WikiFX Fraud Alert: Beware of Green Capitalz!!!

Investors who are still trading forex at Green Capitalz had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the most important – the recent warning issued on July 25thby CONSOB (https://www.consob.it/web/consob-and-its-activities/warnings？viewId=ultime_com_tutela), the financial regulator in Italy. The warning is against Promarketing Ltd, one of the companies operating “the broker”, as well as the domains they are using – green-capitalz.com and platform.greencapitalz-trade.com. Take a look:

The Italian financial regulator CONSOB has noticed that this scam is targeting Italian citizens and has blacklisted the website.

Now let's search Green Capitalz on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/3952138785.html), Green Capitalz currently has no valid regulatory license and the score is rather negative - only 1.01/10. And the South Africa FSCA regulatory (license number: 46886) claimed by this broker is a suspicious clone!

WikiFX also paid a visit to the broker's official website to learn more. The homepage claims that there are two companies behind Green-capitalz.com. One is Marnic Financial Consultants (Pty) Ltd, based in South Africa and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. The other, Promarketing Ltd, is based offshore in the Commonwealth of Dominica. This information is embedded on the website in the form of an image, a trick usually used to prevent the text being picked up by internet search engines.

Marnic Financial Consultants is a company licensed for insurance business in South Africa, not forex trading, and has nothing to do with Green-capitalz.com or Promarketing Ltd.

Only the name of the offshore company Promarketing Ltd is mentioned in the text of the Terms and Conditions and other legal documentation. The documents list another domain – greencapitalz-trade.com – which is no longer active.

Green-capitalz.com claims that it is authorized as a financial services provider by the local Financial Sector Conduct Authority. But there is no regulator with that name in Dominica. The country's real financial regulator, the Financial Services Unit, does not licence or supervise brokers. This jurisdiction is very convenient for financial fraudsters because it allows anonymous registration of International Business Companies.

Furthermore, Green-capitalz.com uses a web-based trading platform, which has only the most basic functionality and cannot be compared to software such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which is offered by most forex brokers. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers pockets.

In addition, the descriptions of the trading account types do not specify any parameters other than the minimum deposit, which ranges from 250 USD to 100,000 USD. You should know that for a low amount of 50-100 USD you could open a starter account with most of the leading brands in the industry.

The home page of the website states that the leverage offered reaches 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

What's more, in the deposit menu, the options are credit card via the unknown provider Finanic3, cryptocurrency and wire transfer. Scammers of this type typically steer their potential victims towards cryptocurrencies because these transactions do not allow a refund to be requested.

If the account has received a bonus, you can only withdraw funds once the profit from the bonus has reached 300 USD. Scammers use vaguely defined requirements of this sort to block any withdrawal requests.

If the client asks for a chargeback, Green-capitalz.com charges an “administrative fee” of 150 USD. A monthly fee of 10 USD is also charged for accounts that are inactive for more than 90 days.

Moreover, investors have made complaints about the broker on Trustpilot:

In a nutshell, it's not wise to invest in Green-capitalz.com. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a “recovery scam”.