Trade Capitol Review – This Is Not A Trustworthy Broker

 

 

In the Trade Capitol Review, you’ll read about a fraudulent offshore broker from Saint Vincent and the Grenadines (SVG). 

The most important thing to note here is that the Trade Capitol broker is unlicensed. Therefore, your investments aren’t safe. We explained how this entity differs from regulated ones in this review.

What’s more, please exclude VideForex, RichFielder and IQCent from your list of potential platforms to trade. It will save your money, nerves and time!

Broker Status: Offshore Scam Broker
Broker Regulation: Unlicensed Forex Provider / No Regulation
Scammers Websites: tradecapitol.co
Operating Status: Active Forex Trading Scam
Blacklisted as a Scam by: N/A
Broker Owner: Eunoia Group LLC
Headquarters Country: SVG
Foundation Year: 2022
Trading Platforms: WebTrader
Mobile Trading: Available
Minimum Deposit: 250 $
Deposit Bonus: 20-30%
Crypto Trading: Not Available
CFD Trading: Yes, you can trade CFDs
Trading Instruments: Forex, Commodities, Shares, Indices
Maximum Leverage: 1:600
Islamic Account: Not Available
Demo Account: No, only live trading accounts
Accepts US Clients: US traders are accepted
Global Fraud Protection Team: Don’t Invest in This Scam Broker!

Is Trade Capitol an Unregulated Scam Broker?

Trade Capitol is the trading name of Eunoia Group LLC from SVG. This offshore domain is notorious for being the nest of countless scammers.

SVG’s laws are pretty lax and the tax system is favorable. The local Financial Services Authority (FSA) oversees only the banking sector. On the FSA’s official website, it is stated that the regulator doesn’t issue Forex trading licenses.

Thus, the Trade Capitol regulation in terms of trading is fake, i. e. the broker is unregulated and you’re at risk of losing your money to fraud.

Our advice is that you find a Tier 1 licensed broker that operates under the jurisdiction of the European Securities and Markets Authority (ESMA), the UK’s FCA or Australian ASIC.

That way, you’ll surely get negative balance protection, a segregated bank account, leverage restriction (1:30) and a compensation scheme (e. g. up to 20,000 EUR) in case the broker becomes insolvent. Also, the capital requirement for brokers is a minimum of 730,000 EUR in the EEA zone.

Trade Capitol is an offshore provider, run by Eunoia Group LLC. The broker is unlicensed to provide Forex trading services. Victims of this scam are traders from the US, UK, Canada, Germany, and Portugal.

Trade Capitol Broker Pretending to be Regulated

A legit broker has an official registered office in the country where it operates. If not, it’s probably a shady offshore provider like Trade Capitol.

To reiterate, SVG is not a safe domain and Forex trading isn’t regulated by the local FSA. The Trade Capitol reputation of being a “reliable & trustworthy” broker is a lie.

Where Do Trade Capitol’s Victims Live?

We did some research to find out where Trade Capitol looks for victims. It seems the financial swindler mainly targets traders from heavily regulated countries:

  • US;
  • UK;
  • Canada;
  • Germany;
  • Portugal.

At the time of this writing, no regulator has issued an official warning against Trade Capitol. We found only client complaints against the broker. If you know anything about this trading scam, please let us know so we could inform the financial watchdogs.

Reviews of Trade Capitol – Traders Share Their Experience

Speaking of complaints, we found a few. Namely, the traders stress that they had withdrawal issues with Trade Capitol. Here’s what one poor Canadian trader said about the broker:

Trade Capitol is a flash Scam. My husband had an account with them for trading and they robbed $13000 + the trade profit in thousands. When the time to withdraw came they asked for $3000 more for tax then they blocked all the phones and viber account… We are going to report the police and other ways to refund our money.

Trustpilot user, February 12, 2023.

Deceptive Company Practices – How This Fraudulent Broker Finds its Victims

Scammers like Trade Capitol use various methods of finding victims. They could buy Google ads, create deceitful Facebook, Instagram & YouTube content, post fake LinkedIn ads, or run online marketing campaigns.

Or, they invite potential victims to private WhatsApp & Telegram chats and present fraudulent offers. A more direct approach would be phone calls and persistent emails.

Another means is dating apps. Tinder or Bumble are often used by scammers to find victims. They spend up to months trying to persuade someone to invest in their scheme. 

Trade Capitol – Which Trading Platforms Are Available?

There’s just one Trade Capitol trading platform – WebTrader. This platform is browser-based, i. e. there’s no desktop or mobile version.

Trade Capitol doesn’t support any legit third-party platform such as MT4, MT5, or cTrader. That’s a huge disadvantage as WebTrader is an ineffective and lackluster platform with no advanced tools.

Can I Use The Mobile App?

No. Trade Capitol didn’t include a mobile app because the broker’s platform is web-based. You don’t need an app, just an Internet connection. 

Mobile trading is great for trading on the go and making quick adjustments but please remember that Trade Capitol is unregulated.

What Can You Trade With This Broker?

Here’s an overview of the Trade Capitol trading assets with some examples:

  • Forex pairs – EUR/USD, GBP/JPY, AUD/CAD…
  • Indices – CAC40, DAX30, NASDAQ100…
  • Commodities – oil, gold, wheat…
  • Shares – Google, Meta, Amazon… 

Fees and Spreads Overview

Trade Capitol advertises fairly tight spreads – from 0.1 to 1.3 pips. However, the trading platform displays 3 pips for the benchmark EUR/USD pair. That’s simply too wide.

The broker says it doesn’t charge any trading commissions, which is shady. Legit brokers make money from commissions and fees.

Trade Capitol’s Account Types Comparison

Trade Capitol’s Account Types Comparison

Here’s an overview of the three Trade Capitol trading accounts:

  • Beginner – 250 $;
  • Advanced – 2,500 $;
  • Professional – 25,000 $.

As for the leverage, it ranges from 1:100 to 1:600. Note that these extremely high levels are risky and often lead to huge losses. The legal cap in the EU and UK is 1:30. In the US and Canada, it’s 1:50. 

Trade Capitol also offers welcoming bonuses of 25-30% depending on the account type. However, the bonus policy of this broker states that clients can only withdraw funds if they achieve a trading volume of 25 * the bonus amount + the deposit.

That’s insane. Because of shady policies like this one, the FCA, ASIC and ESMA banned onshore brokers from issuing bonuses. 

Can I Trade For Free With A Demo Account?

No. Trade Capitol didn’t include a free demo account. That’s a huge red flag. It means you have to open a live account and invest straight away before even seeing the platform and risk getting scammed. 

Withdrawing Profits From Your Broker Account

There’s a discrepancy regarding the Trade Capitol payment methods. Namely, the broker mentioned credit/debit cards and wire transfers in the T&C section but the deposit menu showed only cryptocurrencies.

Due to the unfavorable bonus clause, the Trade Capitol withdrawal policy is pretty awful and clients did complain about having withdrawal issues. After all, the essence of this scam was to never allow withdrawals.

I Lost Money With Trade Capitol Scam, What Should I Do?

Trade Capitol is undoubtedly an online trading scam. If the broker violated any terms and conditions, it probably means that you’ve been defrauded. 

It seems you’re not the only victim of Trade Capitol scam. Don’t worry, Global Fraud Protection has your back. Our team of experts is full of skilled crypto tracers. We utilize advanced tracing software such as CipherTrace.

If this broker steals your money, contact us for help. The fastest and easiest way to do so is via Online Chat. Book your free consultation today! 

All In All, Don’t Let the Scammers Get Away for Free!


FAQ Section:

Is Trade Capitol a Legit Broker and Should I Invest In It?

Absolutely not. Trade Capitol is unregulated and shady. If you invested money, call us as soon as possible. We’ll help you get it back.

Does Trade Capitol Offer a Demo Account?

No. There’s no free demo account, which means you have to invest money without seeing what the broker offers.

Does Trade Capitol Have a Mobile Trading App?

No. Trade Capitol doesn’t support a third-party platform, so it doesn’t have a mobile app.

Does Trade Capitol Give a Welcome or Deposit Bonus?

Yes. The bonus ranges from 20% to 30% but it comes with strings attached.

 


 

The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘Holy Smoke!,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.

This article is syndicated automatically through a third-party agency from ForexIndustry.com.

To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/14/trade-capitol-review-this-is-not-a-trustworthy-broker/.

 

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