SecureCapitals Review – The Problems with this Broker

SecureCapitals Review

With the cryptocurrency market exploding in the last decade, there has been a huge influx of people in the financial markets. More and more people are stepping into the online trading space, not only for trading forex currency pairs and CFDs, but also for tapping into the crypto market. There are endless opportunities that can be explored, but you need the services of a broker to do so and this is where most people stumble. No, it is not because there are not enough companies to offer you their services, but because it is difficult to find the right one. This SecureCapitals review highlights just how complex it can get.

All it takes is for you to take a look at a couple of brokers to find out that all of them are making big claims and promises. If you were to take them at their word, each company is perfect and no one can do any wrong. Obviously, this is not the case because there will always be some good and shady characters out there. In fact, the online trading space has had to deal with more than its fair share of imposters because there is a lot of money at play and this attracts plenty of attention of cybercriminals.

However, just because there are scams and frauds in the market does not mean that you should let them discourage you from exploring the opportunities. You can keep yourself safe from these risks by being proactive and doing your homework thoroughly in order to find a suitable platform. This might need a bit of effort on your part, but you will be able to find a good platform that allows you to explore as many opportunities as possible. This effort involves carefully assessing a brokerage to find out its problems, something you should do with SecureCapitals as well.

A look at SecureCapitals shows that it is offering people the opportunity to trade cryptocurrencies, which can be quite lucrative, but it also claims to be a crypto exchange and this is where it creates confusion. This is because the functions of a crypto broker and an exchange are quite different, which makes it a conflict of interest. Moreover, you will find some other problems with SecureCapitals as well, which are:

Lack of a license

When you have to deal with a broker, your priority should be to find one that has a license to provide its services. This is usually issued by the regulatory authority in the jurisdiction where the brokerage is based. Dealing with a licensed brokerage is recommended because it offers you protections that you cannot expect from an unlicensed firm. Those with a license keep your data and funds safe, offer transparency and maintain quality of services. But, it does not seem that SecureCapitals meets this criteria.

If you take a look in the broker’s background, you will find that SecureCapitals claims to have its headquarters in London, United Kingdom. In order to be based in London, the company would require a license from the Financial Conduct Authority (FCA), which is the regulatory body for the UK. A license from the FCA is immensely valuable because it is regarded as one of the toughest regulators in the world.

Unfortunately, when you check the FCA’s online register for SecureCapitals, you will not find the broker listed anywhere. This means that the company is either not based in the UK at all, or is operating illegally, both of which indicate that it is not the kind of platform you want to deal with.

Availability of trading bonuses

If you need further proof that SecureCapitals cannot be operating from the UK, all you have to do is take a look at the six account types that are offered by a brokerage. There is nothing wrong with a company offering account options, as this is usually done to accommodate traders from different backgrounds. But, you will find that each account comes with a trading bonus for the users, which is between 30% and 150%.

This is a problem indeed because trading bonuses are a practice that has been banned in the UK and a number of other regulated jurisdictions in the world. These bonuses usually come with strings attached, which are not in favor of the traders, due to which they were banned in the first place. Therefore, a brokerage like SecureCapitals that claims to be headquartered in the UK, should not be offering trading bonuses to its clients.

No functional trading platform

How is trading facilitated by online brokers? They provide their clients with a trading platform, which is the software that connects to the financial markets and allows for trade execution. As a matter of fact, it is also equipped with trading tools and features that can help traders in making smart and well-informed decisions. Every brokerage offers a different platform, but it appears that SecureCapitals does not seem to be offering one at all.

This is rather surprising because it means that it would not be able to provide any trading services. Regardless, all you will find at SecureCapitals is a funny looking dashboard instead of a functional trading platform and all it allows you to do is make a deposit. There is no trading option, which means that the purpose of the dashboard is to only create an illusion of a platform for fooling people. A good and authentic brokerage would usually offer its clients the MT4 or the MT5 trading platforms, which are renowned in the financial markets for their advanced tools and functionalities.

Only crypto payments accepted

A look at the payment methods supported at SecureCapitals gives you a long list, which includes Neteller, Skrill, Yandex Money, Qiwi Wallet, VISA and MasterCard and PaySafe Card and WebMoney. The reality, on the other hand, shows that they only accept payments in Bitcoins, which are final and irreversible. This means there can be no chargeback in case of a problem, which is exactly what the broker wants.

Final Conclusion

Taking the problems of SecureCapitals into account, you can determine that you are dealing with a bogus platform.