CapitalGBP Review: this is the name of a Forex broker that claims to be located in London, United Kingdom. Is capitagbp.com a legit Forex broker?
On the page we are provided with a London based address that places the broker at:
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Pro Capital 357 City Road, London, EC1v 1lR United Kingdom.
We are aware that all UK based Forex brokers are to be licensed by the FCA among other commissions. When we investigated the list of licensed brokers under the FCA we could not find CapitalGBP nor its parent company: Game Capital Ads Limited.
The broker claims to be “one of the most accessible ways to become richer”. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
CapitalGBP Trading Platform
It is mentioned that CapitalGBP trading software is operated on a MetaTrader 4 platform available to all their clients. But this is provided by an offshore third-party company known as West Media Group Limited. This company has a bad reputation already among Forex traders.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 69+ forex currency pairs, CFDs on 17+ indices, stocks, oil, energy, precious metals, agricultural produce, and many cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:200, and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads that are offered are said to start from 1.6 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on CapitalGBP
The means of making payments and withdrawals with this broker are only VISA, MasterCard and Vogue Pay. It claims to offer popular e-Wallets on its presentation page but this is false. We do not find it encouraging that e-wallets are not in use.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $250 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges and fees are not stated for the broker and we would like to know if they are applied or not.
Trading bonuses are offered to clients and we have found that this is a method used by scammers to impose restrictions on clients’ accounts. For CapitalGBP a 30% bonus is given to every new client, and this comes with a withdrawal clause. Traders must trade $3.3 million for every $100 bonus they receive before they can make withdrawal. Bonus clauses are also subject to change from the broker at any time.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is CapitalGBP Licensed?
No. CapitalGBP is not a duly licensed Forex broker despite being located in London. We have warned traders countless times to avoid unlicensed brokers.
As it is linked to an offshore company for its MetaTrader 4 demo, we find it disturbing. Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
To contact the broker or a customer care representative, traders can call: +44 20 3936 5597 (office number), +44 74 4849 8859 (WhatsApp) or email: firstname.lastname@example.org
Since the CapitalGBP holds no license, it can only mean that it is operating illegally in London if the address is not false. Further, the withdrawal restrictions placed by bonuses are ridiculous. We do not advise traders to consider this broker any time soon.
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
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