at it:
To be honest there’s nothing good we can say about it. There are some simple tools and indicators, but nothing more advanced, not to mention the absence of auto trading or any custom indicators. This platform certainly won’t be able to help you much with your trading – it’s too lackluster both for beginners and experienced traders.
That’s why we advise you to look for a legitimate broker who offers MetaTrader 4 or MetaTrader 5 as they are probably the best pieces of software so far.
Broker Capitals Trading instruments
Broker Capitals claims to offer a variety of trading instruments like currencies, Stocks, indices, commodities and CFDs. A wide range that any reputable broker would offer anyway. So there’s certainly no point in dealing with such an impostor firm and risking the safety of your funds
Broker Capitals Spreads and cost of trading
|Spread EURUSD||0.2 pips||1.7||1||1.1|
|Spread GBPUSD||0.4 pips||1.3||1.2||1.4|
|Spread USDJPY||- 0.1 pips||1.3||1.2||1.4|
This broker promises tight spreads starting from 1 pip for its Micro account and going down to 0.0 pips for its Premium account. Note however that the latter comes with a commission of 8 USD, so it could turn out to be quite disadvantageous.
On its platform we saw spreads from 0.2 pips for EURUSD, as well as 0.4 pips for GBPUSD. If you look at the platform however you are going to notice that the spread written on the left is said to be 0.0 pips for both pairs. This contradiction can mean only one thing – that Broker Capitals manipulates its trading software and displays deceptive values.
Nonetheless, even though all of these amounts seem attractive, bear in mind that there may be some commissions ahead. Not to mention that this broker has been blacklisted and should be avoided by all means!
Broker Capitals Maximum leverage
|Broker Capitals broker||1000:1||5:1||2:1||10:1||20:1|
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
The maximum leverage this broker claims to offer is 1:1000 which is an insane amount. But the funny part is that this leverage is offered for its Micro account, while the rest of its accounts like the Standard and Premium offer volumes of 1:500 and 1:100 respectively. In short the leverage is decreasing, which is rather strange. Usually it’s the other way around, but anyway. All of these amounts are too risky in general, that’s why there’s a leverage restriction of 1:30 in the UK – one more proof that this broker is absolutely illegitimate.
You can see all the details about Broker Capitals accounts down below:
On its website however this broker posts some additional information that is quite different from the chart above. Broker Capitals claims to offer a leverage of 1:30 for currencies, 1:2 for crypto, 1:5 for stocks and 1:10 for gold.
Broker Capitals Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Credit card||Instant||No information||Free|
|PayPound||No information||No information||No information|
On the website there is not much data when it comes to the deposit and withdrawal conditions.
After we registered and tried to add funds to our account there were several options including PayPaund and credit/debit card payments with Cardpayz, Gateway and Amald. These options don’t seem as quite secure ones, so we definitely recommend staying away from this broker.
As for the withdrawals, this broker states that they must be done with the same payment method used for the deposit. Furthermore the execution time depends on the payment method, but nothing more is specified.
Broker Capitals Minimum deposit
The minimum deposit this broker requires is 200 USD. A fair amount if only we were dealing with a reputable firm. Unfortunately however Broker Capitals bears all signs of fraud so it’s not worth your time. Not to mention that Micro accounts usually require as little as 10 USD.
Broker Capitals Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Broker Capitals / offshore brokers||No||No information||No information|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Broker Capitals doesn’t mention anything about its Withdrawal requirements that can be useful. However there is some interesting information in its Terms and Conditions that shouldn’t be ignored.
Firstly, this broker will charge every inactive account with 50 USD from the account balance, which seems rather unfair. See for yourself:
Furthermore, even if you decide to close your account it will be subject to a 30% handling fee. Here’s the proof:
As you see, this is definitely a scam alert so better stay away from this shady broker!