Warning! BGoldCapital is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
BGoldCapital immediately caught our eye as a clone of another unregulated broker by the name of CFDiz. Both firms share an uncanny resemblance.
Both brokers even fall under the same parent company, Pro Star Griffith Corporate Centre, based in St. Vincent and the Grenadines. The island nation does not have a financial regulator, meaning that any company that is operational from there is unlicensed, meaning that it can change its rules of conduct as it goes. BGoldCapital has also a clause in the Risk Warning stating that the broker should not be accessed by anyone but UK citizens. It’s no surprise that BGoldCapital is UNREGULATED, making it as much a risk to investments as CFDiz.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The more we spent time with BGoldCapital the closer we came to the realisation that is not only has some common elements as CFDiz, but that BGoldCapital IS CFDiz, just under a different name and using different text fonts and colours.
Upon singing up we got the same EUR/USD spread of 0.7 pips, and the same missing leverage vale that the website claims ti be 1:400.
The trading platform opens the following trading assets: Forex Pairs, Commodities, Crypto, Indices, and Shares.
The languages on the website versus those on the dashboard are quite different. Whereas the website offers only Spanish and English, the client dashboard English, Spanish, French, Bulgarian, Portuguese, Italian, Czech, Russian, Arabic, Japanese, German, Chinese, Polish, Romanian, Vietnamese, and Greek.
The same MT4 as in CFDiz, is used at BGoldCapital, again with no commissions on the surprising spread of 0.7 pips.
BGGOLDCAPITAL MINIMUM DEPOSIT
Credit Card and As4Bit are the sole funding options, with the later having warnings stuck to it. The minimum requirement for opening an account is $200.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
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.
BGGOLDCAPITAL WITHDRAWAL TIME AND FEES
CFDiz integrated a weird fee structure for withdrawals, that is applied to BGoldCapital as well, where withdrawals for silver, gold, and basic accounts can have one withdrawal per month for free and then are charged with Credit/Debit card by 3.5% and Wire transfers by $30. Platinum and diamond account holders are not charged for withdrawals. Withdrawals are said to be processed within a day.
ADDITIONAL FEES AND TAXES
Unlicensed brokers utilise 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!
BGoldCapital is just as illicit as its copycat broker. Investments will not be returned. Stay away!