Beware! BPS-Capital is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
BPS-Capital claims to be e legit UK business and at the same time offers leverage of up to 1:1000. Well, those familiar with the British regulations already know that we are talking about a scam scheme. The rest of the details about this fraudulent entity are available in the full BPS-Capital review.
BPS-Capital REGULATION AND SAFETY OF FUNDS
As already mentioned, BPS-Capital is a pretended UK broker we can safely dismiss as a scam scheme. Still, it’s a legal entity created in the Marshall Islands, which indeed pours oil on the flames because the jurisdiction doesn’t even have a financial authority, let alone a regulated Forex market. In fact, the islands are bustling with scammers, and that’s only due to the absence of any regulations whatsoever. So, your funds will be in danger because BPS-Capital is unregulated, and there is a 99% chance it’s a scam scheme.
As BPS-Capital is fraudulent, you’d better see the high-rated EU brokers and British brokers on both lists. The European companies are adequately regulated, but most importantly, participating in deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. The deposit funds guarantee extra customer protection, and if you can open accounts with European brokers, you can safely do so.
BPS-Capital TRADING SOFTWARE
BPS-Capital offers MetaTrader4, which is a leading platform, but we couldn’t fire it up. That’s because the broker failed to provide a functional trading account. Upon registration, we had only some “Landing Account”, which is merely a wallet with the broker, and we couldn’t open neither Demo nor Real trading account. Anyway, BPS-Capital is fraudulent, so you have to stay away, notwithstanding the excellent trading software provided that’s otherwise dysfunctional.
That being said, you’d be better off with the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which indeed deliver the best Forex platforms. The MTs are packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which happens to be an unrivalled advantage.
As we couldn’t access their MT4 distribution, we can’t discuss real-time spreads and leverage levels. However, we have to mention that the broker allegedly 1:1000 leverage, a ratio FCA prohibited a few years ago. So, the offer itself exposes BPS-Capital as unregulated and a scam! In fact, leverage is utterly risky, and that’s why it’s become a subject of government regulation in various jurisdictions. For example, the licensed EU, British and Australian brokers have to cap clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are reliable but not leverage restrained, so risk-tolerant traders who can open an account in Switzerland can safely go for it. However, the rest of the high-leverage companies are unlicensed or poorly regulated, so you’d better stay away.
BPS-Capital DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $50, which meets the industry standard and would be a favourable requirement only if the broker were legit. The funding methods are Credit/Debit cards, Cryptocurrencies and some Asian e-wallets we know nothing about. Well, as the broker is fraudulent, you shouldn’t use any of those payment systems to send your money there.
Instead, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
As a typical scam broker, BPS-Capital doesn’t determine the actual conditions regarding withdrawals and fees but only mentions it would charge accounts if necessary and from time to time. Unreliable! However, they specify the Inactive Account procedures, but those provisions are pretty unusual. According to the clauses, after only 6 months of inactivity, the account will be recognized as dormant…and closed. Right, there are no inactivity charges, but the broker simply gets rid of your account and allegedly send you the money back. Well, as this is a fraud, we can’t take their word for it.
Overall, BPS-Capital is an offshore scam scheme that you should avoid.
HOW DOES THE SCAM WORK
Fraudulent brokers and fishy websites come forth every single day. Nevertheless, most new scam projects represent a modification of common fraud that’s similar from country to country.
Nowadays, scammers are stalking victims mainly on the Internet and social media. Their offers look legit and present thrilling opportunities to put your money in the Forex market. To get enticed, people will be reassured the broker can secure high returns and risk-free trading guaranteed by seasoned financial professionals. The scammers intentionally make people believe Forex is harmless, but precisely the opposite is true- you can lose everything if not careful enough.
In the usual scenario, scammers just pocket victims’ deposits and won’t send a dollar back. Sometime after the deposit, clients would ask for a withdrawal or a refund, but the con artists would delay or downright refuse to pay back. Make no mistake, scammers would find excuses to deny withdrawals and would even shamelessly ask for more money to let clients get their money. At the end, when fraud becomes evident, the scammers would simply cut the communication, leaving the victims defrauded. Then, sooner or later, the fraudulent broker will be abandoned, and another one will appear in its place. Scammers are professionals and will carry on creating fraudulent schemes, so you need to stay alert and always double-check.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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