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MorganCapFX Review – Scam Behind MorganCapFx.Com Broker
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The MorganCapFx website is currently unavailable, and the morgancapfx.com domain is up for sale. This means that this broker is not a threat to your wallet at the moment, but we will definitely present the complete research we have done so that you can recognize other scam brokers.
|Broker Type||Forex, Crypto|
In addition, it is not uncommon for a fraudulent broker to appear on a new website or with a new company name. So, if you recognize anything that we will present in our MorganCapFX review with another broker, it would be good to bypass it.
While it was live, the website did look professional, but there was a lot of conflicting information that clearly indicated it was a scam. If you want to learn more about these kinds of scams, read our text to find more information.
How Are You Protected at MorganCapFX?
As MorganCapFX stated in its legal documents, although there is no mention of regulation and having a license, the company refers to the Estonian applicable law, which would have benefits for clients, if the company was registered by the Estonian Financial Supervision Authority FI, but it is not.
The address the company refers to as its registered office is in the UK, which makes reference to Estonian law meaningless. The company is not regulated by either the FI or the FCA. We found that the address given by the broker really belongs to the company Morgan Capital Management LLP, but it is a company that was founded in 2012 and closed in 2013, which means that this company has nothing to do with our broker.
This means that MorganCapFX is falsely trying to connect with a company which doesn’t exist anymore. This is one of the red flags that should warn you not to deal with these brokers.
Available Trading Software at MorganCapFX
The trading software offered by MorganCapFX is the same platform that many other bogus brokers offer their clients. It is a basic web-based software.
The platform has several charts and indicators, as well as an option for depositing funds. There is no way to do any advanced trading through this software, you also cannot participate in social trading.
In addition, there is also the possibility that the broker manipulates the platform so that while you think you are actually trading, your money is already in the pockets of fraudsters.
Account Types Offered
MorganCapFX offers accounts with small differences in the spread, leverage and market news that the accounts can access. It tries to manipulate users to opt for a larger deposit, pretending that they will have better trading conditions.
MorganCapFX offers three account types:
- Begginer account, with a minimum deposit of 250 EUR;
- Pro account, with a minimum deposit of EUR 2,500;
- Expert account, with a minimum deposit of 25,000 EUR.
What Market Instrument Can Be Traded at MorganCapFX?
The offer that MorganCapFX has seems to be solid, but don’t forget that it is a scam broker. Users can trade the following assets:
- Forex – EUR/USD, AUD/CAD, GBP/ZAR
- Stocks – Microsoft, Apple, Tesla
- Indices – S&P500, CAC40, NIKKEI225
- Commodities – cotton, coffee, gold
- Cryptocurrencies – BTC, ETH, USDT
While their offer might seem generous, it is no special in any way when compared to licensed and reliable brokers. Most brokers nowadays offer a wide variety of trading instruments. Chances are that this financial swindler simply copied their offer from a legitimate broker.
Deposit and Withdrawal Process
The minimum withdrawal amount was 250 USD when it comes to bank transfer transactions and 100 USD for other methods. According to the Withdrawal Policy, MorganCapFX charges $50 for bank transfers and $25 for credit cards, with an additional $10 processing fee.
In addition, the broker charges a 10 percent fee for turnovers that do not reach 200 in a rollover, which amounts to $2 million. In terms of payment methods, MorganCapFX has very strange third-party payment methods in the client area, namely CEX.io, PayCent, PayPound.
These are unpopular payment methods and can be risky in combination with a fraudulent broker because you never know where your money will end up. The payout area on the dashboard was completely blank when we conducted our research, meaning there was no indication that users would be able to claim their funds back.
How Do I Get My Money Back If MorganCapFX Scams Me?
There is a way to get your money back if you’ve been tricked by MorganCapFX. The easiest way to do this is if you have deposited the funds through a Visa or Mastercard card that allows cancellation of the payment up to 540 days from the day the money was paid.
If you made the payment by bank transfer, getting your money back might be a bit more difficult, but it is still possible. The best thing you could do is go straight to your bank and explain what happened.
If you paid money through cryptocurrencies, you might have a much harder time returning your money. Crypto transactions are almost impossible to track, and it is also almost impossible to prove who the e-wallet really belongs to.
It really helps if you have evidence that you have been scammed, for example e-mails, or any text messages that you may have exchanged with the scam broker.
Right now we can conclude that you are protected from MorganCapFX scam broker, considering that their domain is for sale. But this does not mean that this fraudulent broker will not reappear sooner or later with a new or the same company name.
In addition, you should pay attention to the warning signs mentioned in the text, especially if you are thinking of investing money. You need to do this with a brokerage house which by description is the complete opposite of MorganCapFX.
You need a regulated broker that has a license from a strong regulatory body, a company that has good trading software, such as MT4 or MT5, and whose terms and policies are transparent. That’s why we advise you to avoid all brokers that look like MorganCapFX in a wide arc.
FAQs About MorganCapFXBroker
Is My Money Safe with MorganCapFX?
Your money is not safe with the MorganCapFX broker.
How Long Does it Take to Withdraw From MorganCapFX?
Processing of withdrawal requests takes place within 5 work days.
What Are The Funding Methods For MorganCapFX?
MorganCapFX allows deposit methods via credit cards, bank transfers and e-wallets.