FirstCapital Review: Exposed Forex Scam

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FirstCapital Review: Exposed Forex Scam

FirstCapital ( is a ridiculous trading platform with an alert out from the Italian Regulator First Capital is professing to offer first class trading services to anyone who signs up. And the platform has tried to back up their claim by building an enticing looking website. Members of the trading community are in shock after complaints reached their trading channels. With most members unable to withdrawal funds, it makes it a scam. Read this genuine FIRSTCAPITAL Review for more details.

FirstCapital Review

About FirstCapital

Where the company is actually located is a bone of contention. The disclaimer at the footer of their homepage claims they are based in Estonia. A look at the contact page shows the website has a UK telephone number. Inconsistency with the actual address of the website is aligned with scam brokers. Only scam brokers come up with such websites which are anonymous and hard to pinpoint. And this is why investors need trusted brokers who are recognized by the trading community.

FirstCapital is silent in regards to the trading history which is vital to anyone signing up. A broker’s trading history shows how well they perform. Lack of such information is proof we are dealing with a rogue trading platform. And this is why we need to stop and take a closer look at First Capital. They have the signs of a broker who has no intention of revealing their actual whereabouts. And this is the reason why we must expose the platform with the damaging evidence on them.

Asset Index

The platform claims to offer a number of trading products. These products include CFDs, Commodities, Cryptocurrencies, Forex and Indices. CFDs mentioned on the page include global currencies such as Euro, and US Dollar. Traders are also promised CFDs commodities on Crude oil, gold, and wheat. The platform also claims to offer major international indices such as NASDAQ and Nikkei. Commodities in terms of raw materials include precious metals such as gold and silver.

FirstCapital is offering traders three Cryptos, Bitcoin, Etherium, and Ripple. The broker claims to offer narrow spreads and a wide array of currency pairs when it comes to Forex. They also throw in high flexible leverage as part of their features. The leverage listed is from 20:1 to 400:1. Members can also trade indices from all over the world including American Dow Jones and British FTSE. Other international indices listed include German DAX and Hong Kong Hang Seng.

Business Owner

According to the disclaimer at the footer of their homepage, Sigma Consulting Limited handles the website. The company has been affiliated with other online scams which make us question the broker. Another disturbing feature with the platform is they fail to give actual names of company owners. It is good to know who is handling your funds for accountability purpose. These are rogue brokers who have tried their best to stay anonymous. Anonymity is a dangerous character to associate with in any online investment.

Domain Details

According to the trusted domain register, the platform’s data is unavailable. With such domain names, it makes it hard to track down exactly when the website updates. The claim of being in the online trading world for over a decade is false. Our keen investigation will lead traders into revealing more on the traps set by these scam brokers.

License and Registration of FirstCapital

FirstCapital CONSOB License Warning

The entire website does not have any information regarding license and registration. Disclaimer at the bottom of their homepage has a company registration number which is invalid. Scam brokers will post false numbers to throw off any prying eyes. FirstCapital IS NOT LICENSED OR REGISTERED to offer any trading licenses. To confirm our fears, we reached out to the FCA which is the regulator in the UK. And they claimed not to have any broker licensed under such a name.

Other European regulators have found fault with the broke and issued a stern warning to investors. The Italian Financial Watchdog CONSOB has posted a warning towards this broker. Once a warning has been issued by a regulator, it means the broker is a scam. The notion that this is a broker must be exposed as the website is operated by offshore scam artists. Members who sign up should know their deposits are not safe with them.

Limitations of FirstCapital

Account Details

FirstCapital Account Details

FirstCapital is furnishing traders with four account types to choose from. These accounts listed include Bronze, Silver, Gold, and VIP. Our first problem with the accounts is lack of information regarding minimum acceptable deposit. The leverage is also unfair as the basic account comes with 1:500. Investors and traders should know the industry has set $250 as the acceptable minimum deposit.

Account Managers

The broker claims to have a dedicated team of account managers to help investors and members. Silver and Gold accounts come with a dedicated manager as a feature lacking with the Bronze account. These account managers are hired call agents who are paid to act as experts. The broker has been accused of calling members at odd hours demanding more deposits. These call agents earn their commissions by deposits made. The more deposits are made, the higher their commissions. These are not genuine professional account managers.

Contact and Customer Support

Without proper communication channels, it makes the platform inefficient. FirstCapital is using email as they preferred tool of access. The problem with emails is they may take longer to get a response. A telephone number has been posted which is a VOLP number. The problem with the number is that it is from a virtual service provider. Scam brokers will never give would be victims access to their real contact details. And this is another reason to stay away as communication is far from effective.

Deposit and Withdrawal

FirstCapital is using Credit/debit cards as their sole depository channels. Members with MasterCard and Visa can easily deposit funds with the platform. And this is where scam brokers ensure they target any investor from any part of the world. With such easily accessible depository channels, anyone can fund their accounts. Withdrawing funds with the broker still remains to be the biggest challenge with the platform. None of the members have been able to withdraw funds.

Trading Platform

Intuitive trading platform at your fingertips is the slogan which greets you on their platform page. First Capital is using a web trader which they claim is compatible with mobile devices. Traders who have used the web trader on smart phones complain of slow execution speeds. And this is the result of having a web platform that does not meet the industry standards. Stay away from such illicit platforms which have no security clearance.

Safety of funds with FirstCapital

Another problem with FirstCapital is security of funds which is not guaranteed. The broker does not segregate accounts as dictated by the trading regulations. It means traders have been depositing funds straight to owner’s bank account. And this is the reason why scam brokers pool funds in one account. When bankruptcy or insolvency occurs, none of the members will be compensated. The broker does not participate in a compensatory scheme as dictated by trading regulations.

Scam or Legit FirstCapital

FirstCapital Trading Platform

The evidence is clear as day; FirstCapital is a scam that must be stopped by any means necessary. Claims of withdrawal issues and a warning from CONSOB is enough to stay away. Warn your family and friends from joining any of their affiliate programs. The only way to protect investors is to completely shut down the platform.

Bottom Line

Adding the broker to our scam blacklist will ensure no one falls for their trap. Stay safe and use Credible brokers backed by Crypto experts.

Ensure you keep reading our reviews for more information regarding online trading products and services.

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