Capital TradeFX Review Scam Complaint
Capital TradeFX is an unregulated forex and CFD broker. Capital TradeFX is an offshore broker based in St. Vincent and the Grenadines. The broker also claims to be licensed in St Vincent and the Grenadines, the place which is known as hot spot of scam brokers. Even SVG is a place where none of the forex brokers is licensed. There is nothing mentioned by the parent company of Capital TradeFX on its website, rather a name of company to which it is related is mentioned, that is NoaFX.
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About the Capital TradeFX:
Capital TradeFX is an offshore unregulated broker related to NoaFX which is more likely a scam. The broker provides three types of accounts, Mini, Micro and standard account. All of these accounts are said to provide commission free trading with variable spreads and also the option to use micro lots. This broker provides its services on the popular MT4 trading platform. The main popularity that has came to this trading solution is from the standalone desktop app, which allows a lot of customization features to its traders. Generally, high leverage levels are considered as an advantage in the offerings of any forex brokers but this broker offered a ratio of 1:500 which might result in significant loss.
One cannot have access to Capital TradeFX’s MetaTrader 4 platform through download, although when you register for a demo account you won’t find this option there. This is one of the major disadvantages, as all decent brokers out in the industry offer free demo accounts for testing purposes. The typical spreads offered by the broker Capital TradeFX are 1.8 pips on EUR/USD. These spreads are above the industry’s average of spreads of 1.0 -1.5 pips for this pair. The information given on the broker’s website states that the company operating this broker brand is registered in Hong Kong, so probably it is based there. Factually, Capital TradeFX does not hold any valid forex broker license, which is a big disadvantage.
Is Capital TradeFX legit or scam?
Capital Trade FX is an offshore broker which is not a licensed broker. The forex trading services of this broker cannot be freely tested via a demo account which reflects shadiness. Mere this is not enough, there is no trading conditions mentioned on the website of the broker. There are many scam brokers in the forex industry, especially those registered in St Vincent and the Grenadine and Capital TradeFX is one of those brokers.