esCapitals – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
esCapitals - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
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://escapitals.com
Founded: 2023
Regulations: Unlicensed
Languages: English
Deposit Methods: Credit Card, Debit Card, Cryptocurrencies, Bank Transfers
Minimum Deposit: €250
Free Demo Account: Unavailable
Number of Assets: Unspecified
Types of Assets: Cryptocurrencies, Currencies, Stocks, Indices, Commodities
Trading Accounts and Conditions
esCapitals claims to offer their clients 6 different account types, with the minimum deposit in the basic account being €250. Their highest tier account, the Diamond Account, has a minimum deposit requirement of €250,000.
This broker does not mention any other trading conditions besides their minimum deposit request. We do not know the spreads, leverages, commission and so on.
esCapitals – Advantages
There are no advantages to trading with esCapitals.
esCapitals – Disadvantages
Listed here are all the reasons why it would be a bad idea to deal with esCapitals:
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Unregulated and Anonymous Broker
In their Terms and Conditions section, esCapitals claims to be owned and operated by esCapitals. The broker also claims to be registered and based in St. Vincent and the Grenadines.
The fact that this broker is based in SVG (St. Vincent and the Grenadines) is a red flag. This country is known not to provide regulatory oversight to forex brokers. In fact, it was only recently that the SVG Financial Services Authority put in a proviso for companies wanting to open in their jurisdiction; any broker that wants to be registered in SVG has to be first regulated by another financial authority. Only then will the FSA allow them to be based out of SVG. This is not much of a regulation to ensure that brokers are legitimate. Therefore, being registered in SVG is not good enough at all. A broker needs to have a strong regulatory authorization from a respected regulator if they are to be based in SVG.
This broker has no such authorization. In fact, there is no mention of esCapitals being regulated anywhere on their website. And since there is no contact information, and not even an address in SVG, we can say that we are actually dealing a broker that is operating anonymously. And this means that esCapitals is a scammer.
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.
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Blacklisted by CNMV
While checking whether esCapitals was regulated, we found out that the Spanish regulatory authority, the Comisión Nacional del Mercado de Valores (CNMV) has blacklisted this broker.
According to the warning on the CNMV’s website, esCapitals has been operating illegally in Spain, and that they are actually scammers. All Spanish traders have been warned against dealing with this broker.
This warning is clear proof that we are dealing with a scammer.
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Non-Functional Trading Platform
A broker has only a single product offering – their trading platform. This, combined with the broker’s trading conditions, is what they offer as a package to their customers. This is why legitimate brokers ensure that the trading platform they offer is the best in class. And the best trading platforms in the market today are the MetaTrader 4 and MetaTrader 5 platforms.
On their website, esCapitals claims of offer the best trading platform. However, the broker does not specify why trading platform they have to offer their clients. When we registered for an account and checked their trading platform, we found out that esCapitals does not even have a working trading platform. What this so-called broker offers instead is a set of charts imported from TradingView.com. There is no way that you can actually use this platform to carry out trades.
The complete lack of a functional trading platform tells us that we are dealing with a scammer.
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No Trading Conditions
As we stated earlier, it is the combination of the trading platform and the broker’s own trading conditions that make up their business offering to their clients. If there is a problem with either, then it is wiser to find another broker to deal with.
We have already established that esCapitals does not even have a working trading platform. Now, we also see that this broker does not have any trading conditions either. Nowhere on their website do we find any information on their trading conditions. However, considering the fact that there is no functional trading platform, their lack of trading conditions becomes a moot point.
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Issues with Payments
On their website, esCapitals displays the logos of multiple payment providers. So, it seems like they offer their clients payment options such as bank transfers, debit cards, credit cards and cryptocurrencies.
The challenge is that we were unable to access this broker’s payment section, so we do not know if these payment options actually exist or not.
We do need to warn traders that scam brokers such as esCapitals usually end up having only one payment option – cryptocurrencies. This is because crypto payments are all unanimously anonymous as well as irreversible; there is no way to ask for a chargeback and neither can you know where your money has gone.
Therefore, when you are dealing with a new broker, it is advisable to use a more traditional payment option like credit cards. This is because if you do get scammed, then you can file for a chargeback and there is a chance that you can get your money back.
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Issues with Withdrawals
esCapitals gives us very little information about their withdrawal policy. We are told that a withdrawal request takes 3 to 10 business days to process. This is a little ridiculous, especially when you consider the fact that there are so many legitimate brokers that allow for instantaneous withdrawals.
While this broker states that there are no fees attached to credit card withdrawals, esCapitals fails to tell us the withdrawal policy around other payment types.
We are also not told if there are any conditions to withdrawals – such as having to meet a trading turnover target before we are allowed to withdraw.
Such incomplete information is another sign of a scam.
Conclusion
esCapitals is a scammer and cannot be trusted; your investment is not safe with this broker.
esCapitals
Pros
- None
Cons
- Unregulated and Anonymous Broker
- Blacklisted by CNMV
- Non-Functional Trading Platform
- No Trading Conditions
- Unknown Trading Platform
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.
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