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Earning off the internet is not a new concept. One of the common techniques to make money via the internet is through brokers. Traders can’t place buy and sell orders without a reputable broker. Unfortunately, many online brokers are out to scam traders.
The significant question to ask as a trader is, “How do you know when a certain broker is a scam? This article will review Pro Capital Trade. You’ll be knowing if this broker is a trustworthy website for trading.
|Product Types||Forex, CFDs, Currencies and Indices|
|Products Offered||More than 200 products to Trade|
Pro Capital is a Forex broker registered for regulation in Belize. They provide a wide range of trading products from which to choose and a required minimum deposit of $250. The broker claims that their products are compatible with the MT4 trading terminal; however, many reviewers claim that Pro Capital is not compatible with this platform. Their offer includes over 40 forex pairs and crypto CFDs with a leverage of up to 1:200.
The web-platform Pro Capital is the trading name of speed solutions Ltd which is registered offshore in Belize and is regulated by the IFSC (International Financial Services Commission); however, all payments are processed by speed payments OU, which is based in Estonia.
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There are a series of questions online as to the legitimacy of ProCapital Trade. However, due to the number of fake reviews present, people are led to think that this broker is safe to use. Unfortunately, ProCapital Trade is not a safe trading platform for those who value their hard-earned money. You shouldn’t trust any offshore, unregulated forex broker, especially one with a history of warning from several regulators.
West Media Group, owners of ProCapital Media were registered offshore on the Marshall Islands. From research, this Island is a common and remains one of the favourite offshore destinations for untrusted brokers. Marshall Island is a small island located in the centre of the Pacific with a bad reputation for registering companies without adequate procedures.
The website has questionable contact details. One of which is an Italian Phone number and addresses in St. Vincent and the Grenadines. Owners of ProCapital Trade have extended its regulation problems to its similar sites. Unfortunately, the company is associated with a group of unregulated brokers as well. Examples include FirstFXClub, CapitalFXClub, SmartProFX, and SmartBTCfx. Note that all these sites have warnings from CONSOB.
ProCapital Trade has a high trading cost. The cost of trading at the platform offers standard and classic account holders spreads of 2.4 pips on EUR/USD, which isn’t competitive. Most brokers in the market offer traders spread that fall within the range of 1.0 to 1.5 pips for the EUR/USD pair.
Sites like ProCapital should be avoided, especially for their high initial investment levels. Before opening an account with this broker, you need to deposit a minimum of 500 USD or EUR. For an unregulated broker, the required minimum deposit is too high. Regulated and licensed brokers accept initial investments that fall as low as $100.
Several Warning signs have been displayed regarding Pro Capital Trade. The owners of this broker have a history of warnings from European regulators, including the Italian Commissione Nazionale per le Societa e la Borsa (CONSOB). The affiliation of this broker with other websites known for several warnings from CONSOB is questionable.
Some of the platforms associated with Pro Capital Trade were also blacklisted by the Spanish Comision Nacional del Mercado de Valores (CNMV). In most cases, we expect a trustworthy site to be regulated under companies like the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investment Commission (ASIC).
Pro Capital trade doesn’t accept eWallet for traders. This feature may appear unimportant. However, if you consider the new anti-scam policy adopted by Skrill, it becomes a questionable choice. Also, this site has gone the extra mile in ensuring awkward conditions for withdrawal after giving a trading bonus. For any 300 USD accepted as a bonus, the trader needs to trade a minimum of 10 million USD before being allowed to withdraw.
It’s not difficult to know a scam broker. Certain signs will prove a platform is a scam. One of them is their licensing and regulation. If a platform is unregulated, it has a high tendency of being a scam. Apart from the license, here are other pointers:
After being scammed by a broker, traders may be confused on the next reasonable step to take. New traders usually face great challenges in knowing which broker to trust. If you have been scammed by a fraudulent broker, there’s no cause for alarm. Fund Recall will give support through the challenge with their legal team. Take a step to request free consultation today or file a report against a fraudulent broker.
Based on all the negative reviews and the unregulated state of this broker, Fund Recall has marked the platform as a scam. Beware of their false claims of having solid leverage and an array of tradable assets. This site is not trustworthy and it stands as a complete scam.
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