Once we started researching MorganCapFX broker, we found lots of discrepancies. While the website looks entirely professional, and one may think the broker is transparent, the truth is a bit different.
Our MorganCapFX review will show you all the details. Here’s how the scam was perpetrated.
Additionally, we strongly advise you to avoid the fraudulent brokers Robexcoin, Primeinv, and W2W Capital.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Morgan Capital Management LLP|
|Headquarters Country:||UK (allegedly)|
|Minimum Deposit:||250 EUR|
|Cryptocurrencies:||Available – BTC, ETH, XRP|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
Is MorganCapFX Сrypto Trading Company Legal?
MorganCapFX claims to be a Morgan Capital Management LLP brand registered in the UK. We’re even provided with a UK address – 12 – 13 Henrietta Street, London, United Kingdom, WC2E 8LH.
Upon researching the UK’s House of Companies, we found such a company at the said address. However, this company was incorporated in June 2012 and dissolved in October 2013. Therefore, it’s not an active business and surely not related to the morgancapfx.com broker.
Furthermore, the Terms and Conditions imply that the business has been conducted under Estonian law. As an EU country, Estonia has FI, the financial regulator in charge of Forex and CFD trading providers. As you can guess, MorganCapFX has never entered its commercial register.
Reasons Not to Trust an Unlicensed Broker
Unlicensed brokers cannot be trusted for several reasons. Firstly, if they were running a legitimate business, they would have no problems obtaining a license for it.
As you can see in the example of MorganCapFX, the company owner is false, meaning that starting any legal procedure is quite challenging.
In the end, since the company is not regulated by the FCA, FI, or any other regulator, customers don’t have any money-back guarantee.
Is MorganCapFX a Scam?
MorganCapFX claims to be a UK-based broker operating under Estonian governing law. Furthermore, it doesn’t have any valid financial regulations. The trust score is low, indicating fraud.
What Do Traders Think Of MorganCapFX?
This brokerage has a whole lot of negative reviews. Customers are reporting numerous withdrawal issues.
MorganCapFX’s employees use AnyDesk, TeamViewer, and similar apps to access clients’ mobile devices or desktops. Through it, they can control online banking and crypto wallets and wipe them off. Make sure to stay away.
What Platform Does MorganCapFX Provide?
Unsurprisingly, MorganCapFX didn’t try too hard about their trading platform. They offer quite basic web-based software already seen with numerous other scammers.
The platform has an asset overview, several charts and indicators, and an option to deposit more funds. If you want to apply any advanced strategies, participate in social trading or have a bot, you won’t be able to do so.
That’s why we always recommend MT4 or MT5. These apps are way superior and more reliable than any internet-based solution.
Access the Account From a Mobile Device
There are no mobile apps. Both Android and iOS users will have to access their accounts through a web browser, which is not a big surprise. Since the brokerage didn’t try to provide any good trading tools, they didn’t think of trading convenience either.
MorganCapFX Accounts Overview
MorganCapFX has 3 account types on offer. They are:
- Beginner – 250 EUR
- Pro – 2,500 EUR
- Expert – 25,000 EUR
The difference is in spread, leverage, and market news and reports you can access.
Welcoming and Refer a Friend Bonuses – Ways to Limit Withdrawals
While broker employees may try to convince you that the company is generous, MorganCapFX’s bonuses are a tool to prevent withdrawals. According to the bonus clause, customers cannot withdraw their funds before reaching a minimum trading volume of 25 times the deposit plus the bonus amount.
This is illegal and outrageous. And that’s why main regulators have banned incentives.
Customer Support – Communication Channels
While appearing as a legit broker, MorganCapFX is far from it. They have provided various emails and phone numbers for their clients. However, none of those are available for direct communication.
Yet, they can reach you via phone calls, emails, messages, WhatsApp, Telegram, and other means. Once they decide to vanish with your funds, they’ll block your contact and leave you with no information.
MorganCapFX – Countries Of Service
The MorganCapFX trading scam is mainly conducted in:
Also, avoid the trading frauds Axiance, HubbleBIT, and Absolute Markets at all costs! Moreover, before investing, always look into the past of internet trading firms!
MorganCapFX Range of Trading Markets
Customers can trade in five major markets, those being:
- Cryptocurrencies – BTC, ETH, USDT
- Forex – EUR/USD, AUD/CAD, GBP/ZAR
- Commodities – gold, coffee, cotton
- Stocks – Tesla, Microsoft, Apple
- Indices – NIKKEI225, S&P500, CAC40
Despite the solid-looking offer, bear in mind that this firm is unlicensed.
What Is Known About MorganCapFX’s Trading Conditions?
Trading conditions, mainly spread and leverage, are used to assess trading risks. Regulators in all major jurisdictions have a strict leverage limit of up to 1:50 since handling it poorly can cause monetary losses.
Additionally, spread and swap will determine trading costs. You will lose most of your profit by paying broker commissions if they’re too high.
Too High Leverage and Spreads
The leverage with MorganCapFX ranges from 1:50 to 1:300. It’s way above the regulatory cap.
The spread for the Beginner account starts at 0.1 pips, while the Pro and Expert bring 1.2 and 1.3 pips, respectively. The last two accounts also have trading commissions of 0.2-3.5 EUR per lot.
MorganCapFX’s High Fees – Withdrawal Policy
According to Withdrawal Policy, the broker charges too high fees. Those are $50 for wire transfers and $25 for credit cards with an additional $10 processing fee.
Additionally, there’s a levy fee of 10% for accounts that don’t reach 200 in a rollover, that being $2 million.
The minimum withdrawal amount is $250 for bank transfers and $100 for other methods, which is quite limiting.
MorganCapFX Minimum Deposit and Deposit Methods
According to its policy, customers can make a deposit using:
- Debit/credit cards
- Wire transfer
The minimum starting amount is 250 EUR. Knowing that legit firms allow you to start at as low as $10, we don’t see a reason to risk this with this fraudulent scheme.
Scammed by MorganCapFX Broker? – Let Us Hear Your Story
If you were scammed by MorganCapFX or a similar bogus broker, let us know. Book a free consultation with our chargeback experts and we’ll evaluate your case.
Don’t let scammers run with your hard-earned money. Let’s fight for it together!
But What Is A Chargeback?
This is a way for your bank to recover your funds directly from the merchant. If you have any issues, let us know. We’re ready to help you out with the refund process.