CapitalCore review is about a newly established brokerage on the financial market, providing Forex and CFD trading. With their good-looking website and MT 5 trading platform, we thought they were a good solution for a broker.
However, thorough inspection and research showed that this is an unlicensed trading provider based in Saint Vincent and Grenadines. With that being said, we don’t recommend doing business with them. You should keep reading this article till the end because we found some interesting things about them.
|Headquarters||Saint Vincent and Grenadines|
|Platforms||MetaTrader 5, WebTrader|
Is CapitalCore Reliable Broker? Regulation and Safety
CapitalCore is a brand of CapitalCore LLC, based in Saint Vincent and the Grenadines. The broker claims to be “IFSA Regulated”. IFSA stands for Islamic Financial Services Act, regulation of Islamic financial institutions. Thus, it cannot be applied to CapitalCore, since it’s an offshore brokerage and doesn’t even provide an Islamic account.
Also, strictly speaking, no broker can be regulated in Saint Vincent and the Grenadines. As we said many times, this country has a local financial regulator called SVGFSA. However, this authority does not regulate forex brokers. That’s why it’s dangerous to do business with a broker located in this island state.
Trading providers based there do not have to answer to anybody. Such companies are also not obligated to report transactions that enable all sorts of illegal activities such as money laundering, tax evasion, and other types of fraud.
Just based on this information should be enough for you to avoid this business at all costs.
CapitalCore Trading Platform
This trading company provides an MT5 and WebTrader. This would be an amazing offer if we were speaking about a regulated entity and not some shady business.
A web trader is a platform through which forex traders can open and close positions online, without downloading any software. Using a web browser, traders can follow Bid-Ask spreads, place Stop Loss and Take Profit orders, and track all positions executed, past and current.
MetaTrader 5 is a multi-asset trading platform that enables you to trade stocks, forex, and futures. It offers advanced tools for price analysis, algorithmic, and copy trading. Launched in 2010, five years after the launch of MetaTrader 4, MT5 is considered more improved and diverse with better charting, exclusive indicators, and its widespread ability to trade over 500+ markets.
Trading Instruments You Can Trade
With this firm you can trade the following instruments:
- Forex – EUR/USD, GBP/USD
- Shares – Apple, Amazon, Google
- Futures – NASDAQ, gold, Dow Jones
There are no indices or cryptocurrencies, which is a big minus.
CapitalCore Account Types Available
CapitalCore offers several account types:
- Classic – $10
- Silver – $1,000
- Gold – $5,000
- VIP – $10,000
The main difference is in the spread, leverage, and maximum lot size. The minimum deposit for a basic account is $10, which is a good offer. That’s about what legitimate brokers ask for. Of course, that doesn’t change the fact that they are unlicensed. We always need to repeat that.
The spread we got on MT5 was around 1.5 pips on EUR/USD – which is fine and in line with the numbers you will encounter throughout the industry.
The EU and UK regulators have a leverage limit of 1:30, and for the Forex market in the US this limit is 1:50. At the same time, the broker allows up to 1:2000. This means your funds are at 40 times higher risk than any regulator would allow. Another sign they are a scam.
Deposit and Withdrawal Methods
CapitalCore accepts a few different payment methods. E-wallets such as PayPal and PerfectMoney, and cryptocurrency deposits. However, you should keep in mind that you could only use PayPal if your account has been verified. Moreover, the broker urges you to deposit in crypto and offers a 10% bonus if you do so.
Cryptocurrencies can be a dangerous payment method. There is nothing wrong with cryptocurrencies themselves, but they are often preferred by scammers for the anonymity and irreversibility of such transactions.
If you have deposited in crypto, getting a chargeback would be impossible, unless the broker decides to grant you one. Legitimate brokers always offer a variety of funding methods.
CapitalCore seems to offer several attractive bonuses but failed to provide us with a Bonus Policy which is a huge red flag – often enough, scammers use bonuses as a means of attaching certain clauses to the Terms and Conditions, mostly ones that prevent withdrawals before you had reached a certain turnover.
How Does The Fraud Work?
If you’ve reached out of the sky about a forex investment opportunity, it’s most likely to be a scam. You should give away your personal information or transfer money to these firms. You can never know for what purpose they will use that information.
Investing always comes with some level of risk so any company promising investment opportunities without any risk of losing money is probably a scam. Remember, if it looks too good to be true, it probably isn’t.
Scam brokers often promise to make high returns from your initial deposit that may seem life-changing. Any company that offers quick and easy returns is likely to be fraudulent.
When a company tries to pressure you into investing right away, it’s probably a fraud, as well. Most scammers even offer bonuses or discounts to persuade you to invest right away.
The Best Brokers for Forex
Since we’ve spent more than enough time on this scam broker, we are going to devote a couple of sentences to real-deal trading companies. You’ve learned why it’s risky to pick a broker randomly.
We don’t want inexperienced people to get scammed, and that’s why we made a table of top-notch firms. High ratings, functional platform, all regulated. Everything an average user needs.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
CapitalCore is an unregulated broker. They are located in Saint Vincent and Grenadines, an island country known for loose regulations for forex brokers. That’s why scam artists prefer to operate from there.
Their leverage is 1:2000, which is about 40 times higher than any regulator allows. The minimum deposit and trading platforms are alright, but the conclusion is the same. They are unregulated and you should stay away.
FAQs About CapitalCore Broker
What Funding Methods Does CapitalCore accept?
CapitalCore accepts cryptocurrency deposits and electronic payment solutions such as PayPal and PerfectMoney.
How Long Do CapitalCore Withdrawals Take?
According to the FAQ, the withdrawal process may take any time from 24 hours up to a week, depending on the requested method.
Is My Money Safe with CapitalCore?
Your money isn’t safe since this is an unregulated enterprise. They can disappear at any time.