Table of Content
Trade Capitol Review – Learn More About This Scam Broker
Table of Content
Let’s not get fooled by the enticing website and the visually perfect package that is open before us. In the Trade Capitol Review, you’ll see precisely why there’s a foul secret behind the promises of this crooked scammer.
While you’re here trying to learn how to trade or improve your existing skills, Trade Capitol is out there on an island, lying on the sand under a palm, drinking coconut water and planning to defraud you. An end must be put to this unscrupulous scheme and that’s what we intend to do.
|Leverage||Up to 1:100|
|Broker Type||Forex, Commodities, Stocks, Indices|
Trade Capitol Regulation and Fund Security
We shall first address the legal status of this shady broker. To reiterate, Trade Capitol is an offshore provider. Per the broker, it operates within Eunoia Group LLC, based in Saint Vincent and the Grenadines. Bear in mind that this island is notorious for the countless scams that have been nested there.
This is due to the state’s ‘anything goes’ laws and desirable tax system. In addition, the Financial Services Authority (FSA), in charge of the financial market, renounced Forex trading, i. e. It does not issue licenses. Therefore, any entity based in SVG that offers financial services is deemed risky. Trade Capitol is no exception.
That’s why you should ditch these providers and stick to the real players, the ones that actually respect some rules. By that, we mean they operate under the jurisdiction of renowned regulators such as the FCA, CySEC, ASIC, etc.
Believe us when we say that it matters. Your funds are stored in segregated accounts in secured banks. Also, in case you start crashing in the market, negative balance protection comes to the rescue.
Trade Capitol Trading Platform Overview
You can judge a broker by the trading platform it provides. After all, a platform speaks a thousand words. In this case, it was enough to get a glimpse of it to know what was up. Trade Capitol offers WebTrader. A simple browser-based platform, as the name suggests, that does have fundamental features but lacks anything slightly more advanced.
Speaking of bad manners, we have reason to believe that this platform is actually a trap. Scammers typically give clients access to a web-based platform that was rigged beforehand. Thus, clients cannot actually trade on it, they can only make deposits.
The trick here is to make them believe they’re trading, which is something these fraudsters have mastered. If you want to avoid this trap, stay away from the platform in general.
Available Account Types
According to Trade Capitol’s website, the fraudulent broker offers the following account types:
- Beginner – $250, leverage 1:100, spreads 0.1 pips, no commission, 20% welcoming bonus;
- Advanced – $2,500, leverage up to 1:300, spreads 1.1 pips, no commission, 25% welcoming bonus;
- Professional – $25,000, leverage up to 1:600, spreads 1.3 pips, no commission, 30% welcoming bonus.
Wow! The leverage caps are insane! First of all, the higher the leverage, the more you could earn or eventually lose. In volatile markets, this plays a huge role and brings enormous risks. Thus, FX regulators have limited the leverage for retail clients to 1:30 (EU, UK) or 1:50 (US). It’s evident that our fraudster violated this.
When it comes to spreads, the tighter they are, the better. However, here we see that the more expensive account types actually offer wider spreads, which is a messed up logic to follow. To make matters worse, the actual spreads you’re treated on the platform are 3 pips!
Don’t get us started on the bonus system. In case you didn’t know, regulators banned brokers from giving away bonuses. Scammers use bonuses to their advantage to lure potential victims. Then, they give bonuses but with strings attached, making withdrawals impossible.
Trading Instruments and Markets
There’s a total of four trading assets available at Trade Capitol:
- Forex pairs – EUR/USD, USD/JPY, GBP/USD…
- Commodities – gold, natural gas, crude oil, coffee…
- Indices – DAX 40, CAC 40, NASDAQ 100…
- Stocks – Tesla, Google, Microsoft…
Pretty nice, Trade Capitol. If not for your missing license, we might’ve given you a pass. Nevertheless, we don’t recommend you trade with this financial swindler.
Trade Capitol Deposit and Withdrawal
The minimum deposit is $250. Acceptable payment methods include credit/debit cards and wire transfers. A bit lame but at least these traditional methods can be reversed. Disregard the whole policy about withdrawals, we doubt you’ll be getting any. These offshore entities are not known to be trustworthy.
I Was Scammed by Trade Capitol – How Can I Get My Money Back?
There’s no reason to be ashamed if you’ve been scammed by this broker. It could’ve happened to anybody. Our duty is to inform you that there are two ways you could get your money back, i. e. a chargeback and a recall.
- A chargeback is used to reverse credit/debit card transactions. It is performed by the issuing bank within 540 days.
- A recall is a process of reversing wire transfers. For it to work, the transaction must not be completed. Otherwise, the recall will fail so rush to your bank at once!
Trade Capitol Summary
- Trade Capitol is a dubious offshore broker that claims it’s part of Eunioa Group LLC;
- The broker is shady, unlicensed and dangerous;
- The minimum deposit required is $250;
- Trade Capitol offers a primitive web-based platform known as WebTrader.
FAQs About Trade Capitol Broker
Is Trade Capitol A Good Broker?
Trade Capitol is a terrible offshore broker with bad trading conditions and platform. It’s also unlicensed.
How Long Do Trade Capitol Withdrawals Take?
Trade Capitol claims that withdrawals take up to 4-7 business days but we highly doubt the broker allows any.
Does Trade Capitol Offer a Demo Account?
Trade Capitol does not offer a demo account on its website.