CapitalCore – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
CapitalCore - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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: https://capitalcore.com
Founded: 2022
Regulations: Not Regulated
Languages: English
Deposit Methods: Visa, MasterCard, PayPal, PerfectMoney, Bitcoin
Minimum Deposit: $10
Free Demo Account: Unavailable
Number of Assets: N/A
Types of Assets: Metals, Indices, Stocks, Forex Pairs
Trading Accounts and Conditions
CapitalCore offers their clients the following types of trading accounts:
- Classic: The minimum required deposit for this account type is $10. The maximum credit is $500. The maximum leverage is 1:2000, there is a 30% Stop Out, the maximum positions are 10 and the maximum lot size is 1.
- Silver: The minimum required deposit for this account type is $1,000. The maximum credit is $1,000. The maximum leverage is 1:1000, there is a 30% Stop Out, the maximum positions are 20 and the maximum lot size is 10.
- Gold: The minimum required deposit for this account type is $5,000. The maximum credit is $1,500. The maximum leverage is 1:200, there is a 10% Stop Out, the maximum positions are 100 and the maximum lot size is 100.
- VIP: The minimum required deposit for this account type is $10,000. The maximum credit is $2,500. The maximum leverage is 1:100, there is a 10% Stop Out, the maximum positions are 30 and the maximum lot size is 20.
All account types have bonuses on offer, and the broker also states that traders are offered a 40% bonus every time you make a deposit. While the broker has not specified the spreads here on their Account Types page, their MT5 platform shows that the spread on the EURUSD is 1.5 pips. There is no mention of the fees or commissions this broker charges.
CapitalCore – Advantages
The only positive that we could find about CapitalCore is the fact that they offer a genuine MetaTrader 5 trading platform to their customers. This is one the best trading platforms in the world today. It is easy to use and has a wide range of features (charting tools, market analysis tools, automatic trading bots, a massive marketplace where you have trading-related apps available, etc.)
CapitalCore – Disadvantages
One advantage is not enough to take away from the fact that this broker is actually a scammer. Here are all the issues that overshadow the presence of an MT5 platform:
-
Issues with Regulation Status
CapitalCore claims to be powered by Capitalcore LLC, a company that is based in St. Vincent and the Grenadines. The company’s registration number is 1608. The broker also claims to be regulated by the IFSA.
Now, here are our issues with these claims.
The financial regulator of SVG, the Financial Services Authority (SVGFSA), regulates only the banking sector and not forex brokers. In fact, the regulator has issued a public notice about not regulating forex brokers. So, being registered in SVG is not enough. A broker needs to be regulated by another financial authority to operate legally.
As for being regulated by the IFSA, the broker does not specify what the IFSA is. They also do not provide any registration or licensing number for us to verify their claims. So, basically, this broker is hoping to fool traders into thinking that they are regulated, when in reality, they are not.
Thus, we can say that this broker is actually unregulated and operating illegally and is therefore just another scam operation.
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.
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.
-
Issues with Leverage
While most of the trading conditions offered by CapitalCore look pretty good, we do have issues with the kind of leverage that this broker offers. A maximum leverage of 1:2000 is just too high.
Leverage ratios in many of the top jurisdictions have been limited by the relevant financial authorities. This has been done to protect traders from seriously massive losses. The forex market is notoriously volatile and most trades end up in losses rather than profits. To ensure that traders are aware of this, regulated brokers are required to publish exactly how many of their customers’ trades have ended up in losses. This figure varies from 75% to 85%. A rather large number.
Thus, regulators such as those in the UK, the European Union and Australia do not allow for more than 1:30 in leverage. The US and Canada are also not far behind with their maximum allowable leverages capped at 1:50. Japan and Hong Kong have even lower leverage allowances at just 1:20.
When you see these types of regulations, you realize that the leverage that this broker offers is not only dangerous, but also illegal in many countries of the world.
-
Issues with Payment Policies
We also have issues with the payment policies this broker has in place. In the first place, the payment options are very limited; you can only make deposits or withdrawals using PayPal, PerfectMoney, and cryptocurrencies. There is no option to make payments using the more traditional – and safer – methods: bank transfers, credit or debit cards or wire transfers.
Now here is where things get interesting: you can only use the PayPal option if your trading account has been verified. Furthermore, the broker pushes the cryptocurrency payment option by offering a 10% bonus. It is wise to remember that unregulated (scam) brokers prefer this payment methods since such transactions are completely untraceable and permanent; once your money is gone, there is no way to get it back or even find out where it’s gone!
-
Bonuses Offered
Finally, CapitalCore offers their clients rather hefty bonuses. However, the broker does not provide the terms and conditions of those bonuses they offer. So, we do not know what it is that you would need to do to avail those bonuses and what conditions there are for withdrawing funds from your account once you have used those bonuses.
We need to point out that such bonuses come with rather unfair withdrawal conditions – such as meeting an impossible-to-reach trading volume turnover before you will be allowed to withdraw your funds.
Conclusion
CapitalCore is a scammer and cannot be trusted.
CapitalCore
Pros
- MetaTrader 5 Trading Platform Offered
Cons
- Issues with Regulation Status
- Issues with Leverage
- Issues with Payment Policies
- Bonuses Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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 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.