FinanceCapitalFX was a short-breathed financial fraud. The website was active for around two months before the firm vanished with clients’ money. Nevertheless, we want to warn you about this and similar schemes out there. Typically, when one domain shuts down, these brokers come back like a hydra with three new ones.
Read our detailed FinanceCapitalFX review and find out more about the brokerage.
FinanceCapitalFX broker claims to be owned by FinanceCapitalFX Cyprus Ltd. As the name suggests, the firm is allegedly registered in Cyprus. For this to be true, it would need to be under the strict supervision of the Cyprus license provider, CySEC.
This authority has strict demands for Forex and CFD brokers, such as a minimum operational capital of 730,000 EUR, keeping clients’ funds in segregated accounts, and participating in the ICF with a reimbursement amount of 20,000 EUR per customer.
Once we searched for FinanceCapitalFX regulation, we found nothing. The brokerage is not registered with CySEC but also with other EU regulators, such as CONSOB, CNMV, FSMA, and BaFin. Instead of approval, we found warnings in regards to fraud.
Additionally, all firms operating in the EEA zone must follow ESMA rules and maintain a leverage limit of 1:30 for retail investors. On the other hand, broker FinanceCapitalFX allows leverage up to 1:200.
Finally, their T&C confirms that the governing law is the law of Saint Vincent and the Grenadines and Estonia. The first has no financial supervisor for the Forex market, while the second one is known as the offshore zone of the EU.
FinanceCapitalFX was a part of the now vanished scam. The firm has promoted its services through fraudulent Google campaigns, defrauded thousands of clients and vanished. It’s a typical Ponzi scheme.
If you have any information about the operations of this fraudulent business, let us know.
While we received a dozen FinanceCapitalFX complaints, the vast majority of them were from:
This website has been active since September 2022, and according to SimilarWeb, it was its peak month in terms of visitors. Numbers have been declining ever since, while currently, it’s impossible to access it.
Our findings showed that FinanceCapitalFX Forex broker ran a fraudulent marketing campaign 1K Daily via Google Ads. This is a typical affiliate campaign run by advertisers who are selling details of potential prospects to fraudulent sites, such as financecapitalfx.com.
The ad displays the possibility of earning $1,000 per day using a tremendous automated trading bot. Of course, as you can guess, there’s no such bot; the company only wants your initial deposit.
Those who submitted their details were constantly called and offered various bonuses via email. Then, account managers added them to Telegram and WhatsApp chats, promising everything they could think of.
Additionally, the broker had their employees lurking for victims through social media, such as Facebook, Instagram, YouTube, and even LinkedIn. Employees would set up a profile as financial advisers and boost their credibility with impeccable resumes on this network.
We urge you to always analyze the offer you get. If it sounds too good, run from it!
We reviewed FinanceCapitalFX’s trading platform and got access to a WebTrader. It’s typical web-based software with several TAs. Surprisingly, this one has a copy trading interface, implying that you can follow other traders and copy their trades.
However, we want to warn you about this particular thing. Copy trading is a sound system for earnings as long as the broker is trustworthy. You can see a display showing many traders and lots of profits. Yet, if the firm is offshore, you cannot trust that these are real investors. You may be looking at a nice picture of bots, and following any of them can put your account at risk.
Instead, we advise sticking to third-party trading platforms such as MT4, MT5, or cTrader. They also offer this feature but are much more reliable. Unfortunately, they’re not on offer with FinanceCapitalFX.
While the login was possible, clients had access to five major groups of trading assets.
While the list looks nice, the broker’s regulatory status certainly doesn’t.
We found 3 FinanceCapitalFX account types called investment plans.
The main difference is the commission ranging from 0-8.7 EUR, depending on the plan.
FinanceCapitalFX’s minimum deposit is 250 EUR, which is pretty high when compared to legit brokers. Those have Micro accounts allowing you to start with as low as $10.
If you were wondering whether you can owe money to your broker, the answer is yes. Legitimate trading firms offer negative balance protection, implying that your account will be automatically closed once it reaches zero balance. However, with the FinanceCapitalFX scam, you can lose more than initially deposited and be in debt.
As expected, the FinanceCapitalFX Withdrawal Policy is rather unclear. Customers can use the following payment methods:
However, nothing more is specified. Note that if you accept any bonuses, there’s a malicious clause implying that profit made from a bonus is not eligible for a withdrawal. Since proving which money was used to make a profit is impossible, you will undoubtedly have difficulty getting the money back without legal aid and a chargeback procedure.
Let us know if you lost money with FinanceCapitalFX or cannot access your trading account. Global Fraud Protection has dedicated specialists for recovery, and we’ve assisted thousands of victims so far.
FinanceCapitalFX is an unregulated offshore trading firm. If you already fell victim to this financial swindler, let us know, and we’ll be happy to assist with the chargeback procedure.
FinanceCapitalFX doesn’t offer a risk-free Demo account to its users.
The minimum deposit required by this investment platform is 250 EUR.
Your funds are not safe with FinanceCapitalFX as it’s not a licensed business.
FinanceCapitalFX is an unregulated offshore trading firm. If you already fell victim to this financial swindler, let us know, and we’ll be happy to assist with the chargeback procedure.
FinanceCapitalFX doesn’t offer a risk-free Demo account to its users.
The minimum deposit required by this investment platform is 250 EUR.
Your funds are not safe with FinanceCapitalFX as it’s not a licensed business.
The post FinanceCapitalFX Review – Don’t Let the Scam Broker Get Richer appeared first on Global Fraud Protection.
