Beware! MyCapitalint 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.
There is something obviously wrong about MyCapitalint. Starting from the third party charts found throughout the entire website, to the awkward text placement, to the general structure of the website. In most cases MyCapitalint does not feel like a legitimate brokerage. The following review will offer full disclosure as to the true nature and intention of MyCapitalint. Please do not deposit before reading it, for you might regret doing so.
The most common registration form and user area template are at use here. In just over 10 seconds we had a live account created, and we opened a trading software with ease. All we have seen thus far from the trader area reminds us of unregulated brokerages.
The trading software revealed a EUR/USD spread of 3 pips, which is not lucrative to traders, considering that 2 pips is the maximum cost of trade that users can profit from. The leverage for us was capped at 1:100. On top of forex currency pairs, the user can also trade with commodities, cryptocurrencies, indices, and shares.
There is a misleading arow suggesting that the user can change the language of the website, yet all our attempts were futile. The site remains available only in English.
MYCAPITALINT REGULATION AND SAFETY OF FUNDS
Claiming to be regulated by Markets in Financial Instruments Directive (MiFID) is easy as just copy-pasting the statement. MiFID is not a regulator but an EU legislation that strengthens EU brokers’ licensing framework. MyCapitalint “Regulatory Environment” section of the website reveals just that.
Nothing on the website suggests that the broker is holding a regulation. The Terms and Conditions are very unhelpful, while the Contact Page is completely useless:
It’s rare to come across a broker whose presumable location is kept in such secrecy. All this is the mark of a clearly UNLICENSED broker.
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.
MyCapitalint may at some point offer to take over your PC or laptop through AnyDesk or TeamViewer, two softwares allowing an outside party to assume control over a user’s PC remotely. The user just needs to grant access to the broker and in a matter of minutes MyCapitalint will have total control over your PC; the people behind the illicit broker can access all your personal accounts, like emails and even bank accounts! Never allow a scammer brokerage to persuade you to use AnyDesk or TeamViewer.
MYCAPITALINT TRADING SOFTWARE
MyCapitalint uses probably one of the most popular scammer broker web-traders out there. It’s a classic tale of creating the misleading illusion of quality and quantity through visual appeal. Take a look:
With that said, the terminal does come with a handful of helpful features, such as one-click trading, a live news fee, multiple time frames, price alerts, pending orders, and some very small room for chart customization. Yet, we still cannot recommend it for it won’t cover all your needs as soon as you start to grow as a trader.
MYCAPITALINT DEPOSIT/WITHDRAW METHODS AND FEES
In the user payment area, we were able to proceed with just $1. What followed was probably the biggest list of crypto wallets we have ever seen. These are bitcoin, dash, bitcoinc, bitcoing, litecoin, ethereum, ethereumclass, doge, digibyte, namecoin, and vertcoin.
The only withdrawal information we could find on the user area was that requests are processed within 24 hours. The Terms and Conditions speak of withdrawals through credit/debit cards and bank transfers, but that would mean that users can deposit through these means as well. In typical scammer broker fashion, information is all over the place and it rarely coincides from one source to the other. The fees situation is also ambiguous, with no disclosure on withdrawal commissions whatsoever.
Here is literal proof why MyCapitalint cannot be trusted with any sort of investment.
Through the clause, the company has the right to never reimburse you your deposit, nor pay you any profit gained from trading!
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!
Rich Snippet Data