MyCapitalint Review 2024: Can You Trust The Broker?
MyCapitalint shows you third-party charts on its website and has a weird website. The structure and text placement is all very awkward and make the broker seem like a shady one.
The UI of their website (mycapitalint.com) is quite similar to the various scams I have covered here. The contact page of the website provides no valuable information and all the details are hidden by ‘XXXX’.
In this MyCapitalint review, you’ll discover if you can trust this broker or not:
MyCapitalint License and Regulation
The regulatory information of MyCapitalint is very deceptive, an indication that MyCapitalint is a shady broker and a possible scam.
MyCapitalint claims that its regulator is MiFID (Markets in Financial Instruments Directive) which is merely an EU legislation that empowers the brokers’ licensing system in the EU. MiFID is not a licensing authority but only legislation.
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Apart from that, there is no information regarding the regulation of MyCapitalint. So we can conclude that MyCapitalint is an unlicensed and unregulated broker. You should avoid trading with them.
Be wary of unlicensed and unregulated brokers. These brokers don’t follow the stringent rules and regulations of popular authorities such as the FCA or CySEC. Such brokers can use shady techniques to steal your funds or data and get away scot-free because of their unregulated nature.
Did You Know?
The difference between FCA & CySEC is the speed at which they process withdrawal request. Where FCA is not allowed to block or delay the request.
Regulatory authorities keep a close watch on licensed brokers so they don’t act against their client’s interests. In case a broker does act against their client’s interests, the clients can get insurance compensation from their respective regulators. For example, CySEC offers €20,000 in case the broker files for insolvency. Regulators ensure that the broker keeps their operating funds separate from their clients’ trading funds as well.
Unregulated brokers don’t provide such benefits and that’s why it’s very risky to trade with them. If you want to keep your funds and data safe from fraudsters, it’s best to avoid trading with unregulated brokers.
MyCapitalint Trading Conditions
Checking the trading conditions of a broker can help you a lot in understanding its reliability. I always recommend checking the trading conditions of the broker before signing up with them. It ensures that you don’t sign up with the wrong broker. Let’s see if MyCapitalint’s trading conditions are okay or not:
Trading Platform
MyCapitalint uses a generic web-based trading platform. It is quite a popular platform among shady brokers as it gives them some lucrative screenshots to deceive novice traders.
Their platform offers very limited features and is certainly not a good option.
In terms of trading platforms, MetaTrader is always the best. Metatrader 4 and 5 are among the most popular trading platforms in the forex industry because of the vast amount of benefits they offer. MT4 provides you with real-time and historical data, interactive charts, as well as, online quotes to help you make better trading decisions. You don’t get such facilities with other trading platforms.
So, always look for brokers which offer MT4 or MT5.
Minimum Deposit
Surprisingly, I was able to start trading with this broker by investing a mere $1. It rarely happens with shady brokers that you can start trading with investing such a little amount.
However, even though they only demand $1 as their minimum deposit, I can’t recommend their services.
Leverage and Spreads
MyCapitalint offers a risky leverage of 1:100. It is substantially higher than the industry median when you consider that brokers usually offer 1:50 or 1:30 leverage ratios.
Brokers that offer very high leverage ratios, such as the one MyCapitalint offers, are usually scammers. FCA, the financial regulator in the UK, doesn’t allow its brokers to offer more than 1:30 leverage to their customers. They have added this restriction to ensure that clients don’t lose their funds because of recklessly high leverage ratios. A very high leverage ratio can cause you devastating losses.
Shady forex brokers keep their leverage ratios high so they can trap their clients in large piles of debt.
The spread MyCapitalint offers on the EUR/USD currency pair is 3 pips, which is considerably higher than the industry average. Reliable brokers offer spreads as low as 0.5 or even 0.1 pips as the spread is the amount you pay to the broker per trade.
MyCapitalint Payment Methods and Charges
Transaction Methods
MyCapitalint allows you to make payments through various crypto wallets such as Bitcoin, dash, namecoin, Ethereum, bitcoin, doge, vertcoin, and litecoin.
They don’t specify any minimum withdrawal limit as most of the information is very ambiguous at this broker’s site. It’s very difficult to find anything worthwhile with this broker.
Fees
The broker doesn’t give any information about its fees. This is very dangerous because it allows the broker to levy unfair charges on your trading account after you have deposited some funds.
They can exhaust your account of any funds and you wouldn’t have any option to retrieve them. It’s quite a common tactic among forex scams and that’s why I don’t suggest working with MyCapitalint.
Is MyCapitalint a Scam? Yes!
It’s clear by now that MyCapitalint is a scam. The forex sector has many kinds of scammers. Usually, scammers in this field focus on attracting new and inexperienced traders to their platforms through fake claims and bonus offers. They get the user to sign up on their platform and accept their fishy terms and conditions. Such brokers hide their unfair conditions in the fine print and people usually ignore them while signing up.
Then, they either use hidden fees or make excuses to take away the deposited funds from their user’s trading accounts. Having a high minimum deposit ensures that they get a substantial amount to steal from every user.
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The best way to combat such scams is to do thorough research before signing up on any new broker’s website. You should check the broker’s regulation, license, address, and reputation online. Some brokers even spend money on fake reviews to create a fake positive reputation on the internet.
A huge risk with MyCapitalint is that it may prompt you to use remote access software like AnyDesk or TeamViewer. These tools let the broker take control of your device and can steal your personal data very easily. They might even try to transfer funds into their accounts through your device.
You should never let a shady broker take control of your device. So, always be wary of brokers who claim to offer support through a remote access solution.
MyCapitalint Review: Conclusion
MyCapitalint doesn’t have a license to operate as a forex broker. They use a generic, low-quality trading platform and provide very little contact information. The broker doesn’t specify its fees anywhere on its website and one of its T&Cs allows it to steal your funds directly from your trading account.
It’s obviously a scam and you should avoid doing business with them.
Be sure to share this MyCapitalint review with others. The more people know about this scam, the better.
