ImportCapital – The Issues with the Broker

ImportCapital

The financial markets are crammed with online brokers that are ready to cater to anyone who wants to begin their trading career. You will be tempted to open an account with every broker you come across, but this is an urge you need to resist. Why? Yes, no two companies can be equal, but there are some that are worse than the others. You will learn about

this category in this ImportCapital review, as there are brokerages that are just trying to con you and walk away with your funds. There is no shortage of stories of people who have suffered at the hands of these scammers and you do not want to have the same experience.

However, this is easier said than done because these fraudulent brokerages are not that easy to identify. Their numbers have increased exponentially due to the heavy traffic in the financial markets and they know just what tricks to use to convince people into signing up with them. The key is to remember that no matter how good they might be at disguising themselves, they cannot be the same as legitimate companies. This means that they will always have issues, which reveal the truth and you just need to learn about them.

As long as you are prepared to do so, you can rest assured that you will choose the right brokerage to start online trading and will be able to make the profits you are after. One of the many companies you will come across is ImportCapital and its website is the perfect example of how a scam attempts to conceal its true nature. The array of instruments it offers are enough to grab anyone’s attention because it offers to let you trade FX pairs, indices, shares, commodities, crypto assets and even NFTs.

This sounds like quite the package and then ImportCapital also promises flexible trading conditions, a cutting-edge trading platform and bonuses. What more could you want? But, when you take a closer look, you will find various issues that show just why ImportCapital is not the right choice. What are these issues? Some of them are highlighted below:

Lack of regulation

The first issue that you will uncover about ImportCapital is that the broker is completely unlicensed and unregulated. If you talk to any expert, or professional trader, they will tell you that opting for a licensed and regulated company is vital to keep yourself safe from a scam. In addition, they can promise you quality services that you cannot get otherwise and they are also capable of offering you security. This will help you trade in the financial markets with complete peace of mind because you will not have to worry about the safety of your funds.

Unfortunately, you cannot find any such reassurance where ImportCapital is concerned because the brokerage is not regulated or licensed. It claims to be operating from the Commonwealth of Dominica, which is an offshore jurisdiction that is notorious for being a home of scam companies. No genuine and legitimate brokerage would ever register itself in such a jurisdiction because it knows it hurts its credibility.

Another problem is the parent company of ImportCapital, which is said to be Incendiary Group LTD. If you do some research, you will find that it does not have a good reputation because it has been linked with a number of other scam websites. As a matter of fact, the Italian regulatory authority called the CONSOB has actually blacklisted the company, which indicates that ImportCapital is also one of its scam iterations and should be avoided.

Malicious bonus policy

If you are not already convinced as to why you should avoid opening an account with ImportCapital, its bonus policy should do the trick. First, you should immediately be warned when you discover that the brokerage is offering trading bonuses. Nowadays, this practice is no longer widespread or considered beneficial because many regulatory bodies have prohibited these promotions due to the strings attached to them.

Therefore, most legitimate brokerages refrain from offering bonuses to their clients. The fact that ImportCapital is doing so and that too without a license is just too big of a risk. Moreover, the reason for the restriction on bonuses will become clear when you check out their policy, which is downright malicious. It has the infamous ‘Non-Deposited Funds’ clause, which dictates that there can be no withdrawals of profits generated via bonuses.

The problem here is that ImportCapital implies that it has a way of distinguishing the profits you make from your own deposits and that with bonuses, but it does not. It is merely an excuse to ensure that you will not be able to withdraw any money.

No professional trading platform

A great deal of your trading success will depend on the platform you are provided by a brokerage. It has to be powerful to allow superior trade execution and should also offer you advanced tools that can help you make smart decisions. But, you will not find any of this at ImportCapital because they are only providing a lackluster and rudimentary web trading platform.

It is a far cry from the features and functionalities that you can get from the top trading platforms in the market like the MT4, or the MT5, which are usually provided by most of the legitimate brokers, yet ImportCapital is not one of them.

Poor trading conditions

The trading conditions that ImportCapital is offering are extremely poor and yet another reason why you should not choose this brokerage. The spreads they offer start at 3 pips, which is three times higher than the standard. In fact, most competitive brokers are offering spreads below 1 pip these days.

Apart from that, even the leverage ratios that you are provided at ImportCapital are not beneficial because they are as high as 1:100, which is not considered safe. Leverage is extremely risky, so it should never be excessive.

Wrapping Up

The issues that you discover when you check ImportCapital thoroughly indicate that this broker should be avoided.