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FX PRO CAPITAL TRADE Review
The forex market is recognized as the largest financial market in the world, offering everyone the opportunity to make money. People have tried their luck in this market for decades and many have succeeded in achieving their goals as well. You can also do the same and the best part is that you don’t have to go anywhere to do so. This is all because of online trading that has made it possible for anyone and anyone to dip their toes in the financial markets. But, where does this FX PRO CAPITAL TRADE review come in?
In order to start trading online in the forex market, or any other financial market for that matter, you would require the services of a brokerage. They have always been a part of the trading process and remain so now as well. Online brokers have been established to assist people in trading in the financial markets over the internet and there hundreds, if not thousands, that you will find when you initiate a search. But, it is vital to remember that this is the internet, which means scams are inevitable and the same applies here.
You will come across incidents where people have lost money to scam and fraudulent brokers and this can happen to you as well. Why? It is true that these scammers are very good at convincing people of their authenticity, but it is also because people are often in a hurry and don’t check things properly, which makes them victims. So, how do you prevent this from happening? You have to look for clear signs that show you are dealing with a scam and this should be done with FX PRO CAPITAL TRADE as well.
When you first come across it, you will find that it claims to offer you forex and CFD trading services and presents itself as a regulated platform, but the reality is nowhere close because it is a scam. What makes it so? Some of the indicators are:
Lies about its regulation
The most prominent claim that FX PRO CAPITAL TRADE has made is that it is regulated and this will automatically draw your attention. Even newbie traders know that you should only deal with regulated and licensed brokerages because they can offer you security, while unregulated ones cannot. The former follow proper standards and laws, while the latter are free to do what they want. What impresses most people about FX PRO CAPITAL TRADE is that it claims to be regulated in the United Kingdom.
The Financial Conduct Authority (FCA) is the regulatory authority in the UK and is recognized as one of the top authorities in the world. A license from the FCA is considered immensely valuable and FX PRO CAPITAL TRADE has added one on its website. The problem is that the document on their website is not a license from the FCA, but a certificate of incorporation from the Companies House in the UK. This is meant to help people find the business and nothing more.
This certificate cannot be substituted for a license, as FX PRO CAPITAL TRADE is trying to do because when you check the registers of the FCA, you will not find the broker mentioned at all. This means that they are lying about their regulation, which no genuine company would ever do.
Lies about its address
The lies are just starting where FX PRO CAPITAL TRADE is concerned because you will find that the company is also lying about its address. When you check their website, you will find that it has its office in San Diego, California. This cannot be true because in order to have an office in the US, it would have to have a license from the Commodity Futures Trading Commission (CFTC), which it does not.
Secondly, FX PRO CAPITAL TRADE would also be required to be a member of the National Futures Association (NFA), which it is not. This means that either it is lying about its address, or it is operating illegally from the US. Neither of these things makes it legitimate.
Does not appear to be a broker
When you go through the presentation on the FX PRO CAPITAL TRADE website, you can see that it has posed as a CFD broker. However, this does not appear to be true because when you register with the brokerage, it will offer you investment plans rather than trading accounts. This means that instead of letting you trade CFDs as it should, it is offering you investment opportunities through which it will generate profits for you.
What is worse is that the returns that FX PRO CAPITAL TRADE is offering are not realistic at all. It is offering almost 500% ROI, which means there is a good chance that it is a HYIP scheme i.e. high-yield investment program. These schemes usually take deposits in the same way as Ponzi schemes and are likely to disappear without a warning.
It is important to note that FX PRO CAPITAL TRADE is not being honest about its business model, so you should not trust it at all.
Limited option of chargeback
The payment methods offered by a brokerage are of the utmost importance because they tell you whether you can file for a chargeback or not. As far as FX PRO CAPITAL TRADE is concerned, you will find that it does not support debit and credit cards, such as VISA and MasterCard that give you the option of chargeback.
Instead, you have the option of wire transfers, crypto payments, Western Union and PayPal. Out of all these options, it is only PayPal that gives you some room, as it allows you to get a refund, but this is only possible within a month of making a deposit. If you have used any other method to deposit with FX PRO CAPITAL TRADE, then you will not be able to get your money back at all.
All of these signs show that FX PRO CAPITAL TRADE is nothing more than a scam and should not be considered at all.