Do you want to trade on Fincap? Is fincapmarkets.com a scam or genuine broker? See fincapmarkets Review to know about this broker.
This article promises to share helpful review to support clients/traders in making the right decision.
Fincap is an offshore brokerage company with a lot of promises for forex traders. The broker’s address is shown as First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines.
Additionally, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
To clarify, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Deposit and Withdrawal
Fincap Minimum Deposit:
Fincap minimum deposit is not indicated. The good thing about a genuine FX broker is that Minimum deposit is made known to traders, and clients can start trading as low as $100.
As for the payment methods, the broker continues to keep clients in the unknown. It doesn’t specify which payment methods it accepts.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Fincap leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Fincap platform claims to offer Web trader and MT5 (Industry standard trading platforms). The presence of MT5 doesn’t make the broker legit because any scam broker can do the same to lure forex traders. But, we were not able to access it, because it was not available for download on the website. What you must know is that, the claim to offer MT5 doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the Fincap leverage, nothing is said. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Why fincapmarkets.com Is A Suspicious Broker
First of, fincapmarkets.com has no financial authority overseeing its financial services. We believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate brokers.
Unfortunately, the broker is a clear scam whose presentation of SVG governance and regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker. See excerpt from SVG
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Fincap Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Fincap located at fincapmarkets.com claims to be a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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Last Updated on December 16, 2022 by Danny