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Could you please verify if capitalfxclub is a legit broker?
Francis Udoh
Nigeria
2021-11-26
ANSWER The webpage of CapitalFx Club looks weird, and we could not find any useful information to check from its website. But according to the evidences we' ve collected, we deem that CapitalFx Club is NOT properly regulated and should be avoided at all events. CapitalFx Club claims to be operated by PRO CAPITAL LTD, a UK-based company regulated by the Financial Conduct Authority (FCA) with firm reference no.164384. However, we considered CapitalFx Club as a clone firm who had been fraudulently using the detailed information of PRO CAPITAL LTD on account of the following reasons.(Screenshot from CapitalFx Club)First of all, the one and only approved domain of this regulated entity (PRO CAPITAL LTD), as presented in the register from FCA, is www.procapitaluk.com. Secondly, there is an impressive line on the regulated entity's website, "Pro Capital Ltd is the sole entity that we use for our operations and no other company has been authorized to transact on our behalf." In other words, CapitalFx Club is not authorized as a representive broker or affiliate by Pro Capital Ltd. Therefore, our final verdict is that CapitalFx Club is probably a clone firm who illegally uses the details of regulated firms with which it isn't related in any way.What's worse, the Italian regulator CONSOB and the Spanish regulator CNMV have successively added CapitalFx Club to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check full alert or warning from CONSOB and CNMV on CapitalFx Club respectively.We would recommend you to avoid unregulated brokers like CapitalFx Club and choose properly regulated brokers.
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