MNP Capital – Are You Being Scammed?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
MNP Capital - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2021
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://mnpcapital.io
Founded: 2018
Regulations: N/A
Languages: English
Deposit Methods: GumBallPay
Minimum Deposit: €250
Free Demo Account: Yes
Number of Assets: 4
Types of Assets: Cryptocurrencies, Forex, Commodities, Stocks
“Solving social issues necessitates a reimagining of the structures and connections that form our society by leaders from foundations, corporations, NGOs, and governments, as well as a profound knowledge of how to effect social change. MNPcapital’s staff ensures that the finest advice and products are accessible on the market, and that our services are efficient.”
According to the website MNPcapital is a broker in which clients will be satisfied and happy with the services being offered. Read on to see whether or not investing in this broker is worth it or not.
Trading Accounts and Conditions
MNPcapital has 5 different account variations: The first one is their Starter account which requires a deposit of $250, the Basic account which requires $1,000 deposit, the Standard which is the most “popular” of the account variations which require a $25,000 deposit, moving on to the Advanced account variation which needs a deposit of $100,000, the most expensive and the biggest scam of all the account variations is the VIP which asks for a whopping deposit of $250,000.
We saw the broker guaranteeing 0% commissions. The EURUSD spread on the Webtrader Demo account is likewise too good to be true at 0.1 pips. This Demo account, of course, may be adjusted to display such a narrow spread. For the most often traded currency pairings, regulated brokers typically provide spreads of 1 to 1.5 pips.
Leverage ranges from 1:10 to 1:200 at MNP Capital. Leverage is unrestricted for offshore brokers, but leveraged trading carries substantial dangers, particularly for new traders. High leverage offers tremendous profit potential, but it also comes with a lot of danger for traders because any losses are doubled.
As a result, most regulatory agencies establish leverage limits for non-professional traders: in the United States, the limit is 1:50, while in the EU and the United Kingdom, it is 1:30. From March of this year, the Australian Securities and Investments Commission (ASIC) began limiting leverage for key currency pairings to 1:30.
MNP Capital – Advantages
There are no advantages in investing with MNP Capital, They are an unregulated, nameless broker who is not governed by recognized regulatory organizations’ laws and procedures. We urge our readers to avoid investing with them since there is no assurance that their money will be secure.
MNP Capital – Disadvantages
Unclear Deposit and Withdrawal Methods
On the broker’s website, we can see credit card logos such as VISA and MasterCard, as well as wire transfer and OKpay e-wallet. However, the only way to deposit in the client area was through GumBallPay, a little-known payment processor. Bank transfers and other popular payment methods such as PayPal, as well as e-wallets like Skrill and Neteller, which are favoured by traders, are not accepted.
The minimum deposit is €250, which is a bit expensive considering that reputable brokers seldom ask for more than $150-$200, and some brokers provide micro accounts where you may start trading with as low as $10. According to the website’s Terms and Conditions, the minimum withdrawal amount is $250 for wire transfers and $100 for all other methods.
MNP Capital imposes hefty withdrawal fees, including $50 for wire transfers, $25 for credit cards plus a $10 processing fee, and $25 for ePayments, which are typically low-cost. A “levy of 10% of the withdrawal amount will be levied to any withdrawal from an account that has not performed more than 200 in turnover and/or from accounts that have not been verified,” according to the Terms and Conditions.
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.
The Website Charges a Dormant Fee
The broker also imposes a Dormant fee: if you haven’t logged in and traded from your account for six (6) months, your account will be deducted 10% per month. This cost is also rather high; reputable brokers, on the other hand, generally charge a tiny flat fee, if any at all.
The broker provides incentives, but the bonus terms are structured in such a way that it is practically likely that the bonus will not be used: bonus money “may only be taken if a minimum trade volume of 30 times the value of the deposit + the bonus received,” as is typical of fraudsters.
The Trading Software Doesn’t Impress
Webtrader, the broker’s web-based trading tool, does not wow with its features. It’s a simple-looking program with limited capabilities.
The MetaTrader 4 (MT4), one of the most prominent platforms, is also accessible for download as a desktop and mobile (iOS and Android) application from the client area — we advocate investing with licensed brokers who offer access to well-known trading software.
Conclusion
The most typical scams are pretty simple and clear, and they usually include a multi-level plan that goes something like this. The countless advertisements promising quick and simple fortunes by investing in the Forex industry entice Internet surfers. When consumers click on such an ad, they are sent to a website designed to keep these fake commitments going, where they are asked to register with their personal information.
This information is then utilized by scam brokers, who immediately begin working to persuade customers to make an initial deposit of $200 – $300 by promising even bigger rewards. If you’ve been duped, register a chargeback with your credit card company right away. In an effort to prevent online fraud, VISA and MasterCard recently extended the chargeback term to a year and a half. There isn’t much of a possibility if you deposited using bitcoin or bank wire.
Our recommendation is don’t trust MNP Capital with your money at all. The website promises so many things yet has no evidence of the “returns” to be true.
MNP Capital
Pros
- None
Cons
- Unclear Deposit and Withdrawal Methods
- The Website Charges a Dormant Fee
- The Trading Software Doesn’t Impress
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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