FirstCapital forex broker is a forex broker that is supposedly licensed by the authorities of Saint Vincent and The Grenadines. In the review below, we take an in-depth look at the features Firstcapital.fm allegedly offers. This review basically answer the questions: is first Capital legit? Is FirstCapital good? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about first Capital forex broker.
Table of Contents
First Capital Trading Platform
This Saint Vincent and the Grenadines broker claims to offer different trading assets with a leverage capped at 1:500. It also goes further to claim that it uses The MT4 trading platform.
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FirstCapital Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has four account type.
First Capital Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
The payment section only provides a bitcoin and Ethereum method for funding. We do not advice you to send any funds to them as transactions with cryptocurrencies are hard if not impossible to trace or reverse.
This broker claims not to have any withdrawal fees.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is FirstCapital Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
This broker claims to be located in Saint Vincent and the Grenadines.
Saint Vincent and the Grenadines is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body. The government of the SVG has stated in the past it does not regulate any form of forex trading.
So, no, this broker is not a licensed brokerage.
While it is true that SVG has regulatory body, recently the government of Saint Vincent and the Grenadines has claimed that it is planning a complete reformation of the nation’s FX and CFD regulatory grounds. We don’t know when this will be done but we are expecting SVG to pick up the slack and begin enforcing a set of rules to its brokers firms, which for now are mostly scammers.
Read through our review on fellow unlicensed broker, Brokermasters
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Conclusion
In fact-checking this broker, we found that many of its claims were either or false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we certainly lead to loss of your funds.