BitCapitals review – 5 things you should know about

Beware! BitCapitals is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

BitCapitals has that feel of a broker that offers its services on an app. We felt as if though the website was just an opener, an intermediary if you will, to the BitCapitals app. Yet, there is no app. It’s all there, on the website. BitCapitals promotes itself as a full-fledged brokerage firm that offers a good range of trading assets as well as lucrative trading opportunities. However, delivering on such promises is never easy, and we think, personally, that BitCapitals is underwhelming at best, and a scam at worst. But that is for the following review to tell. Please read on.

Unfortunately for BitCapitals and those users that had hopes for it, we are not off to the best of starts. The registration form did not give us too much hope of a fluid experience, and neither did the user dashboard area- a simple portal, where most functions were blocked behind KYC documents. We were allowed access to a trading software, where we opened a live account. The EUR/USD cost of trade was very good at 1.5 pips. The user can trade with the following assets: forex currency pairs, indices, commodities, stocks, and cryptocurrencies. The leverage goes as high as 1:400. Overall, these are very favorable trading conditions and are considered very average, as in most brokers offer them.

We wouldn’t recommend to users giving away their sensitive ID documents to shady brokerages, which include BitCapitals. You would be putting your crucial accounts at risk.

The website is available in English, Italian, Polish, Russian, and German.


The parent company of the broker is located in the Commonwealth of Dominica. What makes a huge impact is the fact that his nation does not have a FX regulator. What this means is that all brokers that are located there are all unregulated, and thus offer illegal FX trading services. Unfortunately for BitCapitals, it is not regulated in the Commonwealth of Dominica.

BitCapitals seems to think that a false regulatory claim is enough. Well, some novice users may miss this important detail, but not us. There is no other information on a license of any sort, and so BitCapitals is UNREGULATED, and a risk to all traders!

Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.


It was a surprise to us when we were offered a fully functional MT4, that was also available as a web-trader. We chose to go with the MT4 browser-based office. Please note that the desktop MT4 has significantly more features than the one based on a browser. Below is a snip of the web-trader:

No matter where you look, you will always find the MT4 as the best trading platform in existence. If not it, then its place will be replaced by the MT5, its better version but the least popular one.

The MT4 sports some of the most helpful features out there, including pending order, Expert Advisors, stop/loss and take/profit capabilities time frames, financial indicators, drag and drop charts, multiple graphs customization opportunities, and so much more.

However, even with the MT4 we cannot recommend to users BitCapitals. Being unregulated is not so easily forgotten.


Users can pay through a credit card, a debit card, or a separate bitcoin payment method. The minimum deposit amount is $250. Even without granting the broker our KYC documents, it still allowed us to deposit. So it can block certain features, but not the depositing ones… A common move on the part of illegal firms.

However, in order to withdraw, the user must provide ID documents. So, a client can deposit without giving away his identity, but in order to withdraw her funds, the user must give away these crucial documents? BitCapitals is a scam, indeed.

The website claims that the minimum withdrawal amount is $50. The processing times have not been revealed, however, users can expect their payments to arrive 7 days after the request has been accepted. And there are no withdrawal fees.

None of the withdrawal info on the website correlates with each other, and so we have absolutely no trust for it. Do not invest in BitCapitals! You will be losing all your money!

How does the scam work?

The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!

The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).

If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.

At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!

What to do if scammed?

The first thing you can do, and the most crucial, it to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.

Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.

It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!

The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!

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