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GoCapital123 Review - is it scam or safe?

GoCapital123 review - Is gocapital123.com scam or good forex broker?

RATING: 1 / 0 REVIEWS GoCapital123
GoCapital123 is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


GoCapital123 is an offshore broker based in Dominica, which offers three account types, with leverage of up to 1:100 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
Green Account n/a 1:100 1,5 pips
Silver Account n/a 1:100 n/a
Gold Account n/a 1:100 n/a

 

Unfortunately the broker is not licensed to offer any financial services on regulated markets like the European Union, the UK, Australia, Canada or the US, so if you are considering the option to invest with them better read the following review first.

 

GoCapital123 Advantages:

 

Large selection of trading instruments

 

One possible advantage about the GoCapital123 is the large selection of trading instruments – some 45 currency pairs, lots of which minor or exotic like USDZAR, USDSGD, USDTRY, USDSEK, USDPLN, USDNOK, USDMXN, USDHUF, USDCNH, USDCZK and USDCLP, as well as various CFDs on aluminum, cocoa, coffee, cotton, nickel, soybean, sugar, wheat and zinc, gold, silver, natural gas and oil, stocks, 14 indices and even crypto coins like Zcash, Ripple, Monero, Tron, NEO, Litecoin, IOTA, Ethereum, Ethereum Classic, EOS, Dash, Bitcoin and Bitcoin Cash. 

 

Still, if you are interested in trading crypto assets here you may check our list of regulated brokers, offering bitcoin CFDs as well:

 

 >>Bitcoin Forex Brokers<<

 

Acceptable spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 1,5 pips and we consider that acceptable with a standard account without a trading commission. Still, here you may also check our list of brokers, offering tighter spreads, as the 1,5 pips spread is in the upper range of what we would like to see:

 

>> Lowest spread forex brokers<<

 

Leverage of up to 1:100

 

The higher leverage may also be considered as an advantage. Bear in mind, however, that the higher the leverage the higher the risk, so it should always be used with caution. And besides, it was not a big surprise when virtually all major regulators throughout Europe, the US, Canada, Japan and lately even Australia, caped the maximum leverage allowed for retail traders well under 1:100.

 

MetaTrader4 supported

 

This is another positive point for GoCapital123 – MetaTrader4 is by far the most popular trading platform on the market, featuring almost a hundred market indicators and customizable trading robots with the help of which one can easily run automated trading sessions. On top of that the platform is equipped with an excellent set of advanced charting tools. 

 

Here you may take a look at our list of brokers supporting the MT4 as well: 

 

>>MT4 Brokers<<

 

Various payment methods

 

GoCapital123 tells us they accept payments with popular credit or debit cards like VISA and MasterCards, bank wire and some e-wallets like Yandex Money, QIWI, WebMoney, Neteller and Perfect Money. As they do not seem to accept crypto payments however, here you may also check our list of brokers accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

GoCapital123 Disadvantages:

 

No license

 

GoCapital123 is owned by  Lancelot Equity Ltd – a company based offshore in Dominica, which as we already noted is not licensed to provide any financial services on regulated markets, including the US, Canada, Australia or the EU countries. 

 

In that sense it isnotable that the GoCapital123website is supported not only in English, but also in German and Italian, which is an obvious indication that GoCapital123 are trying to attract European customers as well.

 

Trading with unregulated brokers like GoCapital123 is extremely risky for one simple reason – for the safety of your funds you will have to rely entirely on the integrity of the people, who operate those brokers. 

 

That is why our general advise is to avoid such unregulated websites altogether and to trade only with brokers, licensed and authorized by a well known institution, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

Here you may check our list of brokers, regulated in the UK, where your funds will actually be licensed for up to 85 000 GBP:

 

>>FCA Regulated Forex Brokers<< 

 

Trading bonuses

 

The general problem with all trading bonuses is that they are invariably linked to some minimum trade volume requirement, which too often is used as an excuse to cancel your withdraw requests. And GoCapital123 are reserving the right to do exactly this. See what we found in their Terms and Conditions:

 

 

Unusual fees

 

GoCapital123 will charge you an administrative fee of 50 USD in case they decide you have not traded enough. Bear in mind that no legit broker will ever charge you such a fee:

 

 

Also take a note that you will have to pay a withdraw  fee, if you decide to attempt more than one withdraw per month, and in case you have not traded for 90 days in a row your account will be subject to a 38 USD dormant account fee, which also is not a usual practice. With legit brokers, you may be subject to a dormant fee only after a year of no activity.

 

Conclusion:

 

GoCapital123 is a low credibility, offshore broker, which can not be trusted for several reasons. For a start they are simply not regulated and their operations on the European market are completely illegal. On top of that they have some  pretty unusual withdraw conditions and fees, so our best advise is to avoid them altogether.

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Traders` reviews for GoCapital123

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