Go Capital 123

Go Capital 123 seems to be your regular old broker, that is as good for rookie traders as it is for expert ones. Are these first impressions true, or is there something else to this firm. Read the review to find out.

The broker is owned by Lancelot Equity Ltd which is a registered company in the Commonwealth of Dominica. Dominica is certainly not a destination that is associated with license issuers for brokers, or any other financial institutions. Furthermore, the country, even though regulating the banking sector and some non-banking institutions, does not do the same for forex and CFD brokers. So, the broker may be registered there and working under the local laws, but without a regulation it can do whatever it wants, which is always a no-no for forex broker. Thus we conclude that Go Capital 123 is UNREGULATED, and a risk to all investments.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

We were unable to properly register, because the company wanted us to confirm our identity. This is by no means a bad thing, and in fact is a good sign.
We were able to launch the trading platform, and opened a demo trading account.

On the demo account we got a EUR/USD cost of trade of 1.5 pips, which is the industry standard spread. According to the Additional Risk Disclosure Document, the leverage is capped at 1:300.

The assets for trading as seen from the trading platform are Currency Pairs, Indices, Commodities, Stocks, and Crypto. Overall, a decent set of tools.

The website can be accessed in English, Russian, Italian, Arabic, and German.

GO CAPITAL 123 LOGIN

Go Capital 123 has adapted MT4 as its primary platform by offering some great features: advanced charts, automated trading bots, 500 individual orders per account, VPS’s (Virtual Private Servers), customizable trading indicators, and much more.

As mentioned, the spread for the EUR/USD forex pair is 1.5 pips. The leverage has not been indicated anywhere on the site, except for the Additional Risk Disclosure Document, where it is said to be maxed out at 1:300.

The MT4 can be accessed as a desktop trader and as a web-terminal. There is no mobile alternative.

GO CAPITAL 123 MINIMUM DEPOSIT

To fund an account, according to the website, a client can use the following methods: Credit/Debit cards, Wire Transfer, Yandex Money, QIWI, WebMoney, Neteller, and Perfect Money.

As for a minimum deposit, the website did not offer us any amount.

Due to he 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 three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

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.

GO CAPITAL 123 WITHDRAWAL TIME AND FEES

The broker charges an undisclosed withdrawal fee if more than one withdrawal is done in a month:

The minimum withdrawal amount is said to be $50, as seen in the T/Cs.

The Terms and Conditions state that withdrawals are processed within the first 30 days prior to the account registration. What this means for withdrawals after those 30 days, is a mystery.

ADDITIONAL FEES AND TAXES

In order to withdrawal any funds acquired with the help of a bonus, a client must trade a minimum trading volume (in lots) equal to the bonus divided by 4

There are two dormant fees. One is activated after 90 days of inactivity, after which the broker will issue a fee of $38 per month.
The next one is far more ambiguous; if a user has not withdrawn or deposited in some time, or has very low trading activity, the company will charge him/her with $50.

We want to remind readers that many offshore brokers have no intentions of paying you back. 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

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the company can easily refute any claims you might have against them.

We are positive that this firm 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 entity where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The only way to recover is by filling for a charge back, and hoping it’s not too late.

If you have given a CVV code, be sure to cancel your credit card as soon as possible, because the people behind the scam will not delay, and draining every cent from it.

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

Go Capital 123 had potential even without a regulation, right up until we dug in the Legal Documents and found out what we did… Now all there is left to say is that we do not at all recommend this one to anyone!