Is Capital Market Banc a scam broker?
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Capital Market Banc (CMB) is binary options as well as the forex broker. It is owned by two groups Joshua Consulting Ltd and Joshua Development Ltd and is registered in Great Britain and Dominica. But CMB is not regulated by any of the known financial regulatory authority of the world like US or Britain or Australia or Cyprus or Italy. They are operating through their website and soliciting clients without authorization.
They use MetaTrader4 platform though they have not put up clearly on their website. The MetaTrader4 platform can be used on desktop, tablet, and smartphones. Trading tools available on the website are AutoChartist, Economic Calendar, and Market Analysis etc.
Account types are Mini (minimum deposit $250), Standard ($2500), Pro ($20000), and ECN ($25000) with minimum trade size of 0.01, 0.01, 0.1, and 0.1 respectively. Mini and Standard offer average spread of 3 pips and fixed commission. Whereas Pro has floating average spread and fixed commission. Minimum initial deposit of $ 250 is common but the average spread of 3 pips is quite high by industry standards, especially when it is unregulated. Website support is provided in English, Italian, Spanish, Polish, German, Arabic, and Russian
What makes Capital Market Banc is a scam broker? When CMB started their operations everything was good and smooth as trading with any company is built on trust handling contracts, trading, deposits, and withdrawals. But something went wrong somewhere in the process and helpdesk stopped responding. UK watchdog is continuing its process to expose illegal and unauthorized brokers who are targeting its citizen mostly from outside countries or off-shore and Capital Market Banc is one of them.
FCA has issued a warning to CMB regarding clone website which is supposed to be of Blackrock Asset Management and CMB has changed few details like URL, brand name and office address which are near identical.
Payment and deposit methods are credit/debit cards, bank wire transfer, and e-wallets like MoneyNetInt and uPaycard.
Mr. A 62 years old Hungarian has worked hard all his life and has some money. His story of how Capital Market Banc scammed him. It all started with a deposit of EUR 1000. The company manager explained to him that if he was to profit he will have to invest more as 1000 was just for test. Mr. A sent him EUR 25000 for Bitcoin trade. His money grew and then he got a call from the manager that his money can be doubled and for that, he needed to invest 50K more. Later on, his manager called him to say that analytics had made a mistake and if he does not wish to lose all his money he deposit EUR 30K as soon as possible. The company started ignoring him and withdrawal was impossible. Mr. A waited for two months but nothing happened. He then realized that Capital Market Banc scammed him of EUR 106000. He spoke to his lawyer and was able to retrieve maximum part of his investment.Capital Market Banc is a scam broker and if you have been scammed you can contact MyChargeBack to retrieve your money as much as possible. Time and again investors and traders are warned by financial regulatory authorities not to deal with online scammers as once you are scammed it becomes very difficult to extract your money, provided you go through proper channels.