Alaska Capitals

The nomenclature of Alaska Capitals is completely inappropriate, since, as we shall see, the broker has nothing to do Alaska, nor with sub-zero temperatures, unless when comparing the company’s capacity to deliver lawful financial service.

There are three mentions of locations/registrations: the UK, Seychelles, and St. Vincent and the Grenadines (SVG)

Let’s get out of the way the most obvious thing. The Financial Services Authority (FSA) of St. Vincent and the Grenadines does not regulated the financial market, as it has officially stated, and thus cannot issue licenses for brokers. This means that any broker claiming to be operating from this location is most certainly unregulated.

Next, in the footer (and in several other locations) Alaska Capitals claims to have offices in the UK.

The official FCA website has a listing of regulated brokers within their system, none of which is Alaska Capitals Ltd. So the broker is most definitely not regulated in the UK either.

Lastly, the company casually name-drops Seychelles as their headquarters.

In Seychelles the Financial Services Authority (SFSA) is responsible for issuing licenses to wanna-be brokerage firms. After a quick search in the SFSA’s database of regulated entities, we found no results for Alaska Capitals.

What matters with brokers is not if their status as a registered business, but if they hold a proper license that is given to them by a respectable agency overseeing their activities and making sure that the broker will not deceit traders. As we have pointed out Alaska Capitals Ltd is in fact UNREGULATED by the organizations it claims to be, and thus is a risk to all traders that invest in it.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)

When opening an account, we were given the opportunity to choose from a leverage that was capped at 1:100. VIP account holders can take advantage of a 1:200 leverage value.

After opening a Live account without providing any sort of ID document, something that legit brokers always ask for before giving traders log in details for a live trading account, we got a EUR/USD spread of 1.9-2.1 pips which is above the limit of what is favorable for traders. Note that we opened a Standard Account. The costs of trading with the other account types are sure to be different.

Trading instruments we got from the platform are as follows: Forex Pairs, Precious Metals, Energy, Equities, Indexes, and Cryptocurrencies.

The website cannot be changed from its defaulted English language.

ALASKA CAPITALS LOGIN

The broker comes with the efficient MT4 platform which is always a sight for sore eyes.

METATRADER 4

Here we are again with this renowned platform, and for a reason! MT4 stands tall against other trading terminals. Consider using Expert Advisors to set your automated trading while you do other business, or take full advantage of what MT4 has to offer: simultaneous chart management, micro lots, customized trading indicators, huge selection of trading options and much more.

As we already mentioned, the opening of a live account was extremely easy. Typically, this endeavor takes time and patience when dealing with a legitimate broker, because all documents must first be verified. Nevertheless, we logged in with the Standard account and read a EUR/USD spread of 1.9-2.1 pips. This is not favorable to traders.

The leverage can go as high as 1:100, and 1:200 for VIP clients. The website advertises higher leverages but these are not to be trusted. Our information comes straight from the Sign Up page where users can choose from a range of leverage amounts which range from 1:1 to 1:200 (VIP).

The metatrader is available as a standalone desktop trader.

ALASKA CAPITALS MINIMUM DEPOSIT

The minimum deposit is $50 if we are to trust the Home Page with this information. As of writing this there is no way to actually check if the minimum deposit is in fact $50 in the personal dashboard, because the Deposit tab was broken, and wouldn’t drop down to reveal any links to a funding section.

For this reason as well, we have to trust the information on the website when discussing the depositing methods. The Home Page puts out a huge selection of depositing methods: WebMoney, Visa, Skrill, PerfectMoney, OKPay, Neteller, Maestro, FasaPay, bitcoin, Wire Transfer, epayments, Visa Electron, MasterCard, UnionPay. We are prone to believe that only Credit/Debit Cards and Bank Transfer are the only two methods of depositing, as is with most illicit brokers; they know how to preach, but when it comes to delivering, they hide behind their unanswered emails and phone calls.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

ALASKA CAPITALS WITHDRAWAL TIME AND FEES

Without an initial deposit, the minimum withdrawal amount remains a mystery.

The processing times have not been indicated. This is not surprising, for most unlicensed brokers withhold this information.

There are undisclosed fees as proven by a couple of T/Cs clauses. The article simply says that the information on fees is found on the company website. Well, after a pedantic search we found no such info. It’s common for fraudulent brokers to redirect traders to dead-ends.

The same is applied to the following clause:

ADDITIONAL FEES AND TAXES

There is a clause authorizing the company to make deposits and withdrawals on behalf of the client. No doubt they will use this clause as pretext to users who find their accounts suddenly devoid of any capital.

The next addition is a similar provision, allowing the broker to directly debit a client’s account for any taxes and expenses he or she might own the company. These charges are attached to some peculiar activities such as dispatch of reminders, couriers, regulatory levies and more. Check out the article in its entirety:

Be sure that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The most sound advise we could give you is to immediately file for a chargeback with you credit card company.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

If you accept to invest with Alaska Capitals then what will happens is that they will deposit all your funds directly from your personal account, and will never give it back. The clauses we have pointed out will surely be used in their defense. Don’t deposit here!