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Is ATECS CAPITAL a scam broker?
The offshore FX broker the ATECS CAPITAL is situated in the Dominican Republic. It offers trading in cryptos and CFDs on six different accounts. The information gathered about this broker is very limited. In this scam broker review, we will discuss all the concerns of this broker and also some positives.
About ATECS CAPITAL:
The broker focuses on the binary option of trading and serves its traders with a plethora of crypto coins. The crypto coins offered are all kinds from rare to popular. It also offers the trade of US Dollar, Euro, British Pound, Australian Dollars against each other and crypto coins. The information on leverages is missing. While trying out the trading platform, offered leverage we came across 1:20. This leverage provided is advantageous and facilitates margin trading.
The owner of ATECS CAPITAL is Altos Group Ltd that is an address in Dominica. Such offshore brokers required licensing and regulation to provide its services in regulated markets. Moreover, the Dominican government does not oversee any forex business. This suggests that the investments in the ATECS CAPITAL lack security and prone to lose. As already mentioned above this broker denies much information on trading conditions and scammers are known to hide information, this can be disadvantageous. Another disadvantage of the ATECS CAPITAL is, it does not offer to trade on the most trusted MetaTrader platform. Also, it focuses on the binary option of trading the other assets like metals, stocks, commodities, etc are missing and will fail to attract most of the traders. Along with all this, the basic account requires a minimum deposit of $500 and it is more than double the industry average. The withdrawal is facilitated with all sorts of channels but it is associated with a $30 charge and takes at least 15 days to process. The financial regulatory body of the UK called the Financial Conduct Authority has issued a warning against this broker on its website.
Is ATECS CAPITAL scam or legit?
The broker no doubt attracts binary traders. The leverage provided is acceptable. The real question of the safety of funds is unanswered. The Dominican government does not oversee the FX broker’s operations. It has warrings issued by one of the top financial bodies. The withdrawal process is lengthy and charged. The minimum deposit is high. Considering all these factors we give this broker a Red Flag. This broker is not recommended for trading.