First Capital

First Capital (firstcapital.fm) greets users with a dashing interface and an intimidating image of a predator, ironically revealing what this brokerage firm is all about…

The website claims that First Capital is owned and operated by Sigma Consulting Limited, a registered company in Sofia, Bulgaria. In Bulgaria, the license issuer is the Financial Supervision Commission (FSC). The agency is not the most renowned, and Bulgaria is known to host some shady firms, yet there is an upside to it. There is a compensation scheme that covers 90% of the clients funds in the event the brokers becomes insolvent. The reimbursed sum cannot surpass €20 450.
However, we searched the regulator’s official database of licensed entities, and found no trace of First Capital, which simply means that the broker is not licensed by the FSC. And anyway, it does not say anywhere on this site that the company is actually regulated in Bulgaria, nor anywhere else for that matter. And lastly, a broker may be registered in a country, but it must be legitimised by that country's financial regulator in order to function legally.
So, First Capital is UNLICENSED, making it a risk to all investors!

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 EUR/USD spread we got from when we accessed the live trading platform account was 2.3 pips, which is way above average and not profitable for users. The leverage is limited to 1:100. Last but not least, clients can trade with Forex Pairs, Futures, Contracts, Stocks, Shares, and Crypto.

The languages in which the website is available are English, Italian, Russian.

FIRST CAPITAL LOGIN

Surprisingly, this broker offer the browser MT4 platform.

The MT4 holds the popularity title for many a reason: advanced charting tools, custom indicators, easy order management, and more. However, the browser based MT4 is less capable than the desktop software, so some important features are missing, most notable expert advisors.

FIRST CAPITAL MINIMUM DEPOSIT

Users can fund an account by means of bitcoin, exclusively.

We could not get a hold of a minimum deposit requirement.

Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

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

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

FIRST CAPITAL WITHDRAWAL TIME AND FEES

According to the broker, withdrawal requests are processed within 72 hours.

There is a 4% fee when withdrawing.Furthermore, a user must turnover his deposit at least twice before withdrawing.

ADDITIONAL FEES AND TAXES

Customers who gt a refund will be charged with 5%.

There are no other significant clauses that cause major gasps. Yet we are obliged to warn you that unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular 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.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.

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

Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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

First Capital is a scam, although a well though of one. Do not deposit here!