ProCapitalFX is a broker dealer but with a very shady reputation. They claim to offer their clients a choice of 4 different types of trading accounts, and that clients can also trade on the popular MT4 platform. The broker, however, is not regulated and is not authorized to provide their trading services to residents of the UK or any other regulated market. Their standard account starts at $250 followed by the classic account type which requires a minimum deposit of $5,000 as well as Gold and Premium which require $40.000 and $100,000 respectively.
In as much as this broker is shady, we can also say that they have some advantages which they intend to use in order to lure traders into their platform. These advantages include access to MT4, a wide selection of CFDs and generous leverage for traders who want to take bigger risks. The MT4 platform is the most popular and favorite among traders out there. You can rest assured that this platform is well equipped with charting features and is also compatible with all types of trading indicators and software. Moreover, it is versatile and will never fail to give what a trader needs in order to be successful.
ProCapitalFX is also offering high leverage of up to 1:500. If they are not a scam, this would be a good thing because we have seen many traders using this kind of leverage and doing so well. This kind of leverage will suffice the needs of the most aggressive trader out there provided they understand the benefits and the risks they are putting their capitals in. The higher the leverage, the greater the risks and this is something that experienced traders understand very well.
We also took it upon ourselves to test their MT4 trading platform just to see whether or not there was a wide selection of trading instruments. We found that ProCapitalFX was offering a generous number of CFDs for trading. Clients who decide to trade with this broker (although we advise against doing so) can access a number of Forex pairs and also CFDs because this broker is quite generous with what they offer in terms of financial instruments. What they offer include indices, commodities, stocks, and Cryptocurrencies. But due to the many disadvantages that come with using a broker like ProCapitalFX, we still don’t have much confidence regarding their services, and are pleading with you to only trade with regulated and professional brokers because it is only through this that your money will be safe. In case you don’t know where to find them, click this link and sign up to begin trading.
Having investigated the details and background of this broker, we find that there are a lot of disadvantages which a trader could face while using the services of this broker. According to the promotion material which appear on this broker’s website, Pro Capital FX is owned and operated by Game Capital Ads Limited. We investigated this company and could not find any information about it, which means that the company is possibly not in existence.
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ProCapitalFX also mentions an address which is based in Italy and Switzerland. The problem is that their phone number is with a UK code. That means that it is very difficult to tell where exactly this broker is operating from. Perhaps they have links with Italy and Switzerland but are mainly operating in the UK. This is our assumption. However, the main thing is that whether they are operating in the UK, Italy or Switzerland, they still need to be regulated by the relevant financial authorities in those countries. In this case, we expected to see their registration number with the FCA and COSNOB.
We also discovered that Game Capital Ads Limited was operating a number of brokerages similar to Pro Capital FX. These include SmartProFX, FirstFXClub, 360SmartFX, CryptoClubFX and probably many others which we do not know. Owning a lot of domains that do the same thing is a popular scamming tactic, and we also suspect that ProCapitalFX is most likely involved in some sort of fraud. It has also been warned by COSNOB to cease its operation because it does not have a license for carrying out their operations and its reputation is also shady.
So we can say that ProCapitalFX is actually a scam based on the warnings that come from the financial regulators as well as the tell tale signs that we see all over the website and its affiliations with other unreliable entities.
If ProCapitalFX is a serious broker, they should announce their spreads on their website. However, since trading conditions have not been announced anywhere, we think that this is a worrisome thing to think of. This is the reason why we tested their demo for a currency pair like EURUSD. We found that spreads were floating around 0.1 pips and there was no commission whatsoever. This is too good to be true. We don’t think this is what happens in a live account. So we actually suspect that this broker is charging bigger spreads and commission in their live accounts. The demo account is only meant to lure victims into this financial trap.
We also noticed that their trading platform was being provided by a third party entity called West Media Group.This entity is in charge of operating Platinums trade brand which also received a warning from COSNOB. The reason why they received a warning should be obvious. Now, you can image that the same company that was engaged in fraudulent activities is the same entity that is running the trading platform offered by ProCapitalFX. This is something that will automatically kill your confidence in this operation.
In our opinion, ProCapitalFX is not the best broker to use. Even with the high leverage and the wide variety of tradable assets to use, we still think that this broker is intending to scam. Stick to these brokers.
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