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Alaska Capitals Review - is it scam or safe?

Alaska Capitals review - Is alaskacapitals.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Alaska Capitals
Alaska Capitals is an offshore broker. Your money is not safe.

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Alaska Capitals is a forex and CFD broker offering several account types with a leverage of up to 1:400 and the MetaTrader4 platform. Unfortunately Alaska Capitals turned out to be an offshore, unregulated broker, so if you are considering trading with them be sure to read this review first.

  

Account type Min. deposit Max. leverage Spreads
ECN Plus Account $50 1:400 2,1 pips
ECN Account $100 1:400 1,6 pips
Standard Account $5 000 1:400 1 pip
Elite Account $25 000 1:300 0,5 pips
VIP Account $50 000 1:200 0,1 pips

 

Alaska Capitals Advantages:

 

Comprehensive list of trading instruments

 

A possible advantage about Alaska Capitals is the long list of trading instruments we came across, when we opened their trading platform – 43 currency pairs, many of which minor or exotic like USDSEK, USDZAR, USDMXN, USDPLN, USDCZK, USDNOK, USDTRY, USDHUF and USDRUB. An there were also a number of CFDs – on silver, gold, oil, indices, soft commodities, stocks and even major crypto coins like Dash, Ethereum, Litecoin, Ripple, Bitcoin, Monero, Bitcoin Cash and Zcash. If you are tempted to trade crypto assets however, we may also suggest that you check our  list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:400

  

Since the regulators throughout Europe the US, Japan and Canada capped the maximum leverage allowed for retail traders well under 1:100, nowadays higher leverage is offered only by offshore brokers like Alaska Capitals or brokers regulated in Australia – the last major regulatory hub where higher leverage is still legal. Here you may check our list of brokers regulated there:

 

>>Brokers regulated in Australia<<

 

You can start trading with just 50 USD

 

This is in line with the best practices on the market and yet, you should keep in mind that with some big well known brokers like FBS and IG you will be able to open a live account with just 5 USD or so.

 

 MetaTrader4 supported

  

This definitely counts as an advantages. MetaTrader4 is a highly reliable platform, loved by professional and beginner traders alike. It features numerous market indicators, advanced charting tools and even trading robots, with the help of which you can run automated trading sessions. So here you may also check  our list of brokers supporting MT4:

 

>>MT4 Brokers<<

  

Alaska Capitals Disadvantages:

 

Falsely claims to be regulated

 

There are supposedly several companies behind Alaska Capitals - Alaska Capitals LTD, which the broker says to be registered in the UK and another company with the same name - ALASKA Capitals LTD, which is based in St. Vincent and the Grenadines. And the broker also says to be licensed and regulated by the Finance Service Authority of St. Vincent and the Grenadines (FSA).

 

 

There are a couple of problems with the above mentioned claims. First, the Financial Service Authority of  St. Vincent and the Grenadines does not regulate forex and CFD brokers and they say it clearly in a statement published on their homepage. The FSA regulates solely “International Banks, Mutual Funds, Insurance Companies, Credit Unions, Building Societies, Friendly Societies and Money Service Businesses”, which stands for money transfer companies like Money Gram and Western Union. This is the full list of entities regulated by FSA.

 

Certainly anyone can register an offshore company on  St. Vincent and the Grenadines, but if it operates as a broker, it will simply remain unregulated. Actually, precisely because many unregulated, offshore brokers, based on  St. Vincent and the Grenadines claim to be regulated there, the FSA explicitly published a warning that the institution does not regulated forex and CFD brokers.

 

Furthermore, because  Alaska Capitals claims to have a locally incorporated company in the UK as well, here we should note that all financial companies in the UK should be registered and regulated by the local Financial Conduct Authority (FCA). We diligently checked the FCA registers for Alaska Capitals Ltd and were unable to fined the company there.

 

Finally, in the “Company Profile” section of their presentation,  Alaska Capitals mentions their “headquarters in the Seychelles” and that they are authorized by the Government of the Seychelles, which is also nonsense -  the Government of the Seychelles does not authorize forex brokers. This is done by the Seychelles Financial Services Authority. 

 

 

 

All that means  Alaska Capitals is a unregulated, offshore broker, which deliberately tries to mislead its customers that it is regulated. On top of that we can not even be sure where they are based – on the  Seychelles,  St. Vincent and the Grenadines or in the UK.

 

Bear in mind that the risk of getting scammed while dealing  with unregulated brokers is extremely high and that is why we would suggest that you pick a broker holding a legit license by a respectable financial authority such as the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) – those are the three most popular regulatory destinations in the industry. 

 

And besides, with a FCA broker your funds will even be covered by an insurance of up to 85 000 GBP, which will be paid back to you in case your broker happens to be insolvent. Here you may check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

Alaska Capitals wants you to give them full access to your bank account

 

We always check the Terms and Conditions a broker offers its clients as sometimes one can find pretty nasty things there. With Alaska Capitals it turns out that by signing the agreement you give the broker full access to your bank account. The broker will be authorized to charge your account whenever they feel like doing so and that is simply absurd. See for yourself:

 

 

On top of that  Alaska Capitals say they reserve the right to “change its commissions, costs, spreads and financing fees from time to time without providing prior notice to the Client.” 

  

Spreads too good to be true

 

When we opened a demo account we saw raw spreads, which when offered by brokers usually come with some trading commission. As Alaska Capitals does not explicitly say what their trading commission is, we can not give them a credit for the low spreads. 

 

Otherwise  Alaska Capitals says to be offering spreads that start form 2,1 pips with their opening ECN Plus Account, and that we should note is about a pip higher than the spreads traders would usually consider attractive with a standard account. Anyway, here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Bank wire seems to be the only payment method available

 

Although on their homepage Alaska Capitals has the logos of many popular e-wallets like Neteller and Skrill, when we proceeded to open a live account the only payment method we were offered was bank wire.

 

Conclusion:

 

Alaska Capitals is not a broker we can recommend. To start with, we are not even sure where they are based – on St Vincent and the Grenadines or on the Seychelles. And their credibility suffers even further from the fact that they are deliberately trying to mislead their clients that they are regulated, which, as we already discussed is not true. So our best advise as usual is to trade only with properly regulated brokers, licensed by well known institution like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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Traders` reviews for Alaska Capitals

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