Who Is Tradecapitals?
Tradecapitals was an online brokerage that offered investors the opportunity to trade in the forex markets; it had its offices located in New Jersey, USA. This organization’s website has now been shut down.
The Tradecapitals review below seeks to ascertain whether this broker was a scam or a legit organization and look at what options are available to those who lost money to this platform.
Is Tradecapitals a Licensed Broker?
During its time in operation, Tradecapitals did not hold any financial license or have the necessary regulation in place to legally offer any financial services to the public, making it an extremely risky investment proposition.
When choosing a broker, take care to make sure that the option you’re considering is fully licensed and regulated by a reputable financial entity. It is worth being aware that the stringency of regulations varies from country to country: this means that a practice that is disallowed in one territory may be entirely permissible in another, so satisfy yourself on this score, too, before investing any money.
A financial regulator also acts as a safety net for investors should the broker run into trouble or turn out to have acted unscrupulously, as these organizations can be appealed to by those who feel that they have been scammed out of their money.
Is Tradecapitals a Scam or Legit?
Its unregulated status and the fact that its website has now been closed down are indicators that a Tradecapitals scam possibly took place, resulting in the loss of funds for a significant number of its members. Former investors frequently claim that representatives of Tradecapitals constantly called them in an attempt to get them to invest further funds - usually of a much higher value - promising them that this was the best way to not only recoup their original stake but to make spectacular profits. Many of the platform’s members were persuaded to do this but subsequently found, when they tried to withdraw all or part of the money in their trading account that they were unable to do so: either their account had been blocked or seemingly deleted.
Following this, the broker’s website was taken down, leaving investors with funds still held by the company high and dry and seemingly with no recourse in terms of recovering their lost investment.
These sort of tactics are highly suggestive of a Ponzi-style scheme, in which the trading aspect of the operation is a front: in reality, there is no trading going on behind the scenes, and the only money coming into the organization is through the continued investment of its members; occasionally small payouts are made to traders shortly after they sign-up, in a bid to maintain credibility and act as further persuasion to put in more money.
Biggest Complaints Against Tradecapitals
The main Tradecapitals complaints are from those investors who, as mentioned above, feel they were scammed out of their funds - there are a large number of former members who claim that, upon trying to withdraw their money, found that access to their accounts was blocked and that there was no way to get in touch with a representative from the company.
As touched on earlier in this post, the reviewer mentions that there is seemingly no entity to arbitrate on behalf of those that were scammed as a result of the broker’s unregulated and unlicensed status.
Can I Get My Money Back From Tradecapitals?
Yes, it is possible to get a Tradecapitals refund. Pursuing the matter yourself is an option, although this is likely to be extremely time-consuming and could be expensive, in terms of racking up legal costs. An alternative route - and one that is much more likely to be successful - is to appoint a reputable chargeback company to act on your behalf. A professional chargeback team will have the contacts, industry knowledge, and experience in dealing with similar scams to know the avenues to pursue to obtain a Tradecapitals refund for you.
What is the Chargeback Process?
To take the first steps in getting your Tradecapitals money back, decide on the chargeback team you wish to instruct. Have a look at the options online, paying particular attention to each company’s success rates and reviews from past clients.
Once you have made contact, a representative will discuss your case fully to see if it has a high chance of success. If this is deemed to be so, then the team will gather all the evidence and documentation necessary and begin the process of tracking down your scammed funds. The chargeback team will use all the expertise and experience at their disposal to find the perpetrators of the scam and confront them. In the vast majority of cases, this will result in a Tradecapitals refund, which will be deposited directly into your bank account.
Getting scammed can often leave victims feeling angry, vulnerable, and unsure of where to turn for assistance and support. If you have lost money to Tradecapitals, then it is important to make contact with a chargeback team, who will be able to support you and fight in your corner to retrieve your stolen funds.
