MyCapital claims to be the market-leading FX broker. The broker has four trading accounts that can be traded on the MetaTrader trading platform. It is operational from the overseas territory of Saint Vincent and the Grenadines. The primary concern about this broker is its unregulated nature. If our readers want to invest in this broker, they must read this MyCapital review first. You will get detailed information. Read the full MyCapital review here.
The four provided trading account are Cent, Mini, Standard, and VIP, with a minimum deposit of $250, $1000, $10000, and $100000, respectively. The leverages are not mentioned on the official website, but spreads are offered that are ranging from 0.4 pips to 2.4 pips. The broker provides the traders trading on the world-famous trading platform, the MetaTrader. This may be the possible advantage of MyCapital. The MetaTrader has world-class features like Expert Advice, built-in market indicators, advanced charts, and automatic trading bots. The trading platform MetaTrader is available for all operating systems. As said before, the significant disadvantage of the broker MyCapital is its nonregulation. The White Rock Partners LTD company with an official address of Saint Vincent and the Grenadines owns the brand name MyCapital. Saint Vincent and the Grenadines is an overseas territory where many scam brokers take refuge. However, the brokers operational from this overseas territory do not come under any financial regulation. That means the broker MyCapital is unregulated and does not hold the proper license to provide brokerage services in the regulated markets. Another strange aspect of MyCapital is that the broker urges it’s clients to install and use remote desktop tools like TeamViewer or AnyDesk. It means if traders install this software, the broker will have access to traders’ computers along with personal and bank details. Now it is clear that the broker MyCapital is not just an ordinary scammer, but it wants to drain all your savings. As mentioned above, the spreads provided are high and are meant to increase the cost of trading. Such spreads will not help traders at all. The broker MyCapital also charges a hefty withdrawal fee. Any withdrawal requires a 10% processing charge, and it’s not acceptable.
Is MyCapital scam or legit?
The broker is operational from the overseas territory of SVG that is a hub for scam brokers. They do not possess a valid license to provide legal brokerage services. The broker urges to install Remote Desktop Tools, and it’s a visible scam sign. The broker MyCapital is a potential scam broker 2020.