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ProCapitalFX Review - is it scam or safe?

ProCapitalFX Review - is procapitalfx.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit   Max. leverage  Spread
Standard  $250 1:500 0.1 pips (?!)
Classic  $5 000 1:500  
Gold   $40,000 1:500  
Premium  100,000 1:500  

 

ProCapitalFX is a very shady forex and CFD broker-dealer. It allegedly offers its clients a choice of four account types and access to the MetAtrader 4 platform. The broker, however, is not authorized to provide financial services in Europe, nor on any other regulated market.

 

 

PROcapitalFX Advantages

 

MT4 available

In our opinion, the fact that ProCapitalFX allows you to access the global financial markets via MetaTrader4 (MT4) is its greatest advantage. Most traders are familiar with this platform and actually like it. Newbies can also easily find their way around the MT4.

 

Besides, this trading platform is very highly praised for its advanced charting and for the support of automated trading strategies, a.k.a. Expert Advisors (EAs).

 

 

>> Find a better MT4 broker <<

 

 

Solid selection of CFDs, high leverage

Another possible benefit of ProCapitalFX, provided that it is not a scam, is that the broker offers high leverage levels, reaching 1:500. Leverage ratios that high will suffice even the needs of the most aggressive traders. Keep in mind, however, that high leverage comes with a price – the higher the ratio used, the greater the risk.

Furthermore, when we tested the broker’s demo MT4, we saw that ProCapitalFX’s product portfolio is quite large. Clients of this broker are able to trade in many forex pairs, and wide range of CFDs. The latter group includes indices, commodities, stocks, and cryptocurrencies.

 

 

ProCapitalFX Disadvantages

 

Not regulated, blacklisted by CONSOB

ProCapitalFX says to be owned and operated by Game Capital Ads Limited, however we could not find much information about the company. The broker’s website has mentioned addresses in Italy and Switzerland, however the contact phone number is with a UK code. So, we are not sure where is this company based, but it is not authorized to provide investment services and advice in Europe, nor on any other regulated market.

 

Also, we found out that Game Capital Ads Limited also operates SmartProFX, FirstFXClub, 360SmartFX, CryptoClubFX and probably more brokerage brands. Having a lot of different brands and domains is a popular scam tactic, and we suspect that ProCapitalFX is involved in some sort of investment fraud.

 

All the more so, considering that Italy’s financial regulator CONSOB has recently blacklisted it and even ordered the company to cease illegally offering its services to local investors.

 

Spreads not announced, demo ones too good to be true

ProCapitalFX has not announced any spreads on its website, which is always a worrisome sign. Nonetheless, when we tested the broker’s MT4 in demo mode, we found the benchmark EUR/USD spread floating around 0.1 pips, and no commission whatsoever applied. Trading costs that low are just too good to be true. We suppose that the spreads on live accounts are higher, or commission applies. Yet another possible explanation is that this broker is simply a scam.




>> Compare some of the spreads of some top brokers here <<

 

 

MT4 provided by a third party

Another thing we noticed while testing the broker’s MT4 is that the platform is provided by West Media Group. This is an offshore company operating Platinums Trade brokerage brand, which was also blacklisted by Italy’s regulator CONSOB. Gold CapitalPro also uses a MT4 provided by the same company.

 

 

Conclusion

 

ProCapitalFX is a shady forex and CFD provider that operates without a license and was blacklisted by Italy’s financial regulator. We keep reiterating that investing with unregulated brokers comes with a significant risk of losing your money to scammers.

 

That is why we encourage our readers to do business only with properly licensed brokers. One of the most reliable financial regulators in the world of forex is UK’s Financial Conduct Authority (FCA). It imposes strict rules upon licensed entities and requires that they participate in the Financial Services Compensation Scheme (FSCS). As a result, if your FCA-regulated broker becomes insolvent, you could claim compensation equal to your account value, but no more than £50,000

 

 

>> Forex brokers licensed by UK’s FCA <<

 

 

Here is a summary of our review on ProCapitalFX:

 

Pros Pros
Supports the MT4 Not licensed, blacklisted by CONSOB
Solid selection of CFDs, high leverage MT4 provided by a third party
  Spreads not announced, demo ones too good to be true

 

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Traders` reviews for ProCapitalFX

Spread

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Slippage

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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