Live Capitol Review: Livecapitol.online Brutal Scam

Live Capitol is an offshore broker operating in the guise of being genuine. While its website looks legit, there is more than meets the eye. The broker claims to offer a platform for trading indices, forex, ETFs, commodities, shares, and cryptocurrencies. The broker makes enticing offers to get your attention- and money.  If you fall prey to this broker’s antics, we all know how the story will end. 

 Forex trading has revolutionized the conventional way of trading and investment. This form of investment is a lucrative venture if done right. Some investors trading with legit forex brokers have reaped massive benefits and owe their wealth to this venture. However, it can result in significant losses if not done diligently. The losses are worse if investors trade on scam forex sites, as nothing good comes from the shady brokers. 

In this review, we want to show you why we believe Live Capitol is another scam broker angling for your hard-earned money. The good news is that if you are keen, there are always some red flags that you will notice, indicating that something is amiss with a broker. Combining this review with your preliminary research will help you from avoiding this excuse of a broker. 

Livecapitol.online Review

Live Capitol claims it is a trading name for TopFX Ltd and operates under license number HE 274180. The broker purports to be in Cyprus under CySEC’s regulation under registration number 138/11 VAT 10274180P. You can open a live trading account with zero deposits-which does not make sense. However, we recommend that you trend carefully and not act on any promises or declarations the broker makes regarding trading conditions, returns, or funds security.   

 It is also worth mentioning that legitimate brokers are transparent on location details, which hints at the regulation status. However, the availability of such information does not imply they are true. So to be safe, fact-check the location details.

Live Capitol Deposit and Withdrawal Policy

Live Capitol only accepts Bitcoin deposits, which is an unsettling condition. This is not a coincidence! The broker is aware that when you deposit through cryptocurrencies, you will not be able to reverse such a transaction. You will lose your money the instant you make a deposit! Furthermore, cryptocurrency transactions are anonymous, and you cannot tell who the recipient of the funds is. It is thus hard to know who to hold responsible for account/funds management.

As a precautionary measure, ensure that the deposit channels a broker provides allow chargeback, if necessary. Again, trustworthy brokers do not limit you to crypto deposits. Instead, they allow you to use other channels at your conveniences, such as wire transfers, e-wallets, and credit cards. Given such freedom, you have no reason to deal with a broker limiting your choices and control. Explore trusted brokers with better options.

Regulation & Licensure of Live Capitol

Broker regulation is one of the main factors you should pay attention to before engaging with them. Forex regulatory bodies enforce measures to protect investors from fraud or manipulation. For instance, these bodies guarantee a specific amount of refund in case the broker goes bankrupt and protect traders from a zero balance. This way, traders cannot lose more than their account balance. 

The best way to confirm a broker’s licensure is to check with the respective governing body register. Since Live Capitol claims to be in Cyprus, we checked with the CySEC register but did not find such credentials. We can only conclude that the company is under no brokerage regulation! 

Worse still, there is a high chance that this is an offshore broker. Unregulated forex brokers are dangerous because they circumvent the authority and make you vulnerable to massive investment loss. Since they are not answerable to any oversight body, they ensure they get as much as possible from you and then disappear into thin air. Again, being an offshore account presents yet another jurisdictional problem. With this broker, you are never immune to scams, and it will be hard to obtain legal recourse. 

Live Capitol Trading Conditions

The terms of engagement with any broker should be clear before you engage with them. These terms are included in the KYC, AML, and T&Cs policies and help clarify respective obligations and rights. Trusted brokers are transparent concerning such terms and attach relevant legal documents. 

Sadly the legal documents on the investor engagement with this Live Capitol are conspicuously missing. The omission of such an important document casts doubt on the transparency and integrity of this broker. Again the omissions pave the way for the broker to introduce weird and extortionate conditions when you request funds withdrawal. 

Live Capitol offers a 1:500, which is prohibitively high considering that the leverage capping of most regulatory bodies is 1:30. A leverage is a sword that cuts both ways. So despite the allure of high returns, the losses can be equally numbing. Consequently, the capping aims to shield investors from massive losses since this market is highly volatile. Surprisingly, the broker claims that it has 0 spreads. While this may sound look, it raises eyebrows. How does it make money if it does not earn commission from your trades(indicated by 0 spreads)? The broker does not need your commission because you will not trade, and they will steal your deposits. 

Trading Software

Live Capitol claims to provide a cTrader for desktop, mobile, and web versions. This claim is absurd since the broker does not offer functional trading software. Instead, we see an interaction of charts that make it impossible to execute any command. Oddly, the charts show that we have made money despite not making any deposits! Forex scammers use substandard trading platforms to give you the impression that you are making money. 

Any broker worth its salt should offer reliable trading platforms, such as MT4 and MT5. The two platforms are recommended as they provide many options and functionalities. These options include back-testing, auto trading, and instant executions. If a broker cannot offer reliable platforms, why bother engaging them?

Verdict

Scamming incidences are becoming increasingly common. From our experience, most scam brokers provide mouth-watering deals and incentives to get you hooked on them. They later make withdrawals difficult and eventually disappear with your money. This means that you cannot believe anything a broker says until you confirm it is so. As an investor, it is your responsibility to conduct due diligence to ascertain the authenticity of a forex broker.  

Since you do not have the luxury of human interactions, you must rely on website clues that may tell whether a broker is a scam or legit. You should double-check all claims and carefully read the terms of engagement for any ambiguity. Most importantly, confirm the regulation status of a broker before trusting them with your money. As an investor, get adequate exposure before risking your investment. The exposure will help see through the lies by scam brokers and identify a legit forex broker. Such brokers can make your dreams of getting reasonable returns with minimal risk a reality. Protect your investment and your future!  

 

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