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WinCapitalPro Review - is it scam or safe?

WinCapitalPro review - Is wincapitalpro.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz WinCapitalPro
WinCapitalPro is an offshore broker. Your money is not safe.

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WinCapitalPro is an offshore forex and CFD broker, which was recently blacklisted by the  Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy, because they have been targeting Italian traders without proper authorization.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:200 2,4 pips, fixed
Classic Account $2500 1:200 2,4 pips, fixed or floating
Premium Account $20 000 1:200 0,6 pips, fixed or floating
Gold Account $50 000 1:200 0,6 pips, fixed or floating

 

WinCapitalPro Advantages:

 

A good variety of currency pairs, numerous CFDs and crypto instruments

 

That is clearly what caches the eye on first sight – WinCapitalPro offers quite a selection of forex pairs – 68, with lots of exotic currencies including Norwegian Krone, Danish Krone, Swedish Krona, Czech Krona, Hungarian Forint, Polish Zloty, Mexican Peso, Russian Ruble, Turkish Lira, South African Rand, Hong Kong Dollar, Singapore Dollar and Philippine Peso. 

 

And the variety of CFDs is also decent - stocks, commodities, indices, natural gas, oil, gold, silver, platinum, palladium and even crypto coins – Bitcoin, Ethereum, Litecoin, Monero, Ripple, Zcash, Dash, IOTA and Stellar. In any case, if you want to trade crypto assets, you can always check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Unrestricted leverage

 

Since last year, when the European Securities and Markets Authority (ESMA) restricted the maximum leverage on the European market to 1:30, following similar moves by regulators in Japan, the USA, South Korea and other countries, leverage as high as 1:200, as offered by WinCapitalPro, became quite rare. Of course, you should keep in mind that higher leverage comes on the price of higher risk and that is precisely why it was restricted – to reduce the trading risk. 

 

Besides, currently Australia remains the only major regulatory hub, where leverage is still not restricted, so basically if you are attracted by the idea of trading with higher leverage, you can check our list of brokers, regulated by the Australian Securities and Investments Commission (ASIC):

 

>>Brokers regulated in Australia<<

 

Acceptable minimum deposit requirement

 

You can open a trading account at WinCapitalPro with 250 USD and that is fins. Most brokers would ask you for a similar initial deposit and yet, have in mind that some big players like FBS and IG do not have minimum deposit requirements at all.

 

WinCapitalPro Disadvantages:

 

CONSOB, no license

 

WinCapitalPro is owned and operated by Light Media LTD, which is based on the Marshal Islands. As we already noted WinCapitalPro is blacklisted by the Italian Financial Commission (CONSOB), because obviously they have targeted traders in Italy, and possibly another EU countries, without proper authorization.

 

EU, along USA, Australia and Japan is one of the safest markets for the retail forex traders, precisely because of its strict regulatory framework. Brokers, regulated by official financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC) are completely reliable, because of the strict supervision they are subject to.

 

On top of that all traders funds throughout EU are guaranteed by client compensation schemes, which means that even if your broker files for bankruptcy you will still be able to withdraw your funds – up to 20 000 EUR with most EU brokers like the ones regulated by CySEC, and up to 50 000 GBP with FCA brokers in the UK.

 

Trading with unregulated brokers on the other hand has always been associated with an unreasonably high risk of loosing your money to scammers, so if you are concerned with the safety of your investment you can always check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

MetaTrader4 offered by a different company

 

MetaTrader4 is generally a welcome sign, and yet with WinCapitalPro we can not credit them for offering the platform for two reasons – first it is offered by another company - West Media Group, not Light Media LTD or the broker itself, and second the spreads with the demo account were unrealistically good – 0,1 pips for the EURUSD pair, without a commission on the trade. That is simply too good to be true – actually the best spreads we have seen are for instance with IG – starting at around 0,6 pips. 

 

Besides, West Media Group partners with other unregulated, offshore brokers like SmartProFX, FirstFXClub, 360SmartFX, CryptoClubFX and  GameBtcFx, which are also blacklisted by CONSOB.

 

Here you can check our list of brokers supporting MetaTrade4, undoubtedly the most popular trading platform on the market:

 

>>MT4 Brokers<<

 

Trading bonuses and unusual withdraw conditions

 

Trading bonuses, although attractive at first glance are highly controversial by nature, because they are always linked to some additional withdraw conditions like some minimum trade volume requirement, that quite often proves too challenging to be fulfilled. 

 

In the case of WinCapitalPro they want you to trade at least 3,3 standard lots for every 10 USD bonus, you have accepted. That means, if you accept a bonus of let say 300 USD, you will have to trade no less than 10 000 000 USD, before you will be able to withdraw. That is because 1 standard lot equals 100 000 USD.

 

Besides, trading bonuses are prohibited in Europe and many other regulated markets.

 

High spreads

 

As advertised on their website the benchmark EURUSD spread with WinCapitalPro's Standard Account is fixed at 2,4 pips and that is almost a pip higher than the levels traders usually expect with an opening account. Of course, you can always check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few payment methods, Skrill not accepted

 

WinCapitalPro accepts payments only with VISA, MasterCard and bank wire and that is another disadvantage. Popular e-wallets like Neteller and Skrill are not accepted, and that is notable especially in the case of Skrill. Since last October Skrill requires all brokers, using its services in the EU to present a valid license. As we already discussed, WinCapitalPro is not a licensed broker.

 

Conclusion:

 

WinCapitalPro is a shady, unregulated, offshore broker, that recently came into the spotlight of the Italian Financial Commission (CONSOB). Have in mind that trading with unregulated brokers has always been extremely risk so our general advise is to avoid such web sites and to trade only with brokers, regulated by legit financial authorities like FCA, CySEC or ASIC.

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Traders` reviews for WinCapitalPro

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scam

Ben Wallace, Nick Ericsson, Bridget are the people who contacted me to open account. I made a withdrawal request 2 month ago and no one responded, their website contact details are not reachable.
Be aware of Wincapitalpro

Mario R 10/21/2019
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