Reason to avoid: No license
Listed Date: February 18, 2019
Top 3 Regulated Forex Brokers
Beware CapitalFXclub is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Pro Capital
- Registration/license: None
Is CapitalFXclub a scam or legit broker?
No, it is not safe to trade with CapitalFXclub. CapitalFXclub is owned by Pro Capital which claims to be located in the United Kingdom. According to the website, PRO CAPITAL provides premium-quality commodities and Forex trading services, which have fulfilled the commodities trading needs of clients since the creation of the company in 2013. PRO CAPITAL offers a wide variety of commodities and Forex products to its customers.
The broker doesn’t provide any information about its regulation and it seems that it is not overseen by any authority. In addition, Italy’s regulator CONSOB has issued a warning against CapitalFXclub:
“The National Commission for Companies and the Stock Exchange has ordered the discontinuation of the infringement of art. 18 of the Consolidated Law on Finance, consisting of the provision of unauthorised investment services and activities to the Italian public, implemented via capitalfxclub.com”
In addition, despite its London location, the contact phone number is Italian, which is a sign that the company has been targeting Italian residents.
In conclusion, it is advised to avoid trading with the broker even though their offering might seem competitive and attractive. Safety of funds always first, therefore we recommend choosing among regulated brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and Plus500.