Capital X Tend Review: Don’t Risk Trading with This Broker
This investment scam has been operating since 2005 under the company named CapitalXTend LLC. And as you might already guess, the company is headquartered in a scam haven called St. Vincent and Grenadines.
You would believe that the company that has been in business since 2005 at least has good reviews and many at that. But boy oh boy, you would be very wrong.
There are many complaints made against them and that’s why we decided to make this Capital X Tend review.
|Address||Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines|
How Are You Protected at Capital X Tend? Brokers Licensed
Firstly, the Capital X Tend broker can’t have regulation in St Vincent and Grenadines. Thai is because SVG’s regulatory body doesn’t provide any more licenses for trading and doesn’t overlook the forex and CFD trading whatsoever.
However, they are a part of the Financial Commission. This is an independent organization that provides compensation funds up to €20.000. But they are not a regulatory body.
And now we move to the Tier 1 regulators. We diligently checked all the Tier 1 registers in hopes of finding anything relating to the Capital X Tend, but unfortunately, there isn’t anything.
So to sum it all up, the Capital X Tend broker is just another unregulated scam that has a third party payment provider in Kazakhstan, has extremely high leverage that is above EU regulation and breaks the ESMA rules limit. We also advise you to avoid the Trubyx offshore broker.
Trading Software Overview
The trading software that Capital X Tend offers to its clients is MetaTrader4 trading platform. Although it was launched 15 years ago, it is still one of the best in the forex trade and preferred by 80% of the brokers for the many advantages it offers.
And it’s the industry standard for a reason. But you still shouldn’t overlook the fact that Capital X Tend is unregulated and there is a high possibility that they have rigged the platform.
It’s a common practice among the scammers to do so, so they can scam you for even more money.
Account Types Offered
The broker offers its clients the possibility to choose from four different account types and those include:
- Standard – $100
- ECN – $200
- PRO ECN – $500
- Platinum – $25,000
Although the minimum deposit is $100 it’s still too much in comparison to regulated brokers who will ask you for as little as $5. On top of that, the leverage is set too high, capping at 1:100, which violates the rules set by ESMA where the leverage can’t go over 1:30.
Additionally, the broker did provide a Demo account but still, they are unregulated and pose a danger to you and your funds.
Deposit and Withdrawal Method
The broker said that they accept various e-wallets like Neteller and Skrill, as well as all major credit cards, including VISA, MasterCard and American Express. In reality, as it turned out, they accept only wire transfers and crypto coins like bitcoin and ethereum.
This is a common practice among illicit brokers as crypto transactions are untraceable and you will not be able to ask for a refund once you deposit. That’s why it’s important to stick to regulated brokers.
How is Fraud Performed?
People sometimes become careless and leave personal information on the internet, and once brokers like Capital X Tend or Tesler get a hold of it, they will likely harass you until you invest.
You will soon be overwhelmed with an enormous number of calls and even emails just so you will at least make a minimum deposit to this broker. Be prepared to hear many made-up stories about how people became rich overnight by investing with them. This is all done so they would appear more legit in your eyes.
Don’t feel ashamed if you have ever fallen victim to this type of deception, many people do, just be sure to report your scammer. We also encourage you to reach out to us as we can help you.
Capital X Tend Summary
This Capital X Tend review was conducted to show you how an offshore broker usually operates. As for the regulations, the only one this broker has is by FSC which is an Mauritius-based regulator. The problem here is that these regulatory bodies do not do a proper job when it comes to overseeing the activity of trading firms.
Hence why it is much easier to get regulated by them and why so many companies are based offshore.
The minimum deposit is set at $100, which isn’t too bad in comparison to some scam brokers, but still much more than what well-regulated brokers are asking for. And the leverage is just a joke, as there is no firm out there that will actually offer 1:1000 leverage.
FAQs About Capital X Tend Broker
Is My Money Safe with Capital X Tend?
Your money is not safe with Capital X Tend as they are an offshore broker that is not regulated by any well-known regulator.
Is Capital X Tend Legitimate Broker?
Capital X Tend tries to be a legitimate broker however the only license they have is by FSC which is an offshore regulator.
What is Capital X Tend Leverage?
The leverage at Capital X Tend is 1:1000 which is extremely high and never seen with a well-established broker.