If you’re wondering whether Honest Capital is really honest, let us tell you this much – no, it isn’t. Despite false claims about having over 350 thousand clients and over $41 million in accounts, this swindler is robbing customers of their hard-earned money and vanishing.
Instead of believing us blindly, you can read this unbiased Honest Capital review until the end. You will understand everything.
To begin with, Honest Capital is a brand of Coconors and Partners LLC, registered in Saint Vincent and the Grenadines. This offshore island no longer has a regulator in charge of Forex and CFD brokers.
Hence many scammers see it as a great opportunity. They can find someone to sign all the documents while the real owners hide in a remote location and run the whole operation.
Knowing this, we weren’t surprised by the fact that we could not find Honest Capital’s regulation. In fact, we’d be surprised if we found anything.
Of course, we weren’t surprised that the brokerage doesn’t comply with ESMA rules regarding leverage while onboarding EEA zone residents. Instead of setting a cap at 1:30, the firm allows up to 1:100, putting the money of retail traders such as yourself at risk.
Ultimately, the best course of action is to report the Honest Capital trading scam. By telling us your story, you’re securing yourself as an ally in the fight against fraudsters.
Honest Capital is an offshore financial swindler without a proper license. The firm has been blacklisted in Italy for its unlicensed operations.
Since Italy is an EU member, this is the final proof that the company offers unsolicited services in the area. And this is your main reason to avoid it before you lose your hard-earned money.
According to the GoDaddy WHOIS database, the Honest Capital scam has been active since the 12th of October, 2022. The firm is mainly involved in the following countries:
We can urge authorities to find the scammer and ban the website with your report.
Once you enter the Honest Capital trading platform section on the website, you will see the following: “Why trade with MetaTrader?”
Unless you’re completely out of logic or know something we don’t, this question would lead you to believe that you’ll get access to third-party software, MT4 or MT5. In reality, you will only have a basic WebTrader.
Once we registered an account with Honest Capital, we were redirected to a browser-based platform. It has an asset overview, trading news, pending orders, and trading history. Advanced features are not enabled, and it’s also not very user-friendly.
If you were to get MetaTrader or any other reputable software, you might also get a mobile app. With internet-based platforms, there are rarely apps. So much honesty from Honest Capital broker.
Another big issue we discovered while reviewing Honest Capital is the lack of a main trading asset – cryptocurrencies. The company offers four asset groups, those being:
The spread is fixed at 3 pips for FX majors, double the industry standard, and rather unfavorable for investors.
So far, we believe you have given up on the idea of investing. If not, here’s a list of Honest Capital account types and amounts you need to deposit.
Allegedly, all accounts include basic support and negative balance protection, while the leverage increases proportionally. Honest Capital’s minimum deposit is $250, which is the standard amount for FX scams.
Honest Capital Demo account is not available. Customers can review the platform upon registration but not place any trades.
If you try buying or selling any instrument, you will be informed that your balance is insufficient and you need to add money. This means that you will have to risk your own cash to test the system. By now, you should know better than that.
Here we come to the final proof for all our claims. Besides debit/credit cards, this firm accepts deposits via the following cryptocurrencies:
Crypto is virtually untraceable; a wallet is just a combination of numbers and letters without displaying the owner’s name.
Note that the website contains links for AnyDesk and TeamViewer, tools scammers use. If you allow access to your desktop or a mobile device, broker employees can access your online banking or a crypto wallet and steal all your money without any approval.
Honest Capital is not a legit broker but an offshore scam. If you invested any money, let us know before it’s too late. We may be able to assist with the recovery.
Honest Capital requires clients to deposit at least $250 to start trading.
You can trade CFDs on commodities, indices, shares, and FX, but not on crypto.
Honest Capital is not a legit broker but an offshore scam. If you invested any money, let us know before it’s too late. We may be able to assist with the recovery.
Honest Capital requires clients to deposit at least $250 to start trading.
You can trade CFDs on commodities, indices, shares, and FX, but not on crypto.
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