Vitacapitals Review: Introduction
Vitacapitals stands exposed as an outright fraudulent operation masquerading as a forex and CFD broker. Despite deceptive claims on its website about being authorized to provide financial services, a closer look through fact-checking reveals this to be false. The trading services purported by Vitacapitals are entirely fictitious, and the user agreement’s terms ensure that any funds mistakenly entrusted to these scammers are irretrievable.
Address: 11 Bedok North Ave 4, SINGAPORE
Warning: US Securities and Exchange Commission
Regulation Status: Unregulated
|October 19, 2022
|1 year, 21 days, 16 hours, 42 minutes, 30 seconds
Lack of Regulatory Compliance
The website’s homepage asserts ownership by Vitacapitals LLC, identified as “a Broker-Dealer registered with the Monetary Authority of Singapore (MAS).” Contrary to this claim, a check of the MAS database reveals no license but instead issues a warning to investors, explicitly stating that Vitacapitals lacks authorization from the regulator.
Interestingly, Vitacapitals’ legal documentation identifies a different entity, Rever LTD, situated in Bulgaria. However, this company is notably absent from the list of brokers licensed by the Bulgarian Financial Supervision Commission (FSC).
Notably, the website is exclusively available in Russian and is operated by yet another entity, Trinityfair LTD. This Bulgarian-registered company is, like its counterparts, not licensed to provide financial services, adding another layer of suspicion to Vitacapitals’ dubious operations.
Vitacapitals Review: Trading platform
Vitacapitals trading software fails to match the credibility of its purported trading credentials. Upon account registration, users are granted access to a notably simplistic web platform. Although the platform includes fundamental features for order placement, chart customization, and application of technical indicators, it noticeably lacks the advanced functionality commonly present in industry-leading trading platforms.
Vita capitals review vitacapitalscom: Trading Conditions
The Vitacapitals website outlines six types of trading accounts with minimum deposits ranging from 250 EUR to 1 million EUR. In stark contrast, numerous reputable brokers permit the creation of micro accounts with deposits below 100 USD.
The sole trading parameter disclosed on the website is the spread, reaching 3 pips for the starter account type, which is nearly double the industry average. Even if Vitacapitals were to engage in genuine trading, it would place the investor at a notable disadvantage.
The trading platform imposes a leverage of 1:200, a characteristic inconsistent with the regulations for licensed brokers in EU member states such as Bulgaria. While high leverage presents the potential for increased profits, it equally heightens the risk of abrupt and substantial losses.
Additionally, Vitacapitals claims to offer promotions and bonuses, a practice explicitly prohibited by financial regulators in Europe.
Vitacapitals Review: Deposit and withdrawal options
Vitacapitals offers the option to deposit funds through credit/debit cards or cryptocurrencies. While the absence of stated transaction fees doesn’t guarantee the absence of hidden fees, the primary concern lies in the significant challenges associated with withdrawing funds deposited money from vitacapitals llc
For customers seeking to withdraw funds without engaging in trading activities, a fee of 30% of the net deposit amount is levied, with a minimum of 80 EUR. Furthermore, if an account remains inactive for 90 calendar days, Vitacapitals imposes a fee of EUR 100, followed by a monthly charge of EUR 30 thereafter. These withdrawal conditions raise serious concerns about the accessibility of deposited funds and the platform’s transparency.
Scammed by vitacapitals: Conclusion
The alleged Vitacapitals.com scam raises concerns within the online financial community, it’s crucial to approach the situation with a measured and informed perspective. Users should prioritize their due diligence, seek out credible information, and be wary of potential red flags. If you believe you have fallen victim to a scam, it’s advisable to report the incident to the appropriate authorities and seek legal advice.
Fill out a complaint form on our website and get a free consultation from our experts in the process of the fund recovery process.
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