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BeForexCapital Review: A Caution from the FCA

BeForexCapital Review: A Caution from the FCA

A warning from FCA on BeForexCapital is what made us review the platform. Other regulators in Europe have followed suit and are currently blacklisting the platform. These include the  Central Bank of Ireland and CONSOB. The latter has written to internet providers to block Italians from accessing the platform. These strict rules are after several investors lodged complaints against the platform. Here’s the full BEFOREXCAPITAL Review.

A Closer look at BeForexCapital

BeForexCapital Review

The platform comes out as a CFD forex provider trying to fill the gap between institutional clients and retailers. When you land on their homepage, you quickly understand why investors fell for the platform.

According to the story, BeForexCapital was incorporated by The Capital Holdings Funds. The latter is a renowned Australian CFD and Forex provider. And this sheds light on why the FCA lists Be Capital Forex as a cloned platform.

The platform’s mission is to create the best and most transparent trading experience. Some of the listed core values include commitment, flexibility, integrity, and trust. Unfortunately, the platform is running amok with their assumption that they will get away with it.

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There’s also a claim that the platform has an independent external auditor. Who the expert remains an odd mystery. Entities that hire external auditors will post their names as a sign of transparency.

The disclaimer at the footer of their homepage claims IRBEM regulates the platform. There’s a license number listed as CN3346141, which is a genuine number. Let’s take a closer look at what the platform brings to the table.

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Account Types BeForexCapital

BeForexCapital offers four account types to choose from. These accounts include Small, Silver, Gold, and Business. The minimum deposit amount required to start trading is in line with the regulator’s amount.

You can deposit 5 to 250 Euros for the most basic account with the platform. The leverage on the basic account is also in line with set rules. For the basic account, the maximum leverage is set at 1:100.

Small

The small account holder is limited to trading with Forex instruments only. Fifth decimal is available with a minimum trade size set to 0.01 lot. The maximum total trade side is set at 40 standard lots.

There are no commissions, fund management, or telephone trading.

Silver

And this is where the minimum deposit skyrockets to 50,000 Euros. Trading products include commodities and forex with spreads from 1 pip. The maximum leverage for the silver account is 1:200, which is a risk when you make a losing trade.

Margin call and stop-out levels are set to 30 and 20 percent, respectively.

BeForexCapital Account Types

Gold 

You must deposit a minimum of 100,000 Euros to start using the Gold account. The trading assets include commodities, currencies, crypto, forex, and stocks. Spreads are set from 0.6 pips with maximum leverage set at 1:300.
Members can get commissions of 5 Euros per round-turn standard lot.

Business

To use the business account, the minimum funding amount is 500,000 Euros. You get all trading instruments with spreads set at 0.2 pips. The maximum leverage is set at 1:500, with the minimum trade size being 0.5 lots. 

Commissions and fund management are available with the Business account.

Are funds safe with BeForexCapital?

There’s no way funds are safe with a platform already on the blacklist of regulators. We don’t know their next move, but we believe they will soon shut down. In the event the platform faces insolvency, members will lose their funds.

The platform fails to provide a safety net for deposits made. Be Forex Capital fails to deposit funds with the regulator to act as insurance. Regulators would have protected members in the event of bankruptcy or insolvency.

And this is one of the main reasons why platforms fail to get a license. Most platforms don’t want to deposit the minimum required amount to offer trading services. And BeForex Capital is a perfect example.

BeForexCapital License and Registration Status

With several regulators planning to blacklist the platform, there’s no need to invest with them. In addition, BeForexCapital is NOT a regulated platform and does not have any legal oversight. As a result, those who sign up are putting their investments at risk.

The platform comes up with a registration page claiming to have a valid license. However, capital Holdings LLC is a private limited company. According to the document, the Company resides in the UK.

BeForex Capital License and Registration Documents

We did a check with the Company House UK to verify the information above. Unfortunately, the platform is not on the list of registered entities. Furthermore, the registration document they provide is full of typos.

It’s the extent the platform will take to lure investors into believing the platform is credible. It would be best if you did due diligence before committing funds to an investment platform. It’s one of the ways to protect yourself from fraudulent platforms.

Contact and support

On the contact page, we see contrary information on their place of the registry. However, the address indicates their headquarters is in St. Vincent and the Grenadines. Although they have a UK telephone number, we believe we know why.

The platform is enlisting the services of virtual phone number providers. You can try and call them, which was not possible on our end. However, the number was busy, and when it went through, the agent insisted we sign up first.

You can also leave a message and wait for the platform to respond. The platform is avoiding direct contact. The platform ought to introduce live chat to ensure clients get quick responses.

Deposit and withdrawal terms and conditions

On the deposit and withdrawal page, we get a feel of what the platform offers. The platform only accepts a maximum deposit of 5,000 Euros per deposit/transaction. That means you can’t withdraw an excess of 5,000 Euros.

We also note the platform only allows bank transfers, MasterCard, and Visa. So it makes it easy to fund accounts. However, there’s also a downside to it; tracking where the funds go is a huge problem. And this is what has led to an investigation of the platform.

Withdrawing funds with BeForexCapital is not an easy task. The platform claims to follow AML rules, and they don’t allow withdrawals in the form or refund. In addition, most members have issues with the time element. 

Transactions are not fast enough, and there are huge delays with withdrawals. The platform is also not allowing withdrawals of over 500 Euros. And this is a problem for members of the last three accounts.

MT4 Trading Platform

One of the few things the platform got right is having a world-class trading terminal. With the MT4 platform, members get huge advantages. The platform offers advanced tools and an intuitive user experience.

Be Forex Capital Trading Platform

Why ignore BeForexCapital?

There are several reasons why we won’t recommend the platform to investors. 

  • A warning from several regulators all over Europe.
  • Lack of a proper license
  • Support is not available
  • The fear that the safety of funds is not guaranteed.

These are the reasons we feel are a stumbling block to anyone who signs up with beforexcapital.co.

To get a headstart in investing, you need transparent platforms with a proven track record. So go for the best platforms that offer insightful investment practices.

If you have any questions, leave a comment or email us.

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