According to FCA, over €30 million has been lost to forex and crypto investment scams. The shocking statistics reveal this is an ever-present threat that traders must be wary of when venturing into this investment space. The statistics also beg the question; why are so many investors losing money to these scammers? Are regulators doing their work? Financial regulators do their best to warn investors of suspected fraudsters like Mint Capital FX.

Are victims clueless on how to spot scammers or just caught off-guard? Many traders are not knowledgeable on ways to identify cons. In most cases, much of the investment goes to learning the market tricks to trade profitably, while brokers' vetting takes the peripheral. Unfortunately, this oversight is costly, as victims later come to realize.

To be successful in forex investment, traders should have an all-around preparation; selecting the right broker, profitable trading, and risk management. These ensure that you can take on any challenge inherent in the venture. 

Identifying a legitimate forex broker is not as complex as you may fear. We shall share the industry and regulator-specific rules that brokers should adhere to. We shall also reveal the tell-tale signs that a broker is in trouble. With these insights, you should be set to go and can make informed choices on brokers. 

Mintcapitalfx.site Review

Mint Capital FX owns and runs this broker. The broker poses as a multi-regulated global company providing brokerage services in 27 countries. The broker hypes its platform through glossy statements, and it's possible to buy its lies, except that we know better.

The broker claims to have been founded in 2018, a flat lie since the Whois database reveals the broker registered its domain on 26 March 2023. This pokes holes into all other claims of operational history and being an award-winner. The same goes for its claim of Anthony Torres, a public figure being its customer since 2019.

Traders on the website can reportedly access over 213 trading instruments like stocks, forex, ETFs, CFDs, bonds, commodities, futures, and mutual funds. The “world-class” trading platform has benefits, including fast executions, financial security, and cutting-edge educational tools. 

Contact Details

Mint Capital FX alleges to be in the UK, contradicting its claims of being a US-based entity. It is typical for liars not to stick to one story, as evident here. The broker is not in either country and likely operates from a shady offshore location. 

Customer service is an overlooked yet crucial factor to consider in a broker. Forex trading is time-sensitive, so you should ensure you can get immediate assistance if you are having account issues. You could experiment with a broker's (legit one) customer service to gauge their reliability. Although customer support may give a better impression to prospects than they really are, you can detect genuineness. 

It's also noteworthy that investors should never contact brokers with questionable operations. These cons are culpable of all commercial crimes, and it wouldn't be a stretch for them to engage in identity theft. You will play yourself right into their hands when you contact them. Who wants endless emails or calls to join a “lucrative” investment opportunity? 

Mint Capital FXDeposit & Withdraw Policy

Evaluating deposit and withdrawal terms helps you establish the degree of control you have over your funds. Due to transparency, traditional payment methods like credit cards, banks and wire transfers are preferable. 

The deposit methods the broker advertises are wire transfer, Payee, and Bitcoin. Unfortunately, wire transfers, unlike credit cards, do not have a provision for filing for a refund. The worst option is Bitcoin, as all crypt transactions are anonymous and irreversible. 

On a related note, the industry average minimum deposit for a micro account is $200-250. Avoid brokers asking for higher amounts and instead look for licensed brokers with cheaper accounts. Mint Capital FX minimum deposit is $250. This amount resonates with the industry average, but that's just it. Even if the broker had a $5 account, we would still not vouch for it as it is downright shady. 

Regarding withdrawals, fraudsters mostly use all possible ways to keep you from withdrawing. For instance, they might impose a hefty penalty for withdrawing before the stipulated timeline ends. Others attach outrageous conditions to their bonus policy, barring you from withdrawing unless you attain specific trading volumes. 

Mint Capital FXTrading Conditions

We tried to access the broker's T&Cs but got a 404 error. Consider it a red flag if a broker denies you information on its terms of engagement. Details on leverage, spread, withdrawal fee, commission terms, or additional charges should be public. Mint Capital FXhas omitted all these details except the leverage. Do not invest with such a broker to avoid outrageous hidden costs.  

Regulatory authorities impose leverage limits to protect traders from excessive losses that mainly occur during volatilities. CySEC (Cyprus), ASIC (Australia), and FCA (UK) restrict leverage to 1:30, the FSA (Japan) and SFC(Hong Kong) to 1:20, and CFTC (US)and IIROC (Canada) to 1:50.

The industry-recommended spread is 1.5 pips. You can, however, find genuine brokers with a spread below 1 pip. Brokers with very low spread (e.g. 0.3 pips) charge an additional commission. If so, the broker should clarify if the commission is per lot or round turn (RT)

Mint Capital FX Trading Platform

A broker's trading platform is crucial as it determines your profitability prospects. We did not find any details on Mint Capital FX' trading platform. Trading requires split-second decisions, so you want a fast enough platform. Unfortunately, the web-based trader that most scammers provide is slower. It also has limited operational capabilities. 

In contrast, MT5 and MT4 are robust and intuitive platforms. They support multiple charts and time frames, real-time quotations and a full range of trade orders, including pending orders. You can also predict the price movements of financial instruments using fundamental analysis techniques. Consequently, you are positioned to examine brief price fluctuations and long-term market dynamics.

Most legit brokers provide either the MT4 or MT5. Also, they offer a trial version(demo) so that traders can familiarize themselves. We recommend you invest with such brokers.

Mint Capital FX Regulation Status

This broker makes misleading claims about its operation jurisdiction and authorization. The most glaring one is claiming that FINRA regulates it. Nothing could be further from the truth; FINRA is nonprofit regulating securities and stockbrokers in the US, but forex brokers fall under the direct purview of the SEC and CFTC. Also, if Mint Capital FX was in the UK per its claims, it should be registered with the regulatory agency. We got the exact opposite; the FCA has banished this broker for providing unauthorized services. 

Soliciting investment services from unlicensed brokers is risky. The broker is not accountable for its operations, emboldening it to manipulate or defraud investors. Also, such a broker has no regard for the law, so it doesn't comply with the financial and trading regulations, such as funds segregation or negative balance protection. Investors are thus exposed to multiple unnecessary risks. 

Verdict

Mint Capital FX has given us sufficient reasons to discredit it as a scam. Omitting crucial details leaves more questions than answers. Providing misleading information about its regulation is another red flag. The last nail was its blacklisting by the FCA. We concluded that the broker's profile was too dubious for anyone's liking.

Finding a legitimate forex broker helps quell the anxieties of being robbed. Decent brokers see their services as mutual; they win when you win. This provides enough incentive for them to safeguard your investment interests and security.