Belfast Capital Group – Can You Trust Them?

| Publish date: 06/25/2020 (Last updated: June 25, 2020 05:21 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Belfast Capital Group - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Deposit
X

updated 2020

Belfast Capital Group offers its clients three different types of trading accounts: Beginner, Trader and Professional. Besides the names of the accounts, we do not know the minimum required deposits for these accounts.

The only way we were able to find out about the trading conditions offered by this broker was by creating a live account (we did so with a $1 deposit). The spreads on the EURUSD currency combination is at 1.6 pips, however there was no information there about the leverage ratios offered. However, on their website, the broker claims to offer a maximum leverage of 1:500.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

Website URL: www.belfastcapital.net

Founded: Not Mentioned

Regulations: Unlicensed

Languages: English, Swedish

Deposit Methods: Bitcoin

Minimum Deposit: Unknown

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Commodities, Forex Pairs, Crypto Pairs, Indices, Shares

Trading Accounts and Conditions

Belfast Capital Group offers its clients three different types of trading accounts: Beginner, Trader and Professional. Besides the names of the accounts, we do not know the minimum required deposits for these accounts.

The only way we were able to find out about the trading conditions offered by this broker was by creating a live account (we did so with a $1 deposit). The spreads on the EURUSD currency combination is at 1.6 pips, however there was no information there about the leverage ratios offered. However, on their website, the broker claims to offer a maximum leverage of 1:500.

Belfast Capital Group – Advantages

The lack of information on critical aspects leads us to believe that there are no advantages to trading with Belfast Capital Group.

Belfast Capital Group – Disadvantages

Here are all the issues that we found with this broker:

  • Offshore, Unregulated Broker

Despite its name, Belfast Capital Group has nothing to do with Ireland. This broker is, in fact, registered in St. Vincent and the Grenadines in the Caribbean, which makes it an offshore broker. And the company that owns this brokerage is called Monecor London LLC.

Furthermore, this island nation’s government has stated that it does not have regulations in place for forex brokers such as this one. And since this broker has not given any other information about its regulatory status in other jurisdictions, we can only assume that Belfast Capital Group is an unregulated broker.

Dealing with unregulated brokers is a sure way to lose money. Such brokers are not controlled by laws that protect customers the way regulated brokers are. When you deal with a regulated broker, you know that you will not be scammed. And if, by any chance, you are met with broker insolvency or fraud, then there are mechanisms by which you can recover some of your losses. But when you deal with an unlicensed broker, you get no such protection.

This is the reason why we recommend to all traders that they should only do business with brokers that are regulated by strong financial authorities such as the Financial Conduct Authority of the UK, the CySEC of Cyprus or even the CONSOB of Italy.

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

 

  • Strange Trading Terminal

We would usually expect to see the MetaTrader4 platform since that is the preferred platform for 80% of traders. This platform has an easy to use layout, and offers great features for advanced trading – market analysis and charting options, as well as tools for automatic trading.

What we got instead was the strangest thing we found on Belfast Capital Group’s website – we cannot even call it a platform. There were a range of charts displayed on the dashboard, and we thought that like the Activ8 platform, we would see the trading prices of the various assets if we clicked on them. However, what we got instead was widgets imported from the independent, third-party market data-provider, TradingView.

  • High Leverage

According to Belfast Capital’s Website, you get a leverage of 1:500, which is extremely high when you are dealing with an unregulated broker. High leverage ratios also come with extremely high risk, and when you’re dealing with a broker that may not be legitimate, then taking such risks with your money is not a good idea.

In fact, because of the high risk of losses, most financial regulators across the world have banned the use of such high levels of leverage.

  • No Payment Options

Belfast Capital Group has given no information on its website about its payment methods; it only displays the logo of various payment providers. The only way you can find out about them is by creating a live account with them.

So, that’s what we did. And when registered, we found out that the only way you can make payments on this broker’s website is via Bitcoin. But here’s another strange thing we found.

When we tried to make a deposit, we were redirected to another website by the name of indacoin. This is not a payments processor. It is, in fact, a Bitcoin selling site. Therefore, we realized that when you try depositing money, you actually end up buying Bitcoin.

This now leads us to believe that this broker is actually a front for the Bitcoin buying platform called indacoin, and they are using this website into tricking people into buying Bitcoins from them.

  • Offers Bonuses

Another red mark against this so-called brokerage is the fact that it offers bonus promotions. These promotions have been banned in most regulated markets because of the unfair conditions attached to them.

When you avail of a bonus promotion, you are asked to make a minimum deposit and the broker will add bonuses to that amount. Then, you are required to meet a trading turnover target. The condition is that if you don’t meet that target, you will not be allowed to withdraw your funds.

Now, those targets are so insanely high that no trader can actually meet them. And then the broker uses that as an excuse not to allow them to withdraw their funds.

However, considering the fact that this broker does not even have a payment option, this is just another gimmick to attract customers and buy Bitcoins from them.

Conclusion

Everything about Belfast Capital Group is wrong. After going through this entity’s website in great detail, we doubt whether it actually is a brokerage. The fact that there is no way you can make payments, and actually are getting tricked into buying Bitcoins instead tells us this is a scam operation whose sole purpose is to get you to buy the cryptocurrency from them.

Belfast Capital Group

2.6

User Experience

3.5/10

Payment Options

2.5/10

Security

2.3/10

Support

2.4/10

Reputation

2.2/10

Pros

  • None

Cons

  • Offshore, Unregulated Broker
  • Strange Trading Terminal
  • High Leverage
  • No Payment Options
  • Offers Bonuses

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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