Scams Reporter June 4, 2023
About CapStar FX Review
The website for CapStar FX is located at https://capstarfx.com and it was founded in 2022. It has yet to obtain any regulations, however it does provide services in English and Arabic. Accepted deposit methods include FastPay, AsiaHawala, NassWallet, Tether, and ZainCash with an unspecified minimum deposit requirement. Unfortunately, there is no free demo account available and the number of assets offered as well as the types (metals, forex, stocks, indices, energy crypto currency) are unknown. The lack of regulations is a cause of concern since this broker is registered with the St. Vincent and Grenadines Financial Services Authority but they have stated that they do not regulate forex brokers at all.
No Legal Representation
A clear indication that CapStar FX should not be trusted is their failure to provide any legal documents. All official brokers are legally obligated to display all relevant documentation on their website for customers to review. This information outlines the type of services offered, associated fees, the terms of use and other details pertinent to a customer’s agreement with them. Without these documents being in place and visible before signing up, customers risk being left at the mercy of potential fraudsters who can do as they wish with funds or personal data without any way of taking action against this activity. For this reason, it is essential for the customer to thoroughly examine all legal documents before deciding to commit with a broker.
Other Important Negative Features of CapStar FX
It is critical to point out that there is no usable trading platform here and, as such, the trading conditions of this broker are irrelevant. However, not detailing these conditions is a red flag that usually alerts traders to potential scams. To prevent such issues from occurring, legitimate brokers will provide their clients with all necessary information regarding any applicable trading terms and conditions.
A key component of the trading terms which is often omitted by CapStar FX includes the minimum deposit amount. This omission should be taken as a sign of unreliable practices since it could indicate fraudulent activity. It should also be noted that high leverages like 1:100 are very risky and even illegal in certain jurisdictions. Therefore, traders should always do thorough research before deciding whether or not to trade with a given broker.
We are suspicious of CapStar FX for two reasons. The payment options offered are obscure and the fact that they accept three cryptocurrencies as part of their five payment options. These payment providers, such as FastPay, AsiaHawala, NassWallet, and Tether and ZainCash cryptocurrencies do not have a reliable reputation or broad recognition. Additionally, scammers often use crypto transactions because they are permanent and untraceable; meaning once payment is made it cannot be refunded. To ensure legitimacy, legitimate brokers provide widely known payment solutions such as credit cards, debit cards, bank transfers, wire transfers as well as online payments like Skrill, Neteller and PayPal.
CapStar FX does not indicate any of their withdrawal procedures. We are unaware of any restrictions on how much one can withdraw in a single transaction, what payment options are accepted, the length of time it takes to process requests, or potential fees associated with withdrawals.
Conclusion
By reading the CapStar FX Review above, One can easily conclude that the broker is a scam. There are many other eviences from the customers through the review channels that this broker is a fraudulent one. If you are a victim of CapStar FX, File a complaint with Scams Report Team and Get help in recovery.
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