Is MakeCapital Legit or a Scam?

While MakeCapital claims regulation by the Australian Securities & Investment Commission (ASIC) with license number 001307785, a closer look raises concerns. There’s a lack of concrete evidence to verify this on ASIC’s official registry. Additionally, a quick search on Broker Complaint Alert, a platform dedicated to exposing scam brokers, reveals user discussions questioning this platform’s legitimacy. Here are some red flags to consider:

• Limited Information: Crucial details like account types, specific spreads, and commission costs are absent. This lack of transparency makes it difficult to assess trading costs and choose an appropriate account.
• Unrealistic Leverage: The 1:500 maximum leverage offered by this broker is exceptionally high. While it may seem appealing for potentially higher returns, it significantly amplifies risk and can lead to substantial losses.
• Missing Details on Bonuses: No information is provided regarding potential bonuses or promotions. Be cautious of brokers offering excessive bonuses, as they might come with hidden conditions.

Considering online trading with them? Before you invest, it’s crucial to assess its legitimacy and potential drawbacks. This MakeCapital review will delve into the details and uncover some reasons why caution might be necessary.

These factors raise questions about their transparency and practices, urging potential investors to exercise caution.

What is MakeCapital?

MakeCapital presents itself as a financial services provider established in 2020 and based in the Cayman Islands. They claim to offer a diverse range of tradable assets, including Forex, indices, metals, commodities, and cryptocurrencies. Their platform utilizes the widely-used MetaTrader 4 and provides a mobile trading option.

Details:

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Deposits and Withdrawals

MakeCapital accepts deposits via Visa, Maestro, Skrill, MasterCard, and NETELLER. The minimum deposit to start trading is 200 USD. However, information regarding withdrawal fees and processing times is unavailable.

Account Types

There’s a concerning lack of information regarding account types offered by MakeCapital. Transparency around account features and associated fees is essential for informed decision-making.

Red Flags and Warning Signs

Several red flags raise concerns about MakeCapital’s legitimacy and transparency:

• Unverified ASIC Regulation: The claimed ASIC regulation requires verification, as the license number might not be legitimate.
• Missing Information: The absence of details on account types, spreads, commissions, and bonuses makes it difficult to assess true trading costs.
• High Leverage: The 1:500 leverage is exceptionally risky and can lead to significant losses.
• User Discussions on Scam Broker Platforms: Discussions on platforms like Broker Complaint Alert suggest potential issues with this platform.

Customer Complaints and Negative Reviews

While dedicated review sites haven’t unearthed a large volume of complaints yet, the lack of information and red flags mentioned earlier warrant caution. It’s advisable to prioritize well-established and reputable brokers with a proven track record.