In this article, we are going to discuss a broker we reviewed last year. However, it comes with a brand new domain, and there are some significant circumstantial changes we need to note about it. This is Triton Capital Markets, it’s a scam broker, and we are going to show you why in the following review.
Triton Capital Markets REGULATION AND SAFETY OF FUNDS
Triton Capital Markets is allegedly incorporated in St. Vincent and the Grenadines, but we can’t validate their claims. We found no information about such a legally existing entity whatsoever and at the same time, it pretends to be regulated in various jurisdictions worldwide. Well, that’s a flagrant lie! In fact, the British financial regulator FCA issued a warning against Triton Capital Markets, exposing it as a scam, so your funds will be in danger.
The warning aside, SVG is an offshore tax haven poorly regulating its financial sector, and the local regulator SVGFSA doesn’t even license Forex brokers. The entities legally operating from the Caribbean island are de facto anonymous and unregulated, which poses high risks for investors. In fact, St. Vincent and the Grenadines is bustling with scammers and dodgy entities, and that’s only due to the lack of transparency, control and regulations. Well, we are not the least surprised to see a warning issued against an SVG broker.
As we are reviewing a scam, you can check the high-rated EU brokers and British brokers instead. That’s our recommendation because the licensed European companies are covered by deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can get up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. It’s worth opening accounts with European companies if eligible to do so.
Triton Capital Markets TRADING SOFTWARE
We couldn’t register as their website went down while doing the review, so the trading software and the information about some trading conditions remained out of reach for us. However, they suggest a web-based terminal called Triton Trade Station, which is most probably developed by themselves. A while ago, there was a MetaTrader4 desktop distribution available, but apparently not any longer. Anyway, we couldn’t access a platform, and the broker is an exposed scam, so you should avoid it.
While on platforms, we can suggest the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists to our readers. The MTs are market leaders 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 is an unrivalled advantage. Recently, MT5 surpassed MT4 in terms of numbers, but it’s still lagging in trading volumes. Overall, both platforms are on par leading the markets, so a MetaTrader broker is the obvious choice.
As the website disappeared and we couldn’t get a platform, we can’t show you real-time spreads and leverage levels. Well, Triton Capital Markets is a scam broker, so their technical problems didn’t impress.
Nevertheless, leverage is utterly risky, and we are going to mention some restrictions imposed by regulators. Namely, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced and risk-tolerant traders eligible to open an account in Switzerland can safely go for it. The rest of the brokers offering excessive ratios are either poorly regulated or not at all, so you should be careful with those.
Triton Capital Markets DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Triton Capital Markets is $10 000, or 100 times more than usual. The regulated companies ask for $100 on average, while some let clients begin with real money for as little as $5. Therefore, it’s worth avoiding this otherwise fraudulent broker for the hefty deposit requirement alone.
The funding methods are unknown, but the Terms suggest that Credit/Debit cards, Wire Transfers and Cryptocurrencies are accepted. However, as we are dealing with scammers, 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 sufficiently regulated, and you won’t face scammers, so you can safely open accounts.
The minimum withdrawal is $100 or the equivalent in cryptocurrencies. That’s an unfair restriction, but the fees applicable are even worse. For example, a bank card transaction costs 5% of the withdrawal sum, while a Wire can cost as much as $25. In contrast, the competently regulated companies impose no or minimal restrictions and usually process withdrawal requests for free. Positively, Triton Capital Markets is an overly costly broker, which itself is an argument enough to avoid it.
The inactivity fees are equally unacceptable. According to the clause, the account will be charged $100 per month if there is no trading activity or more than 3 positions opened for a period of 30 days. That’s a scam! For more information, see the screenshot below.
Triton Capital Markets offers bonuses but doesn’t specify anything whatsoever.
Overall, Triton Capital Markets is an exposed scam, so you should stay away from those charlatans.
HOW DOES THE SCAM WORK
Scammers are liars and thieves. They’ll promise opportunities that sound too good to be true, get-rich-quick schemes, guaranteed risk-free profits and so on. By creating a false sense of hope, they are trying to entice people into their fraudulent plots.
It all starts with the ads. Scammers create numerous websites and social media profiles to promote their fictitious services. You can see Instagram pages showing lush lifestyles, yachts, cars, money and pictures of winning trades. Such a showcase make people interested and easier to suck into the fraud.
Once you provide your phone number, scammers won’t stop calling you. They’ll promise you the moon and the stars to make you start investing ASAP. If you agree, they’ll pretend to manage your account, and out of the blue, you’ll see mind-boggling profits on your name. You’ll probably sincerely believe that’s true and will most likely ask to take your money out. Well, they won’t let it happen but will skillfully manipulate you to deposit again, promising much more lucrative deals. Before you know it, you may depart with your savings waiting for scammers to make you a millionaire overnight. That’s not going to happen, though, and those crooks will carry on asking for additional deposits. They’ll shamelessly announce to you that you have to pay to withdraw your money. At this point, the scam should be pretty obvious. From then on, scammers will cut communication, and you’ll never hear them again.
WHAT TO DO WHEN SCAMMED
Getting scammed may have long-lasting consequences. However, the first thing you have to do is to start actively looking for assistance and reduce further possible risks. Deactivate your bank card immediately and call your bank.
Quickly report what happened to the authorities, file a complaint, call the police. Seek help actively!
Then, it’s critical not to act hastily because fraudulent fund recovery agencies and individuals can double-scam you.
Share online your experience; it’s important to protect others, too. Be responsible!
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