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The popularity of online trading is understandable, as the financial markets offer people a ton of opportunities to make profits. Plus, it is convenient and easy for anyone to get started since all they have to do is sign up with a broker. But, this step is also fraught with challenges, as there are a lot of cybercriminals on the lookout for an opportunity to exploit you. You do not want to become another statistic and this can only be accomplished when you proceed with caution. This GrowthCapAssets review is an important step to take for this purpose.
You will learn quickly enough that part of the reason that people end up falling into traps of these cybercriminals is because they are not thorough enough in their research. The sheer number of online brokers in the market can often end up overwhelming people and they go with an option at random in order to get through this step. But, you have to remember that it is not just the features and services that can vary amongst platforms; their legitimacy does as well. Not all brokers that are advertising their services are authentic.
As a matter of fact, there are a number of them that are pure scams and disguised as online brokers in order to exploit people. Such incidents have become too common for you to ignore and you need to take this step very carefully in order to avoid a disaster. Opting for a brokerage at random is never a good idea when fraudulent platforms exist. Sure, it takes a bit of time and effort, but you can find out the truth about a broker. You can do the same in case of GrowthCapAssets that may not have outright flaws, but a closer look can help you spot the red flags easily enough. What are they? You can check them out below:
One of the top recommendations and advises you will come across for identifying an authentic broker is to check their licenses. A brokerage that is properly licensed to offer its services can be trusted because it is monitored by a regulatory authority and complies with rules, laws and standards. Thus, your first step should be to take a broker’s licensing status. But, this does not mean that you accept a broker’s word for it if they claim to be licensed.
You need to follow up and verify that they do have a license with the regulatory authority in question. This has to be done in the case of GrowthCapAssets as well because it claims to be regulated by a number of financial regulators. When you check out their website, you will find that they have a Certificate of Incorporation in Wales and England. This document has no relevance because brokers in the United Kingdom have to have a license from the Financial Conduct Authority (FCA).
This is the regulatory authority for the region and since GrowthCapAssets has listed a UK address, it needs to have a license from the FCA. You can check the financial watchdog’s online register and not find the company mentioned anywhere. This means that the UK address is either fake, or the broker is illegally based in the region. Regardless of the situation, this makes it an untrustworthy broker.
Next, you will find that GrowthCapAssets also claims to have a license from an entity named the Financial Market Relations Regulation Center (FMRRC). This is also irrelevant because there is no such organization and it is just a virtually anonymous website based in Russia. This means that this license is completely meaningless. Another claim the brokerage has made is a certificate of member of the FinaCom i.e. the Financial Commission.
When you follow up on this, you will discover that GrowthCapAssets has actually been blacklisted by FinaCom and is not actually licensed by it. The external dispute resolution entity based in Hong Kong has issued a warning about the brokerage being a scam and this is enough confirmation for people to decide that this broker is not authentic at all.
No trading platform
The fact that GrowthCapAssets is outright lying about its licensing and regulatory status is already too big of a red flag to ignore, but you will find plenty more if you continue looking. The second one you will come across is the complete absence of a trading platform. Given that you cannot do any trading at all without a trading platform, this lack is definitely a major red flag. The only thing you will find is a dashboard that only gives you the option of making a deposit, or referring other users. This makes it evident that their only goal is to get your money and nothing more.
Offer of guaranteed returns
If you continue digging, you will find that GrowthCapAssets is offering you a bunch of investment plans to choose from. These plans are guaranteeing you returns on your investment, which is something that no legitimate broker would ever do. This is because the financial markets are known for their volatility and even the most expert and professional traders cannot guarantee how a trade will turn out. What makes it worse is that the broker is claiming to offer you such returns when it does not even have a trading platform. This just makes it a Ponzi scheme and nothing more.
Only bitcoin payments
Another red flag that you will find when you continue looking at GrowthCapAssets is that they don’t process withdrawal requests. In such situations, you would obviously want to file chargeback so you can get your money back. The problem is that the only payment method the broker supports is bitcoin. This is a massive red flag because crypto payments are not eligible for chargeback and also because they are more or less anonymous. This means you will have no idea where your money went and you will not be able to do anything about it.
These red flags make it evident that GrowthCapAssets is a scam and should be avoided for your own safety.