WikiFX Review: what you need to know about Live Capitol

First of all, according to the official website livecapitol.net, Live Capitol claims to be licensed both by the Cyprus Securities and Exchange Commission (CySEC) – one of the most reputable financial regulators in the world – and by the Financial Services Authority (FSA) of Seychelles. The broker has provided an office address on Seychelles which seems to show that they are based there.

However, Live Capitol was not licensed by the FSA – this regulator has even issued a warning on Live Capitol and states that the broker is operating illegally.

The license numbers Live Capitol has provided for the CySEC register, on the other hand, did show up in the regulators system. But the company the license belongs to is an entirely different broker – one that had a different domain, phone number, and address.

The regulated company obviously has nothing to do with the broker we are reviewing – but this means that Live Capitol was insolent enough to use another broker's license information. This is not something a legitimate enterprise would ever do.

On the homepage of the website, we see the claim that Live Capitol offers clients cTrader, an advanced trading platform used by some of the industry's leading brands.

But like the information on the Seychelles and Cyprus licenses, this claim is also false. Live Capitol does not have any trading software. All we see on the dashboard are simple charts of current asset prices with no trading functionality.

On the home page of its website, Live Capitol claims to offer forex and CFD trading with raw spreads and a very low commission of 2.5 USD per standard lot. But given the lack of legal authorization and especially the lack of software, it is obvious that Live Capitol does not offer real trading.

On the website we also see a claim that leverage of 1:500 is being offered. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. The European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies.

After registering an account we get access to a list of “packages”. Their description does not include the values of the main trading parameters, but instead there are promises of very generous bonuses. This is further proof that Live Capitol could not be a licensed broker because regulators prohibit the use of bonuses.

The minimum deposit for these packages is 2000 USD. By comparison, for ten times less you could open a starter account with most of the industrys leading brands. Many licensed brokers even offer a Micro and Cent account with a minimum deposit of just 1-5 USD.

Live Capitol only accepts Bitcoin deposits. This is a sure sign that you are on your way to being scammed – only a scam broker would urge you to deposit in crypto specifically. The reason for that is simple – such payments are irreversible which means that you would not be able to retrieve your money if you have already deposited it.

Now let's search “Live Capitol” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, Live Capitolcurrently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it would be a bad idea to trust your money to Live Capitol. This is nothing more than a typical financial scam, illegally using the details of legitimate businesses to deceive the more incautious and inexperienced. Do not trust this broker as you will surely end up losing a lot of money.

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.