InfinityCapitalG is an offshore broker reluctantly providing the public with crucial information about itself. Also, we observed many fraudulent claims about the products and services they offer. They claim to provide with highly competitive spreads, but upon registration, we encountered some of the worse we’ve ever seen. Find out the rest you need to know about this broker in the full InfinityCapitalG review.
InfinityCapitalG REGULATION AND SAFETY OF FUNDS
InfinityCapitalG originates in St. Vincent and the Grenadines. It’s an offshore jurisdiction which loosely regulates its financial sector, and the local authority doesn’t even care to license or control the Forex brokers operating there. That’s a vexing issue for traders because the lack of regulation makes these entities risky and unpredictable. InfinityCapitalG also provides with UK and Australian contact numbers, so we researched both the regulators supervising but found nothing about this entity.
Your funds are not safe if you deposit with InfinityCapitalG because it’s an unlicensed and unregulated offshore broker illegally selling financial products and services on regulated markets without the proper authorisation. The offshore brokers’ problem is that these companies may disappear any time soon, leaving the traders with losses almost impossible to recover. As they are unregulated, they have no obligation to comply with anything whatsoever. These brokers may delay or refuse withdrawals, abuse your personal information, misuse your funds etc. without bearing the consequences for their fraudulent actions. SVG is bustling with scammers, and that’s only because of the absence of competent regulation.
Avoid InfinityCapitalG and see the European brokers and British brokers we highly recommend to the traders. Europe is financially stable, and the regulators supervising the FX markets put the customer protection on top of their priority list. There are many strict rules brokers have to comply with to get a license, but most importantly EU and UK designed money protection schemes which guarantee the clients’ money. If you trade with Cyprus regulated brokers you can claim up to 20 000 EUR in compensation, while in the UK the protections are of even up to 85 000 GBP per client. Each EU member state has to operate similar deposit insurance fund, seen as the last resort for traders in case brokers fail to meet their financial obligations.
InfinityCapitalG TRADING SOFTWARE
InfinityCapitalG provides with a web-based platform only, which cannot offer anything exceptional to the traders. It lacks in functionality, and the drawing tools are simply impossible to use correctly. Worse though, the web-based trading software shady brokers develop by themselves are considered prone to fraud and price manipulation. So, the poor trading software provided is yet another reason to stay away.
See the regulated MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular retail Forex trading platform globally, which traders prefer for its reliability and ease of use. It features sophisticated trading tools rare to find elsewhere for free such as Expert Advisors, Algo Trading, Complex Indicators, reliable Strategy testers and even a marketplace with more than 10 000 trading apps and counting.
The EUR/USD spread is massive- 7.8 pips. That’s a quote difference too hard to overcome, making InfinityCapitalG a costly broker to trade with. The spread forms part of the trading costs, so lower rates benefit traders and improve profit potential. Yet another reason to stay away.
The maximum allowed leverage is said to be 1:400, but traders have to deposit at least $100 000 to utilise this ratio. The default one is 1:100, but we cannot verify their claims because we couldn’t actually understand what leverage level applied to the account we registered. It’s also impossible to adjust the ratio by yourself, which is a warning sign whatsoever. Hidden levels are hazardous for brokers may manipulate the leverage to drain up the account balance. Beware!
The leverage is a hazardous tool, so EU, UK and Australia (from 2021) forced a leverage cap on the market- 1:30 as a customer protection measure. Canada and the US agreed on 1:50. Brokers offering higher ratios are not recommended due to the absence of adequate regulation, the risks aside. The Swiss brokers, are not leverage restricted, but Switzerland keeps scam away with its capital adequacy requirements- more than 22 mln USD to get an FX license.
InfinityCapitalG DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with InfinityCapitalG is $250, more than twice higher than the regulated brokers’ standards- $100 on average. The funding methods are Credit/Debit cards, Wire Transfers, E-wallets and Bitcoin if we judge by the FAQ and their Terms and Conditions. We recommend bank card funding for it’s possible to file a chargeback within 540 days from the transfer date. By far it’s safer than Wires and Bitcoin payments which are final and non-refundable.
The minimum withdrawal is $100 in general, but $250 for Bitcoin, weighty requirements whatsoever. Each withdrawal costs 1% from the sum ($30 at least), with a withdrawal request processing time of 7 to 10 days. Quite unfavourable provisions, we have to note that. Compare with most of the regulated brokers now- no or meagre withdrawal requirements, no or small fees and a withdrawal request processed within 48 hours. Easy to make up your mind, isn’t it.
The inactivity fees are also oversize. An account becomes dormant after 60 days of inactivity and will be subject to a fee of $150 every two months. Midday robbery! The trustworthy brokers charge the dormant accounts with 5 to 10 dollars per month at most.
InfinityCapitalG offers bonuses, but the additional provisions introduced significantly worsen the trading conditions. There is a 50 000 times turnover to reach for each bonus, which is an insane requirement. If you withdraw more than 20% from the balance in your account InfinityCapitalG will wipe out the bonus plus the profits you’ve made.
Overall, InfinityCapitalG is an unregulated offshore broker, and that’s an argument enough to stay safe and avoid this broker.
HOW DOES THE SCAM WORK
One can see hundreds and thousands of promising ads on the Internet and social media. Unfortunately, many of these are fraudulent schemes targeting to rip the people off their hard-earned money.
If you click and provide scammers with your e-mail and contact number they’d ring you immediately and will promise you anything to make you deposit money with them as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they will ask for your bank card numbers to make the deposit instead of you and save you the hassle. The urgency is a warning sign; they are always in a hurry to persuade you to start investing with them.
But the first deposit is only the beginning. Gradually they would ask for more money from you no matter the results. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and even ask you to pay them if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should deposit more and more, for no obvious reason. Legit companies do not bother you on the phone to deposit with them, so if someone urges you to start investing, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to fraud. In case you got scammed, you need first to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!
The post InfinityCapitalG review – 5 things you should know about infinitycapitalg.com appeared first on TheForexReview.com.