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There is no shortage of stories of people who have made fortunes via online trading and this has drawn the attention of many others. The fact that it is easier than ever to start trading is also a bonus and many people have turned towards this space for supplementing their income. But, the first major step you have to take is finding a broker that you wisll use for your trading needs and this is where people often stumble. The fact that scam brokers exists is also quite well-known, but most people let it slip from their minds because they are just too eager. This FxCapitalGroup shows how cunning these fraudulent brokers are and can stand in the way of your financial goals.
It is a given that if you have signed up with a fraudulent broker, you will lose the deposit you have made. This results in financial loss, not to mention how it affects you confidence. It also results in frustration because you will end up back to square one and start anew if you want to trade. If you want to avoid such circumstances, you need do your research and evaluate a broker thoroughly before deciding to trust them with your money, or your data.
Even though it sounds complex, it really isn’t because you only need to check a few things to figure out the reality of a broker. It will help you in deciding if you should sign up or not. Some companies may appear to be legitimate and acceptable on the surface, but the truth may show them to be the complete opposite. This is something you will notice with FxCapitalGroup that claims to be based in Zurich, Switzerland. As per the company, it offers a secure and safe trading environment, high levels of leverage and professional tools. Does this mean you should sign up? This review will answer this question:
Regulation and Licensing
The first step to evaluating any broker is to check their regulation and licensing. Most trustworthy and reliable platforms are regulated and licensed by some of the world’s most renowned authorities like the FCA, ASIC, CySEC and more, depending on where they are based. A broker that doesn’t have a legitimate license should immediately send up a red flag because a good company doesn’t have anything to hide and would be willing to fulfill the criteria to get the license for operating legally.
Unfortunately, you will find that FxCapitalGroup doesn’t have a license either. The only thing they have mentioned on their website is their office address in Zurich, Switzerland, along with a couple of phone numbers. These numbers belong to different regions like UK, Canada, France, Australia, China, Hong Kong, Italy and more. Apart from that, you will not find the name of the company behind the broker and there is no registration number or licensing information either.
Since Switzerland is renowned for its financial services sector, it doesn’t come as a surprise that FxCapital Group is pretending to be a Swiss broker. But, if it was really based there, then the broker should have been licensed by the Swiss Financial Market Supervisory Authority (FINMA).
You will come to know that FxCapitalGroup also offers trading bonuses to its clients, which might please some people. But, it should be noted that these bonuses are banned in most regulatory markets because they have malicious conditions attached to them, which are designed to exploit traders. This is what happens in the case of this broker as well. If you are impressed by the availability of trading bonuses, you should check out the Non-deposited funds clause.
As per this policy of FxCapitalGroup, traders are not permitted to withdraw profits that are made from the trading bonus they have received and any attempt to do so will result in a cancellation of the request. However, the problem is that there is no physical way to distinguish between profits made from the bonus and those made from your deposits, so you will not be able to withdraw anything at all. Hence, it is just the broker’s strategy to prevent you from withdrawing your money.
The primary function of online brokers is to provide their clients with a trading platform they use for connecting to the financial markets and executing their positions. Suffice it to say, it has to be powerful and capable for traders to be able to enjoy profits. The MT4 and the MT5 are considered industry leading solutions and are equipped with the technology and tools that can help traders in their journey. If you were expecting any of these platforms on FxCapitalGroup, then you will be disappointed because these are unavailable.
Instead, you will find that FxCapitalGroup actually has an oversimplified web-based platform that is nowhere near the MT4 or MT5 and is one that’s offered by a number of scam brokers in the market.
How will you make a deposit? You have to check the payment methods in order to find out and a ton of options can be found on the FxCapitalGroup website. These include cards, which is a relief because these are eligible for a chargeback so you can get your money back in case of a problem, wire transfers and a ton of other electronic payment methods. However, after you complete registration with the broker, you will be disappointed to learn that only wire transfers are available. This indicates that they are clearly misleading their clients and also that wire transfers are permanent, so you will not get your money back.
You should also check the leverage available before you sign up anywhere and in case of FxCapitalGroup, you will find that it is around 1:500. This is considered too high and most regulated markets do not permit such high leverage levels due to risks.
The complete evaluation of these aspects of FxCapitalGroup can help you decide that signing up with the company is certainly not a wise move because it is not an authentic one.