MillCapitals Ledger Review – The Warning Signs of a Scam

MillCapitals Ledger Review

Beginning your journey in the world of online trading is undoubtedly thrilling because you know the possibilities are endless. Yes, you know that there will be trading risks to contend with, but it is also essential to remember that since you are doing it online, there are a couple of additional risks.

Due to the open nature of the internet, criminals have become very active and since trading involves massive amounts of money, they have jumped into this space as well. Their preferred tactic is portraying themselves as scam brokers, as you will discover in this MillCapitals Ledger review.

You cannot skip the step of opening an account with a brokerage because they are the ones that will open trading doors for you and give you access to the financial markets.

They serve as your partners throughout your trading journey and offer you everything you require for trading, so you have to ensure that you opt for a quality brokerage that can give you access to the best of all the tools and features you need.

Of course it is understandable that every company is going to advertise itself as the top choice, but whether they are so remains to be seen.

Many shady and scam platforms may seem to be legitimate at first glance, but this is often just a ruse to get people to sign up with them. This is something a lot of people fall for because they are excited to begin their trading journey and this can make them careless.

They tend to skim the offerings of a brokerage and then make a decision right away. It is what scammers are counting on, so you have to be a little more thorough and cautious when making your decision.

This is certainly applicable in the case of MillCapitals Ledger that will attract your eye because it promises amazing profits. Who does not want that? While it is tempting to sign up right away, you need to check the brokerage carefully to ensure it is a legitimate company and this is when you will find the warning signs. You can go over them here:

Lack of regulation

The simplest way to distinguish between a scam and a legitimate brokerage is through their regulation. Companies in the latter category will have a license from the regulatory body in their jurisdiction to offer their services.

This is reassuring because regulated brokers have to maintain certain standards of service and also offer their clients security, transparency and quality services. This is exactly what you want, so it is best to go with a licensed and regulated brokerage.

When you check the status of MillCapitals Ledger, you will find that the brokerage claims to be based in the United Kingdom and registered there as a business authority.

However, it is important to remember that an online broker should not simply be registered as a company; it also needs to have a license from the regulatory body, which is the Financial Conduct Authority (FCA). No brokerages can operate in the UK without an FCA license.

Unfortunately, a check of the FCA’s online register does not show any sign of MillCapitals Ledger and this a clear sign that the broker is not authorized to offer its services in the country, or anywhere else for that matter. This firmly puts it in the unregulated category, which means it is not a company you can rely on.

No trading software

While there are a number of features and tools that an online broker provides to its clients, the most important of them all is the trading software you have to use. It is a must because you use it for executing your trades, keeping up with the market and for using the tools required for making decisions.

Every brokerage will offer you a software, although the one they offer can vary. Therefore, it comes as a shock when you discover that MillCapitals Ledger does not seem to have a trading platform at all.

If they do not have a trading software, why would you open an account with MillCapitals Ledger at all? It does not make sense because there can be no trading without a software. Most genuine companies would offer you the MT4, or the MT5 trading platform, which are recognized for their advanced tools and functionalities.

A different business model

You will come to realize the reason why MillCapitals Ledger does not have a trading software when you go check out its trading conditions.

This is when you come to know that rather than offering any trading option, the company is actually offering investment plans. They require you to invest money and then MillCapitals Ledger will trade on your behalf to help you make profits.

This sounds very appealing, until you take a look at the kind of returns that MillCapitals Ledger is promising. They are offering amazing profits of about 3% to 7% in just a week, which is impossible for anyone to guarantee.

Even the most professional traders will never make such promises because the financial markets are highly volatile and no one can guarantee how things will turn out.

In addition, brokers tend to be market makers, which means they profit when you lose. Thus, it is likely that MillCapitals Ledger will lose your investment in order to make profits for itself.

No refunds possible

Even though MillCapitals Ledger claims to accept deposits via different methods, such as wire transfer, credit and debit cards and different cryptocurrencies, it only accepts payments through different crypto coins.

You can choose to make deposits in Bitcoin, XRP, Ethereum and Stellar and there is also an electronic payment option called Paystack.

The problem with these methods is that they are not eligible for a chargeback. This means that you will not be able to claim a refund from MillCapitals Ledger if there is any problem at all.

Wrapping Up

All of these warning signs make it evident that MillCapitals Ledger is not a reliable brokerage and you should look for a different platform.