Warning! AllianceCapital is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Brokers like AllianceCapital are very alluring and promising, yet we cannot leave the hidden details remain uncovered. Read the review to see AllianceCapital’s true nature.
The Terms and Conditions claim that AllianceCapital is owned and operated by White Rock Partners LTD, a parent company located in St. Vincent and the Grenadines. The paragraph mentions another company by the name W Rock Management OÜ. Both companies are allegedly working under the laws of Estonia.
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, even if it incorporated in the country.
In Estonia the Finantsinspektsioonacts (FI) acts as a regulatory entity for all financial services institutions, with all regulated companies being officially included in an online register. We went through the online registry and found no results, so we can conclude that AllianceCapital is not regulated in Estonia. Even if a company is registered in a country that does not make it licensed by its appropriate body which is crucial for any forex broker to be.
Because there is no further info, and nothing on an actual regulatory agency, we must conclude that AllianceCapital is UNREGULATED.
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).
Once we opened an account, our leverage turned out to be capped at 1:100, while the EUR/USD spread on the Status Platform was 3 pips, abruptly reminding us of the illegitimacy of AllianceCapital. The assets available for trading are Forex Pairs, Shares, Crypto, Commodities, and Indices.
Languages are English, German and Italian.
The client are introduces us to two platforms. One is the aforementioned Status WebTrader and the other is the MT4, yet we were able to open an account only with the Status terminal; we did not receive an email with MT4 credentials. We assume that users are directly contacted by the broker for MT4 details. What ever the case is, we cannot say anything about the MT4 trading conditions.
The Status Webtrader is decent enough, incorporating all the basic necessities, but doesn’t go any further than that. There are options for customization, pending orders, multiple chart indicators, time frames, and a decent amount of trading information. However, it cannot compare to the MT4, and therefore is not well accommodated to more advanced traders.
ALLIANCECAPITAL MINIMUM DEPOSIT
As per the payment area, the minimum deposit is $250. Users can fund an account via Credit Card and Paytrio.
This unregulated broker should not be trusted with you deposit, hence our vote against making any investments in it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
ALLIANCECAPITAL WITHDRAWAL TIME AND FEES
Withdrawal times are said to be between 4 and 7 days.
All of a sudden it turns out that, according to the Deposit & Withdrawal Policy, there are additional withdrawal methods than what we assumed, and what’s more is that they all have hefty withdrawal fees.
Wire Transfer are issued a $50 fee, a $35 charge on Credit cards, and a charge of $25 on e-wallets.
Furthermore, any account that has not done a 200* turnover requirement will be issue a 10% withdrawal fee.
However, all this payment info, including deposits, is useless once we found out that AllianceCapital does not allow for profit withdrawals, a.k.a non-deposited funds. Furthermore, the same clause includes a minimum trading requirement of 25* prior to any bonus withdrawal.
ADDITIONAL FEES AND CHARGES
The broker makes it clear that it can change the content of the legal documents without telling the user, meaning that AllianceCapital can basically do what ever it wants.
Throughout the legal documents, there are numerous indemnification clauses that absolve all blame. Here is the major one:
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, the most popular one being the denial of your withdrawal request. The most common excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
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 chargeback. 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.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Filing for a chargeback is the best adviцe we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
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.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choose to indulge them, they will disappear with the money without a hint of remorse.
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!
AllianceCapital will do nothing more than take your deposit and find clever ways to denounce withdrawals. Do not deposit here!