MyCapital Forex Broker provides real users with * positive reviews, * neutral reviews and 2 exposure review!
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This is conversation, when i ask withdrawn process , reset password
I don’t access my account ,everytimes i want to withdrawn they will damn and tell me must deposit money incresed and advance money for withdrawn my investment balance
Mycapital, an online forex and CFD broker, has garnered significant attention in the trading community, with mixed reviews regarding its legitimacy and service quality. This review synthesizes various insights from recent analyses and user experiences, highlighting both the advantages and drawbacks of trading with Mycapital. Key findings include its unregulated status and high minimum deposit requirements, which raise concerns among potential investors.
Note: It's essential to recognize that Mycapital operates under various entities across different regions, which can impact user experience and regulatory oversight. This review aims to provide a balanced perspective based on comprehensive research from multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service & Support | 3 |
| Trading Experience | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
We assess brokers based on user reviews, expert opinions, and factual data from reliable sources.
Founded in 2020, Mycapital operates primarily as an offshore broker, with its website indicating a base in Saint Vincent and the Grenadines. The broker offers the widely-used MetaTrader 4 (MT4) trading platform, which provides access to various trading tools and resources. Mycapital allows trading in multiple asset classes, including forex, cryptocurrencies, commodities, stocks, and indices. However, it is important to note that Mycapital is not regulated by any major financial authority, raising serious concerns about its trustworthiness.
Regulatory Geography/Regions:
Mycapital operates without regulation from any recognized financial authority, which is a significant red flag for potential traders. Regulatory bodies like the FCA, ASIC, and CySEC are known to enforce strict compliance standards that protect investors, a level of oversight that Mycapital lacks.
Deposit/Withdrawal Currencies/Cryptocurrencies:
The broker accepts deposits primarily in USD, with a minimum deposit requirement of $250 for its Cent account. Withdrawal methods include bank transfers and credit/debit cards, but users have reported high fees associated with withdrawals, which can be a deterrent.
Minimum Deposit:
Mycapital requires a minimum deposit of $250 for its Cent account, which is relatively high compared to many regulated brokers that offer lower initial investment options.
Bonuses/Promotions:
There are currently no notable bonuses or promotions offered by Mycapital, which is common among unregulated brokers as they often focus on attracting clients through other means.
Available Asset Classes for Trading:
Mycapital provides a diverse range of trading instruments, including forex pairs, cryptocurrencies, commodities, stocks, and indices. However, the lack of regulatory oversight raises questions about the safety of trading these assets.
Costs (Spreads, Fees, Commissions):
The spreads offered by Mycapital are reportedly high, with the EUR/USD spread reaching up to 2.4 pips, which is significantly above the industry average. Additionally, withdrawal fees can be steep, with charges of $50 for bank wire transfers and $35 for credit card withdrawals. Such costs can erode traders' profits, making it less appealing to engage with this broker.
Leverage:
Leverage details for Mycapital are not explicitly stated, which creates uncertainty for traders. High leverage can be a double-edged sword; while it can amplify profits, it also increases the risk of significant losses.
Allowed Trading Platforms:
Mycapital primarily offers the MT4 platform, which is favored for its user-friendly interface and advanced trading functionalities. However, the absence of a proprietary platform may limit some traders' experiences.
Restricted Regions:
As an unregulated broker, Mycapital may not be available in certain jurisdictions, particularly those with stringent regulations against offshore trading.
Available Customer Support Languages:
Customer support is limited to English, and users have reported difficulty in reaching support staff, which can be frustrating for non-English speakers.
Account Conditions:
The account conditions at Mycapital are subpar, with high minimum deposits and uncompetitive spreads that do not favor traders. According to BrokerChooser, the lack of regulation further complicates the account's attractiveness, as traders have no recourse in case of disputes.
Tools and Resources:
While Mycapital provides access to the MT4 platform, the overall suite of tools and resources is limited. Users have noted that the educational materials and market analysis tools are insufficient compared to those offered by regulated brokers, which can hinder traders' decision-making processes.
Customer Service & Support:
The customer service experience has been criticized, with many users reporting long response times and unhelpful support. According to WikiFX, Mycapital's reliance on email as the primary support channel is inadequate, especially for traders needing immediate assistance.
Trading Experience:
The trading experience on Mycapital's platform is marred by its high spreads and lack of transparency regarding fees. Users have expressed concerns about the withdrawal process, citing complications and delays in accessing their funds. As highlighted by ChainBits, the broker's practices may lead to significant frustrations for traders attempting to withdraw their earnings.
Trustworthiness:
The trustworthiness of Mycapital is significantly low, primarily due to its unregulated status and the numerous warnings issued by financial authorities about its operations. The lack of transparency regarding its ownership and regulatory compliance further exacerbates these concerns.
User Experience:
Overall, user experience with Mycapital has been mixed. While some traders appreciate the availability of the MT4 platform, the high costs and unregulated nature of the broker have led many to advise against trading with them.
In conclusion, the Mycapital review paints a concerning picture for potential investors. The lack of regulation, high costs, and inadequate customer support are significant drawbacks that outweigh the benefits of trading with this broker. Traders are encouraged to conduct thorough research and consider more reputable alternatives before committing their funds.
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