FGB Capitals is yet another offshore broker which is not worth your time or money – it does not even allow trading whatsoever. That is because, though the broker provides access to the XoH trading platform, as we will discuss later, it does not offer a distribution of its own, but a stock version that anyone can download off the MetaQuotes website. With that in mind, let’s take a closer look at FGB Capitals :
FGB Capitals regulation and safety of funds
FGB Capitals is completely unregulated – it hails from the island nation of St. Vincent and the Grenadines
FGB Capitals is deceptive when it claims to be regulated by the St. Vincent SEC – the latter has stated it does not regulate Forex trade whatsoever. Therefore, although the company can very well be incorporated within the offshore location, www. fgbcapitals.com there is actually no restriction to what it can do, and it cannot be held accountable by the regulatory body. This is not the case in all jurisdictions – for example, in the EU, brokers are tightly regulated, with the Union mandating all companies registered within member states have over 730 000 euros in liquid capital, report on a daily basis on open and closed trades, and much more. This means that there are quite serious protections for traders who pick EU brokers – and if you wish to make use of them, here are some legitimate EU brokers.
FGB Capitals deposit and withdrawal methods and fees
FGB Capitals accepts deposits via credit cards, wire transfers, and Bitcoin – out of all these methods, only credit card providers are able to grant chargebacks – but they do so quite readily, within 540 days, so if you have deposited using the card you are at an advantage – especially since we cannot know what kind of complications are associated with FGB Capitals ’ withdrawal policy – the broker does not have its Terms and Conditions available, which is not only incredibly unprofessional but also downright screams of a scam.
As for the minimum deposit, FGB Capitals sets it at $1000 – this is an audacious amount when brokers nowadays are able to open a micro account for about $10 – a hundred times less.
How does the scam work?
After reviewing FGB Capitals, we have sufficient information to think it is running a scam – what’s more, it is running based on a very tried and true model. The scam begins when a victim stumbles upon FGB Capitals ’ or a similar website. They are led there by ads that promise incredible returns on deposits. If the person leaves a phone number or another piece of contact information on the website, they will be barraged with calls from the scammers, who demand deposits. These fraudsters are skilled manipulators and will get the victims to deposit more and more until they realize they are being conned. At this point, the scammers will simply cease all contact with the victim and just disappear.
What to do when scammed?
When scammed by one of these brokers, you can take several steps to limit further losses – first off, replace any documents the scammers had access to – any forms of ID, credit cards, and so on. Also, you should uninstall any desktop-sharing software they had you put on your PC – programs like Team Viewer can be used to snoop on there without your permission or knowledge. fgbcapitals.com reviews
Contact your bank and explain you were scammed – you might get some assistance. But, more importantly, do not fall for further scams – if contacted by a recovery agency, which promises you to restore your losses at the cost of an upfront payment, do not trust it – these are also scammers.
fgbcapitals.com Finally, know that there is no shame in falling prey to such a scheme – the people running them are cunning and anyone could be deceived! So, do not hesitate to share your experience, be it online or with your friends and family. The only way to stop such scams is a higher level of awareness of the fraud model.
