Beware! MatrixCapital Trade is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

At first glance, MatrixCapital Trade’s website looks impressive with all the awards for best broker aiming at inspiring confidence in any potential trader. We, however, are about to burst the bubble and prove to you that not all things shiny are made of gold.

MatrixCapital Trade Regulation and safety of funds

MatrixCapital Trade has shown an address in New York, USA. However, we searched the National Futures Association (NFA) as it’s shown in the screenshot below and the Commodity Futures Trading Commission (CFTC) to see if this broker is really registered and regulated in the USA. It is not! By proving that this is a non-legit forex broker, we have sufficient ground to think that we are dealing with scammers. We do not recommend trading with this broker as otherwise, you’ll be putting at risk of losing your hard-earned money.

For your information, legit forex brokers in the US are heavily regulated and to be licensed by NFA or CFTC they must maintain net capital of at least $20 million.

If you are looking for reliable and licensed brokers to trade with, you can look also into some other jurisdictions that provide excellent conditions for forex traders, such as the EU and the UK. The licensed brokers there must have a minimum net capital of no less than 730,000 EUR and they must contribute to a compensation fund from which traders are compensated if the broker is declared insolvent. For the UK, clients of licensed brokers regulated by FCA will be compensated by up to 85,000 GBP per person in case of bankruptcy. If the traders choose a broker regulated by CySec, they will be compensated up to 20,000 EUR per person if the broker goes belly up.

The rule of the thumb in forex trade is to always find out first if the broker is licensed before you invest any money!

MatrixCapital Trade Trading software

Despite this broker claiming of winning an award for a best breakout platform, due to a broken link in the MatrixCapital Trade system, it was no possible to open any kind of a trading account. The only information we were able to obtain from the company’s interface, was that it is called MatrixCapital Trade trader and that the leverage offered is 1:500. This is again proof that this broker is a scammer. For your information, licensed brokers in the USA have a leverage cap of 1:50 which they cannot exceed and which is a way of protecting traders from engaging in risky transactions.

If you are a newbie in the forex trading world, you may not know that the two best trading platforms that are favourites among 80% of the forex broker are the MetaTrader 4 and MetaTrader 5 trading platforms. They offer a lot of advantages in forex trade, such as having an auto trading option, a code base with customs scripts, trading signals obtainable for a subscription fee, an app market, VPS, a financial calendar and lots of charting options with indicators that facilitate transactions and help make a profit.

Our recommendation is to select a licensed broker form the links we provided above and one that offers either MT4 or MT5.

MatrixCapital Trade Deposit/Withdrawal methods and fees

MatrixCapital Trade offers 5 trading accounts – Starter, Platinum, Bronze, Gold and Diamond. The minimum deposit amount for the Starter account is $500. We must say that this amount is too high for a minimum initial deposit. Please note that licensed forex brokers will ask for as little as $1-5. We found some discrepancies in the information about the minimum deposit amount. In the Q&A, we found out that the minimum deposit amount is 250 EUR/USD/GBP. Again, legit brokers strive to provide accurate information on their sites, unlike this broker. The other accounts start at $1,500, $4,500, $9,100 and $15,000 respectively.

The payment methods include deposits/withdrawals via credit card, Neteller, BPay, Bitcoin, wire transfer, etc. 

On the company’s website, we found out that there is no minimum withdrawal amount and that it takes between 2 to 5 business days to process the withdrawal request. 

The Bonus clauses stipulate that bonuses that are offered to the clients can be solely used as additional leverage and there is no restriction on profits and the client will be able to make withdrawals at any given moment.

If the client exceeds the threshold of the investment plan that he/she selected, then he/she must upgrade it. Failure to do so will result in restrictions on the client’s withdrawal options. Once the client reaches the requirements set by the broker, all his/her profits will be released. We must say that this is a tricky situation you must be aware of which may result in having to fulfil broker’s requirements you do not feel comfortable with or have not had prior negotiations.

How does scam work?

Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mousetrap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for a while and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for a chargeback.

What to do if scammed?

There are a few things that you must do immediately – file for a chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for a chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such a desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives them access to your personal data.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2020-11-10

Reviewed Broker

MatrixCapital Trade

Broker Rating