Forex Capital Gain Review
Those who want to trade in the financial markets are probably aware that they will require the services of a brokerage to accomplish this. Of course, it takes only one Google search to make it evident that it is easier said than done. There are literally thousands of brokers that are offering their services nowadays and it can often leave people confused and unsure when they have to pick one. It becomes tougher when you find stories of scam brokers, which indicate that not all companies that you come across in the financial markets are authentic. This Forex Capital Gain review can shed some light on this broker.
You will find the name of Forex Capital Gain in your search and after a quick glance at their offerings, you will be tempted to sign up with them. However, as mentioned above, not all platforms are legitimate, which means some homework is required for you to be able to make up your mind. You need to go through the offerings that are available at Forex Capital Gain to evaluate their legitimacy. This is what the review below can help you with. Let’s check it out:
Is Forex Capital Gain Licensed and Regulated?
When you want to check the legitimacy of a brokerage, the first thing you need to evaluate is their licensing and regulatory status. One common element of scam brokers is that they are not licensed or authorized to provide their services, which makes it easy for them to just up and disappear. A look at the Forex Capital Gain website shows that they claim to be licensed within the European Union and the United States and obviously, this is bound to impress just about anyone.
However, you need to ascertain whether it is true or not because anyone can claim whatever they want and it may not necessarily be true. In order to be licensed in the United States, Forex Capital Gain would require a license from the Commodity Futures and Trading Commission (CFTC) and would also need to be a member of the National Futures Association (NFA). Yet, you will not find the name of the broker in their online registers, meaning it is definitely not licensed in the US.
The second claim that Forex Capital Gain has made is about licensing in Cyprus and you don’t even need to check the register of the Cyprus Securities and Exchange Commission (CySEC) to disprove it. This is because the broker is offering binary options trading, which is banned in the EU and this means it cannot be licensed in Cyprus at all. Likewise, you will not find the brokerage listed in the register of the IFSC in Belize either.
Not only are the claims about regulation and licensing false, another problem is that Forex Capital Gain doesn’t really appear to offer trading services at all. Yes, it claims to offer binary options trading, but what you will really find are investment accounts that promise you returns on your investments.
Terms and Conditions
Now that you have already figured out that Forex Capital Gain is lying about its licensing and regulation, you will be able to find the remaining flaws as well. When you try to find the Terms and Conditions they expect you to comply with, you will discover that no such document is available on their website. There are no T&Cs mentioned, neither will you find a Client Agreement, or any other kind of legal document for that matter. This means you will have no idea what kind of fees they will charge, the policies they will expect you to follow and other such relevant details. Lack of transparency is another warning sign.
One of the most important things you need to know about a broker is the minimum deposit you would have to make to use their services. As mentioned above, Forex Capital Gain doesn’t appear to be offering any trading services, but has investment plans. The smallest plan that you will come across requires a minimum deposit of $300, which is quite substantial and not everyone will be comfortable in paying it.
The most important feature that a broker can offer to its clients is the trading platform, as this is the software used for trading. Yet, you will not find one available at Forex Capital Gain because it doesn’t really offer you any trading services. They have only added some form of a half-baked chart that doesn’t really do anything except create the illusion of a trading platform. Why would you want to sign up with a broker that doesn’t give you the option of trading?
It is a must to check what payment methods are offered by a broker because you want to be able to make your deposits and withdrawals easily and comfortably when you are trading. In addition, you want to ensure that the payment methods you have are safe and convenient as well. You will find that Forex Capital Gain is offering payment options, such as Bitcoin, Western Union and Skrill. The most notable fact is that there are no credit and debit cards supported.
Why is this important? This is because debit and credit cards are eligible for a chargeback, which means you can get your funds back in case something goes awry. However, you cannot do the same with other methods like cryptocurrency because these transactions are irreversible and also hard to trace.
Along with these issues, you should also bear in mind that Forex Capital Gain is offering you returns on your investment that are quite high. The problem is that no one, even the most professional traders, can guarantee such returns because the financial markets are unpredictable and volatile. Anyone who is promising these profits is only misleading you because they cannot guarantee if they will be able to earn this much. All of this just confirms the fact that Forex Capital Gain is not a legitimate brokerage and is only looking to scam people.