Tradecapmarkets – Should you Trust this Broker?

Tradecapmarkets

Every trading expert or professional you speak to will repeatedly tell you that choosing the best broker for your journey is of the utmost importance. They are definitely not wrong because without a brokerage, you will not be able to access the financial markets, or execute trades for that matter. However, this does not mean that you settle for any company because there are different categories of these that exist nowadays. There are professional and quality brokers, along with mediocre ones, and then there are those like this Tradecapmarkets review highlights.

This category is that of shady and scam brokerages that are just looking to take advantage of people and steal their money. When you have decided to engage in online trading, it is probably to make money and not to lose it, particularly to criminals. This means that you need to be very thorough in your search for a broker and find one that you can trust. After all, they will be responsible for protecting a great deal of your personal and sensitive information and your money.

An important thing to remember in this scenario is that appearances can be deceiving. Just because a brokerage has a well-designed website and makes all the right claims does not mean that it is what it appears to be. Many of the scam brokers out there have some of the best websites and make such lucrative promises that they can be hard to resist. You will find the same with Tradecapmarkets because it seems to have very impressive credentials at first glance.

It is presented as a multi-regulated global brokerage, claiming to be the trusted destination of traders all around the world. Tradecapmarkets claims to be licensed in South Africa, the UK, Australia as well as the US. All of this would have been truly fantastic if it were true and would have made Tradecapmarkets a trustworthy broker. But, as it turns out, this one is also not what it appears to be. How? You can find out below.

No global regulation

There is no denying that one of the most impressive claims that Tradecapmarkets makes is that it is a globally regulated, award-winning broker. Even beginner traders are aware that opting for a licensed broker is safer and they can enjoy better services with them. But, you have to ensure that the broker you choose is actually licensed and regulated and not just claiming to be one.

It is very easy for anyone to make claims and this seems to be the case with Tradecapmarkets as well. According to its website, the brokerage is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, the Financial Sector Conduct Authority (FSCA) in South Africa, the Australian Securities and Investment Commission and the Commodity Futures Trading Commission (CFTC) in the US.

But, a check of the online registers of these regulatory bodies does not show Tradecapmarkets listed at all. This is all the confirmation you need that you are not dealing with a genuine platform. Furthermore, when you go through its website, you will also find that the broker appears to be completely anonymous. If you check out their contact section, you will find that there are absolutely no details available. They do not provide a corporate address, or any other corporate background. There is not even a phone number available; just an obscure email address that makes no difference.

How can you trust a company you know nothing about?

Lacking trading platform

Another claim that makes Tradecapmarkets very attractive is the promise of an award-winning trading platform. This feature is key in your trading experience, so you obviously want to have access to an advanced and cutting-edge trading platform that has all the right tools and functionalities. The web trading platform that Tradecapmarkets provides does not come even remotely close to offering you what you need.

They have a very basic web-based trading solution that does not compare to the MT4, or the MT5, which are the professional trading solutions available in the market. The platform offered at Tradecapmarkets has no credibility whatsoever and this is another reason to not trust this brokerage.

Excessive leverage ratios

The trading conditions that you are provided by an online broker are relevant in your decision making because they determine how much profits you make at the end of the day. The leverage rations that Tradecapmarkets offers can be quite attractive because they go as high as 1:500, but this should alert you about the true nature of the broker.

While leverage is definitely attractive because it gives you greater flexibility during trading, you should not forget that it can also increase your risk. Therefore, regulatory authorities in several jurisdictions have limited the amount of leverage that can be offered to traders. These also include some of the regions where Tradecapmarkets claims to be regulated. As it is breaking the rules of regulatory authorities like the FCA, it is proof that it cannot be regulated or licensed in their jurisdiction.

No access to legal documents

One of the prominent issues that you will discover about Tradecapmarkets is that it does not give you access to legal documents. These documents are aimed at highlighting the relationship you will have with the broker, such as the policies you will have to follow, the costs you will be charged and so on. You need to know this in order to avoid any surprises.

You will also come to know that Tradecapmarkets offers trading bonuses, so it is essential to check their policy before you open an account. While the company has a legal documents’ section, the link does not open when you try to click it. No authentic company will ever do so, but scam companies use these tactics to conceal their policies, so they can exploit you later.

Final Answer

When you take into account these issues that Tradecapmarkets has, it is easy to conclude that the broker is not one you can trust with anything and you should look for a different option.