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CapitalGBP review – Is capitalgbp.com scam or good forex broker?
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CapitalGBP says to be a UK based forex and CFD broker, offering four account types with leverage as high as 1:200 and the MetaTrader4 platform. And CapitalGBP claims to be “one of the most accessible ways to become richer“.
|Account type||Min. deposit||Max. leverage||Spread s|
|Standard Account||$250||1:200||1,6 pips|
|Gold Account||$20 000||1:200||n/a|
|Platinum Account||$50 000||1:200||n/a|
However, we have some serious doubts about the legitimacy of the broker. As it turned out CapitalGBP is connected to a notorious offshore company, which has been blacklisted by several regulators throughout Europe, so if you are considering investing your funds with them better read this review first.
As we always try to come up with any positive sides about the broker we investigate, here is what we find attractive about the CapitalGBP offer.
Good variety of currency pairs and lots of other CFDs
We tested CapitalGBP trading platform with a demo account and we came across 69 forex pairs, many of which minor or exotic like USDCZK, USDDKK, USDHKD, USDHUF, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDZAR, USDPHP, USDCNH and USDTRY, as well as various CFDs on 17 indices, stocks, oil, natural gas, silver, gold, platinum, palladium, copper, zinc, coffee, cotton, soybean, sugar, wheat, corn and even a selection of major crypto coins – namely Bitcoin, Ethereum, Litecoin, Monero, Ripple, Zcash, Dash, IOTA, Stellar, Bitcoin Cash, Basic Attention Token, EOS, Ethereum Classic, NEO, OmiseGO and Alcoin. If you like the idea of trading crypto assets however, our best advise is to chose only among licensed brokers. Here is our list:
No license, shady background
We understand that CapitalGBP is owned and operated by Game Capital Ads Limited., which says to be based in the UK.
So far so good, but as all financial service companies operating in the UK should be licensed and authorized either by the local Financial Conduct Authority (FCA) or by an official regulator from another EU country, CapitalGBP should be regulated as well.
So we checked the FCA registers and were unable to find neither CapitalGBP nor Game Capital Ads Limited. there. That means we are talking about a unregulated broker, not authorized to target British or EU customers.
On top of that CapitalGBP trading platform is provided by a third party – West Media Group Limited, which is an offshore company well known to us as it has already been blacklisted by several European regulators including the Spanish CNMV and the Italian CONSOB for running or partnering with a number of scam brokers – ProCapital Trade, 24BTCmarkets, CapitalFXClub, FirstFXClub, FirstBTCfx, SmartProFX, WinCapitalPro, 360SmartFX, CapitalBTCfx, CryptoClubFX and SmartBTCfx among others.
Besides CapitalGBP website is supported in Italian and Spanish, along English, so it looks like they are targeting customers mostly in Italy, Spain and the UK.
Our general advise in such cases is to trade only with properly regulated brokers, licensed and authorized by reputable institutions such as the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) – the three most popular regulators in the in the industry.
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And with a FCA broker your trading account will even be insured for up to 85 000 GBP. Here you may check our list of brokers regulated in the UK:
When you make a deposit CapitalGBP says you will immediately get a 30% welcoming bonus. As good as this may sound, you should be aware that all trading bonuses come with strings attached. For a start you will not be able to make a withdraw until you trade at least 3,3 million USD for every 100 USD bonus you have received from CapitalGBP. And that, combined with the fact that the broker reserves the right to change their bonus policy whenever they feel like to, is quite disturbing.
Bear in mind as well that trading bonuses are a favorite tool, usually used by scammers to cancel your withdraw requests. That is why we do not like trading bonuses and European regulators do not like them as well. Trading bonuses are banned on the European market altogether.
Few payment methods
Although CapitalGBP says to accept payments with popular e-wallets like Neteller and AstroPay, when we proceeded with the registration of our account it turned out they accept payments only with bitcoins, credit cards like VISA and MasterCard and Vogue Pay. Here you may check our list of brokers, accepting payments with bitcoins as well:
As tested with a demo account the benchmark EURUSD spread floated about 0,1 pips, which in practice is a raw spread. Brokers who offer raw spreads always take some trading commission, so the actual spreads happen to start at 0,6 pips the least – this is how legit brokers make their profit.
Here however no trading commission was taken, so in our view the spreads on the CapitalGBP trading platform are simply unrealistic.
Otherwise in their presentation CapitalGBP mentions spreads starting from 1,6 pips – higher than what most traders would consider acceptable with a standard account. So our best advice here is simply to check our list of brokers, offering tighter spreads:
CapitalGBP is not a broker you can trust for several reasons. First they are not regulated, which means they do not have legal right to offer any services on regulated markets like the European Union, the UK or Australia. Second, CapitalGBP’s background is pretty shady and they seem to be connected to a certain company that has already been blacklisted for scamming people. So here once again we will repeat our strong advise to trade only with brokers, regulated by well known institutions such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Capitalgbp.com Review: Is CapitalGBP A Scam Forex broker?
CapitalGBP Review: this is the name of a Forex broker that claims to be located in London, United Kingdom. Is capitagbp.com a legit Forex broker?
On the page we are provided with a London based address that places the broker at:
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Pro Capital 357 City Road, London, EC1v 1lR United Kingdom.
We are aware that all UK based Forex brokers are to be licensed by the FCA among other commissions. When we investigated the list of licensed brokers under the FCA we could not find CapitalGBP nor its parent company: Game Capital Ads Limited.
The broker claims to be “one of the most accessible ways to become richer”. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
CapitalGBP Trading Platform
It is mentioned that CapitalGBP trading software is operated on a MetaTrader 4 platform available to all their clients. But this is provided by an offshore third-party company known as West Media Group Limited. This company has a bad reputation already among Forex traders.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 69+ forex currency pairs, CFDs on 17+ indices, stocks, oil, energy, precious metals, agricultural produce, and many cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:200, and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads that are offered are said to start from 1.6 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on CapitalGBP
The means of making payments and withdrawals with this broker are only VISA, MasterCard and Vogue Pay. It claims to offer popular e-Wallets on its presentation page but this is false. We do not find it encouraging that e-wallets are not in use.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $250 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges and fees are not stated for the broker and we would like to know if they are applied or not.
Trading bonuses are offered to clients and we have found that this is a method used by scammers to impose restrictions on clients’ accounts. For CapitalGBP a 30% bonus is given to every new client, and this comes with a withdrawal clause. Traders must trade $3.3 million for every $100 bonus they receive before they can make withdrawal. Bonus clauses are also subject to change from the broker at any time.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is CapitalGBP Licensed?
No. CapitalGBP is not a duly licensed Forex broker despite being located in London. We have warned traders countless times to avoid unlicensed brokers.
As it is linked to an offshore company for its MetaTrader 4 demo, we find it disturbing. Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
To contact the broker or a customer care representative, traders can call: +44 20 3936 5597 (office number), +44 74 4849 8859 (WhatsApp) or email: [email protected]
Since the CapitalGBP holds no license, it can only mean that it is operating illegally in London if the address is not false. Further, the withdrawal restrictions placed by bonuses are ridiculous. We do not advise traders to consider this broker any time soon.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
CapitalGBP review – 5 things you should know about Capitalgbp.com
Beware! CapitalGBP is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
CapitalGBP club is a Forex brokerage registered in the UK. It provides the MT5 trading terminal and clients are extended an extremely generous leverage of up to 1:200. Furthermore, there is wide range of trading products from which to choose and a spread of 1.6 which is just about the industry average. The required minimum deposit is the industry average of $250.
CapitalGBP club regulation & safety of funds
According to the website the company behind the brokerage is registered in the UK by the name Game Capital Ads Limited. We have encountered this name many times already and it is known that the company owns and operates the blacklisted Forex broker ProCapitalFX. Furthermore, we can safely assume that the brokerage is not licensed by the Financial Conduct Authority which is the main British financial regulator.
Having in mind the fact that the company behind the brokerage is quite shady, as well the lack of regulation we must warn traders that dealing with CapitalGBP is risky to say the least. It appears the company simply operates multiple website that are identical as the trading conditions and corporate information are the same as those of FirstFX Club, CapitalFX Club and ProCapitalFX.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
CapitalGBP trading software
Nonetheless, the brokerage does in fact provide the MetaTrader 5 platform, even though the website mentions the MetaTrader 4 which is strange. However, it is the foremost trading terminal at the moment and we view it as a big advantage. There is also a test-drive available:
And we could see an unrealistic spread of 0.4 pips which we highly doubt. Previous brokerages of the same company offered a real-money spread of 1.6 pips and we suppose this it the case with CapitalGBP, although are simply guessing. With unregulated Forex brokers business is always intertwined with certain uncertainty. Clients are extended a leverage of 1:200 which is quite balanced but yet another sign that we have an unregulated brokerage on our hands since there is a leverage cap of 1:30 throughout Europe.
CapitalGBP deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw only via the standard Visa and MasterCard, as well as popular e-wallets such as Neteller and AstroPay.We could not find any worrisome withdrawal provisions, however, we should highlight that many scammers choose not to disclose such information to would-be clients. There is turnover requirement for withdrawing from an account that has taken advantage of the bonus scheme, however, traders should have in mind that almost all brokerages have such provisions for their bonus promotions. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest.
Having in mind all that was stated above, we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.
After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
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