SafeCap Broker Review

SafeCap Review 1

Latest All(1) Exposure(1)

Exposure

10% profit is fake, black platform fraud is real

I met a netizen at the end of August. He said he worked at Rakuten Bank and encouraged me to buy USDT for investment. The monthly profit was very high, 10%. The app I used at the beginning was Fox Wallet and MAX Exchange told me that the minimum purchase amount was NT$10,000. I told him that I didn’t have that much cash, and he asked me to find a way. Finally, I borrowed cash from the bank and scraped together NT$10,000 to buy more than 300 USDT. He also said that his performance was not very good and he was under a lot of pressure. , asked me to take out a loan to buy more USDT. He said that he also made profits in this way. If he invested 500,000, he would make a monthly profit of more than 60,000, which was more than enough to pay off the loan. He said that the Fox Wallet has been under frequent malicious attacks recently, so the company wants to switch to Safe and asked me to download it and transfer the USDT from the Fox Wallet to Safe. I purchased 14,285 USDT with NT$499,985 on 11/8, and the profit was All, but when you want to withdraw cash when operating on the app (safe and MAX exchange), you have to go through a review first, and you have to ask him to transfer the mining fees to me, so that I can withdraw it smoothly, and he asked me to go to financing. , he said that he had negotiated a discount for me with the company’s upper management. If I invested another 600,000 yuan and withdrew the principal at the end of half a year, I would be given an extra 130,000 yuan. I received a message from my family early in the morning and was deceived into buying USDT. I was shocked to find out what had happened. Not good. I told him that I didn’t want to apply for financing, and he immediately hung up the phone in anger and scolded me. Later, I told him that I didn’t want the profit, and I just wanted to take out my principal. But he said, You can terminate the contract early, and there are two options: Option 1. Get 600,000 in financing and buy USDT, and then return the entire principal (499,985+600,000) to me. Option 2. Lose another 500,000 to buy USDT, and then return the entire principal (499,985 + 500,000). I told him that I had already withdrawn the money. How could I lose it again? Then I would continue to withdraw the profits. He said that I could no longer withdraw the profits. What should I withdraw? So, I can’t withdraw the principal now. There is no way to get out or make a profit, everything is stuck on safe.

+6

允兒

2024-03-22

Safecap 2025 Review: Everything You Need to Know

　　In the world of online trading, choosing a reliable broker is crucial. Unfortunately, the Safecap broker, which operates under aegion group ltd and is based in St. Vincent and the Grenadines, has garnered significant negative attention. This review synthesizes various sources to present a comprehensive overview of Safecap's features, user experiences, and expert opinions, revealing the broker's questionable legitimacy and the risks associated with trading through it.

　　Note: It is essential to recognize that Safecap operates under different regional entities, which complicates its regulatory status. This review aims to present a fair and accurate assessment based on available data.

Ratings Overview

Category	Rating (out of 10)
Account Conditions	2
Tools and Resources	3
Customer Service and Support	2
Trading Setup (Experience)	3
Trustworthiness	1
User Experience	2

　　How We Rate Brokers: Ratings are based on a combination of user reviews, expert analysis, and factual data regarding the broker's operations.

Broker Overview

　　Founded in 2022, Safecap claims to offer a range of trading services, including forex, commodities, stocks, indices, and cryptocurrencies. The broker operates a proprietary web trading platform rather than established platforms like MT4 or MT5, which raises concerns about its reliability and functionality. Notably, Safecap has no valid regulatory oversight, as its claimed registration in St. Vincent and the Grenadines does not equate to legitimate regulation.

Detailed Breakdown

　　Regulated Geographic Areas/Regions:

　　Safecap operates without any valid regulatory supervision. The Financial Conduct Authority (FCA) in the UK has issued warnings against it, labeling it a clone firm that misrepresents its legitimacy. Other regulatory bodies, including the Italian CONSOB and the German BaFin, have also flagged Safecap for operating without authorization.

　　Deposit/Withdrawal Currencies/Cryptocurrencies:

　　While specific deposit methods are not clearly outlined on its website, reports indicate that Safecap accepts bank transfers, credit/debit cards, and cryptocurrencies. However, the use of cryptocurrencies raises red flags, as they are often favored by scam brokers due to their anonymity.

　　Minimum Deposit:

　　The minimum deposit required by Safecap is a staggering €5,000, which is considerably high compared to many other brokers. Such an amount is often a tactic used by unregulated brokers to limit access to their platforms.

　　Bonuses/Promotions:

　　Safecap offers bonuses that come with stringent withdrawal conditions, including high trading volume requirements that make it nearly impossible for traders to access their funds. This practice is commonly associated with fraudulent activities.

　　Tradable Asset Categories:

　　Safecap claims to provide access to a variety of assets, including forex pairs, commodities, stocks, indices, and cryptocurrencies. However, the absence of a reliable trading platform raises questions about the actual availability of these assets for trading.

　　Costs (Spreads, Fees, Commissions):

　　Reports indicate that Safecap's spreads start at 0.1 pips but can rise to 1.5 pips, depending on account type. Additionally, withdrawal fees are exorbitant, with charges of up to €50 for wire transfers, €35 for card payments, and €20 for e-payments.

　　Leverage:

　　Safecap offers leverage of up to 1:500, which is significantly higher than what is permissible under many regulatory frameworks. This high leverage poses substantial risks to traders, especially inexperienced ones.

　　Allowed Trading Platforms:

　　The trading experience at Safecap is limited to its proprietary web trader, which lacks the advanced features and reliability of industry-standard platforms like MT4 or MT5. This limitation significantly impacts the overall trading experience.

　　Restricted Regions:

　　While Safecap does not explicitly state which regions it restricts, the lack of regulatory compliance suggests that it may not accept clients from regions with stringent financial regulations, including the United States.

　　Available Customer Service Languages:

　　Customer support appears to be limited, with contact options primarily through email and phone. The effectiveness of this support is questioned, given the numerous complaints about withdrawal issues and lack of responsiveness.

Ratings Revisited

Category	Rating (out of 10)
Account Conditions	2
Tools and Resources	3
Customer Service and Support	2
Trading Setup (Experience)	3
Trustworthiness	1
User Experience	2

Detailed Breakdown of Ratings

　　Account Conditions: The minimum deposit of €5,000 is excessively high for a broker with no regulatory oversight, leading to a rating of 2.
　　Tools and Resources: The absence of a demo account and reliance on a basic web trader limits the tools available to traders, resulting in a score of 3.
　　Customer Service and Support: With numerous complaints regarding withdrawal issues and slow response times, customer support is rated at 2.
　　Trading Setup (Experience): The lack of a reliable trading platform and high leverage contributes to a trading experience score of 3.
　　Trustworthiness: Given the numerous warnings from regulatory bodies and the lack of transparency, Safecap's trustworthiness is rated at a dismal 1.
　　User Experience: The overall user experience is hindered by high fees, withdrawal issues, and a lack of a demo account, leading to a score of 2.

Conclusion

　　In conclusion, the Safecap review reveals a broker fraught with issues that potential traders should consider seriously. The lack of regulation, high minimum deposit, questionable withdrawal practices, and an unreliable trading platform paint a concerning picture. For anyone considering trading with Safecap, it is advisable to proceed with extreme caution or seek a more reputable, regulated broker to ensure a safer trading experience.