A better financial future is what City FX Capital is promising to investors. Before jumping ship, there are a couple of things you need to know. CityFX Capital is an offshore broker that doesn’t have any legal documents to prove compliance. The platform claims to have existed since 2013, which is not the case. We have concrete proof that CityFXCapital is another offshore broker trying to steal from investors. Continue reading this detailed and eye-opening CITY FX CAPITAL Review for more.
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About City FX Capital
On their about us page, City FX Capital is claiming to have a passion for the Crypto market. That is their biggest selling point as the Crypto market is becoming lucrative by the day. For those who dream of trading Crypto, the broker claims to have all the answers.
Our investigators have concrete proof that CityFX Capital is another scam trying to steal from naïve investors. We will show you the red flags only experts see when it comes to avoiding online scams.
Once you land on their homepage, you realize that the platform comes with an enticing design. The website is enchanting, and one can easily fall for the information displayed. Before jumping and signing up, there are a few factors worth noting.
The broker resides in the Marshall Islands, which means they are offshore. With an offshore broker, anything can go wrong at any particular time. It’s best to avoid them as they tend to block withdrawals.
Assets and trading instruments
Apart from Crypto, the broker also claims to offer commodities, forex, indices, and stocks. They claim to offer commission-free trading with tight competitive spreads.
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Investors get the promise of trading with over 200 symbols with over 45 currency pairs. The set leverage is 1:500, which clearly shows that the broker does not follow strict regulatory rules.
Most regulators have put the maximum trading leverage at 1:30.
The disclaimer at the footer of their homepage shows Turtle Capital Ltd as the company behind this platform. According to their homepage, the company resides in the Marshall Islands. The reason why we are against the broker is the lack of proper regulation.
Most scam brokers tend to go for offshore locations as they have near to nothing regulation. It gives these brokers the ability to control accounts without being accountable to regulators.
City FX Capital License and Registration
City FX Capital is not a legit broker and, as such, should not be taken seriously. All facts point to a broker who is avoiding strict regulation. There’s no evidence that the broker has even applied for a license with any regulator.
We could not see any copies or certificates of their license documents. It’s a clear indication that the broker doesn’t want to comply with industry regulations. This broker is risky as they offer no safety of funds to investors.
With the safety of funds out of the picture, it gives the broker power to do what they want. That’s why victims are now seeing the fruits of using an unregulated broker. Most of the victims now face the problem of account access.
None of the victims have access to their accounts or funds. It seems that the broker is not willing to release any funds to members. Without compliance, members are left at the mercy of these offshore brokers.
Comments and feedback from investors
Briar Addis is one of the victims who deposited with the broker and now rues the choices he made. He’s now locked out of his account and can’t withdraw the balance. Briar deposited $3,000, hoping to start trading with the most basic account.
He immediately noticed that the account balance was reading $1,000. The next step was to contact the broker and try to understand where the $2,000 went. He is still trying to make contact as all avenues are out of his reach.
Domain insights (cityfxcapital.com review)
With the internet offering free domain checker tools, we take complete advantage of it. The domain checker tool reveals the footprint and history of any website. According to data, the website went live on July 26, 2019.
Claims that the platform was up and running from 2013 are false. You can read about it on their about us page, claiming to start operating in 2013. Their IP history also shows 9 changes over the past 10 years.
Features of City FX Capital
City FX Capital is furnishing members with four account types. These four accounts include Bronze, Silver, Gold, and VIP. The Bronze account is the standard account, and members must deposit $1,000 to start trading.
Investors should note that the industry regulators have set $250 as the acceptable minimum deposit. Most of their account features are the same, including a demo account with $10,000 in virtual money.
Contact and support
The website doesn’t offer live chat support. Their contact page also reveals another reason to doubt this broker. The broker uses a UK phone number, and yet, they reside in the Marshall Islands.
The broker is using a virtual phone number to try and fool European investors. These are scam artists who have been doing this for a while. This is the reason their IP address has over nine changes.
General account manager
There’s no professional on their platform who is an accredited broker. These scam artists are hiring call agents to act as account managers. The call agents will try and conjure you to deposit and start trading.
In most almost every call, the agent will claim that the more you deposit, the higher your chances of winning. It’s the last thing you should do as these call agents get a commission for every deposit.
Even though the broker claims to use MT4 and MT5 trading terminals, it’s not the case. A screenshot from Briar’s account shows that they are using a custom-made platform. The platform lacks advanced tools for trading giving members no trading advantage.
Even their tools page has only one example of Apple stocks. You will notice that the real-time chart results are almost similar to one-hour intervals.
Safety of funds with City FX Capital
There’s no safety of funds from a broker who fails to have a valid trading license. It’s also clear that the broker won’t protect investors from the risk of bankruptcy and insolvency. The fact remains that this is a scam trying to steal from naïve investors. Once you deposit funds, the broker transfers them to their personal account.
Scam or Legit City FX Capital
City FX Capital is a non-compliant broker who is a scam. There’s no way of profiting with this broker. You will end up losing your funds or, worse, your personal information to hackers. Offshore brokers also sell personal information to hackers for profit. The information is retrieved when you sign up using your credentials.
We won’t recommend this broker for the above reasons. Please stay away or else risk becoming their next victim.
Use experienced experts who have your safety at heart. Go for brokers who ensure fairness and transparency when trading.
We wish you all the best with your trading venture.