BPS Capital is a forex and CFD broker that claims to offer a wide range of trading instruments and services to traders of all levels. However, there are a number of red flags that suggest that BPS Capital is a scam broker.
Company Overview
BPS Capital is a relatively new broker, having been founded in 2021. The company is headquartered in the UK, but it does not have any regulatory licenses. This is a major red flag, as it means that BPS Capital is not subject to any oversight or regulation.
Does BPS Capital Have Any License?
No, This website does not have any regulatory licenses. This means that the company is not subject to any oversight or regulation, which raises serious concerns about the safety of client funds.
Is BPS Capital Regulated By Any Authority?
No, this is not regulated by any financial authority. This is another major red flag, as it means that there is no governing body to protect traders from fraud or abuse.
Pros and Cons
Pros:
- BPSCapital offers a wide range of trading instruments, including forex, CFDs, and cryptocurrencies.
- The company offers competitive spreads and leverage.
- BPS Capital has a user-friendly trading platform.
Cons:
- BPS Capital is not regulated by any financial authority.
- The company has a poor reputation online.
- There have been reports of BPS Capital engaging in fraudulent activities.
How Does BPS Capital Reach To Their Prey?
BPS Capital targets unsuspecting traders through a variety of methods, including:
- Online advertising: BPSCapital advertises heavily on social media and other websites. These ads often make false or misleading claims about the company’s services.
- Cold calling: BPSCapital representatives often cold call potential traders and offer them unrealistic profits.
- Fake testimonials: BPS Capital uses fake testimonials on its website and social media pages to give the impression that the company is legitimate.
Technical Details
Minimum Deposit:
The minimum deposit requirement at BPS Capital is $50.
Trading Platform:
BPS Capital uses the MetaTrader 4 trading platform. This platform is popular among traders, but it is also available from many other legitimate brokers.
Spread:
The spreads at BPSCapital are not competitive. The average spread for EUR/USD is 1.2 pips.
Leverage:
BPS Capital offers high leverage up to 500:1. However, high leverage can magnify losses as well as profits.
Packages and Products They Offer
BPS Capital offers two different account types:
- Standard account: This is the most basic account type and has the lowest spreads.
- ECN account: This is the most premium account type and offers the lowest spreads and the most trading features.
Withdrawal and Deposit Method
BPSCapital offers a variety of deposit and withdrawal methods, including credit cards, debit cards, and wire transfers. However, there are withdrawal fees associated with all of these methods.
What Do Their Previous Traders Say?
There are a number of negative reviews about BPS Capital online. Many traders have complained about the company’s high fees, poor customer service, and fraudulent activities.
Summing Up- Why Should Not You Trust BPS Capital
There are a number of reasons why you should not trust BPS Capital. The company is not regulated by any financial authority, it has a poor reputation online, and there have been reports of BPS Capital engaging in fraudulent activities. If you are considering trading with BPS Capital, I urge you to reconsider. There are many other legitimate brokers that you can choose from.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money to BPSCapital, you may be able to recover it through a chargeback or by filing a complaint with the Financial Conduct Authority (FCA). You can also contact a financial recovery firm for help.
File A Complaint Against Scam Broker's
Final Thoughts
BPS Capital is a scam broker that should be avoided. If you are considering trading with this company, we urge you to reconsider. There are many other legitimate brokers that you can choose from.
We hope this article has been helpful. If you have any questions, please feel free to leave a comment below.
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