Warning! MarketsCap is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
MarketsCap utilizes a much familiar interface that is synonymous with illegitimate brokerage firms. Read on to find out more about this one.
Instantly catching our attention is the location of the broker: St. Vincent and the Grenadines or SVG for short. We remind readers that SVG does not regulate the Forex market, meaning that all brokers firms based on the small island are unregulated. Couple this fact by the missing info on a license, and the conclusion that MarketsCap is UNREGULATED is obvious.
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)
The leverage is maximized at 1:500, according to the broker’s website. This is a regular leverage for unregulated brokers.
Once we registered a live account, the trading platform revealed several assets, but none of which were forex pairs. So we are inclined to give you some of the cryptocurrency spreads instead:
Furthermore, the assets used in training are mostly coupled with bitcoin:
These are the only assets that we were able to trade with our live account.
The languages that the broker supports are English, German, Portuguese and Arabic.
This broker has featured a very minimalist trading platform. There are close to no options for personalizing the user experience. It seems that the only real option traders have is to either sell or buy, which is the staple of any platform, yet one has come to expect much more from a trading terminal. We don’t recommend this one, for it will undoubtedly leave you disappointed.
The leverage is capped at 1:500. Check the snap above for the full list of instruments used for trading, and some crypto spreads.
This platform is only accessible via a web browser.
MARKETSCAP MINIMUM DEPOSIT
When we tried to deposit on the personal dashboard the minimum amount turned out to be 0.01 bitcoin or $10.
Users can deposit via the following methods: Direct Bitcoin Transfer, Direct Ethereum Transfer, VISA, MasterCard, BrigerPay. Note that Wire Transfer is missing, which is probably the most famous of all methods for funding.
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
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 softwares 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.
MARKETSCAP WITHDRAWAL TIME AND FEES
It’s no surprise that there is no minimum withdrawal amount. Shady brokers rarely put out such a value.
There is not anywhere a clear indication on withdrawal times.
The Terms and Conditions mention zero withdrawal fees, but don’t let your guard down. Shady brokers are known for launching unsuspecting fees.
ADDITIONAL FEES AND TAXES
Always be on your guard when dealing with unregulated brokers. They can easily launch incoming fees without warning. 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.
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 broker can easily refute any claims you might have against them.
If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with 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!
MarketsCap is the typical scammer broker; no regulation, misleading information, and a below-average trading platform. The just of it is that it’s not worth anyone’s time.