AlaskaCapitals.com Review Should You Invest In Alaska Capitals LTD

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AlaskaCapitals.com Review: Should You Invest In Alaska Capitals LTD?

Alaska Capitals LTD claims to be the “most trusted Forex broker in industry [sic]”. Is this claim true? First, lets see what some of our findings reveals. The broker promises that clients will get to trade Forex and CFD with an expert.

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On the page, the address of this broker is Suite B2, 207 Regent Street, London – w1B 4ND, United Kingdom. However, another address is given at the bottom of the page. This is an offshore location at: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, Saint Vincent and the Grenadines.

There are options on the page to start either a live account or demo account. According to AlaskaCapitals.com, clients will “gain in-depth access to more than 150+ Forex instruments”. This are said to include currencies, global indices, stocks and CFDs. There are five account types offered and their conditions are seen in the picture below.

Visiting Alaskacapitals.com may seem convincing on the surface. However, traders are advised to read on and see some holes in the plot.

Alaska Capitals Trading Platform

The Alaska Capitals Trading Software offers a Metatrader 4 platform. MT4 is one of the most popular trading platform and is user friendly. Leverage and Spread of the accounts differ as the picture has shown.

Deposit And Withdrawal Methods on Alaska Capitals

Clients are offered a variety of payment gateways like: WebMoney, Visa, Skrill, OK Pay, Neteller, wire transfer, bitcoin and lots more. Minimum deposits range from an outrageous $50,000 to $50, depending on the type of account. There is no information found on withdrawal charges.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Alaska Capitals LTD Licensed

Like the information given for their address, Alaska Capitals tries to play smart regarding licensing. It is first claimed that Alaska Capitals LTD is registered in the UK. Then it is stated that “Alaska Capitals LTD is a fully licensed and registered broker governed and supervised by the Saint Vincent and the Grenadines Financial Service Authority (FSA)”.

This above is a false claim. The SVGFSA do not give brokers license. Hence, it does not even regulate them. It only registers and give a certificate, which means that any foul play by these brokers are not punishable by the SVGFSA. That Alaska Capitals even go as far as publishing a false license number is totally damning.

Support

There is no information on how to contact the customer care representative. But clients are invited to follow them on social media platforms.

Conclusion

Alaska Capitals displays professionalism in presenting themselves. The wide range of payment and withdrawal options is encouraging. However, the lack of license and falsifying it is hard to shake off. This makes it hard to trust other claims that are found on the page.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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Alaska Capitals review – 5 things you should know about Alaskacapitals.com

Beware! Alaska Capital is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Alaska Capitals is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT4 trading platform and a generous leverage of up to 1:400. The required minimum deposit is quite low at only $50 which is quite the advantage for traders, however, the spread is a bit high at 2.1 pips on EUR/USD and above the industry average.

Alaska Capitals regulation & safety of funds

On the brokers website we read that the broker brand is owned and operated by an UK-based company with the name Alaska Capitals LTD, however, we are inclined to believe the company is actually registered in Saint Vincent and the Grenadines which is a well-known offshore zone and a preferred location for shady brokerage.

We read it is “regulated” by the local Financial Services Authority, however, this is quite misleading. We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Such unclear corporate information is a certain red flag but we do remind readers that Forex brokers in the UK have to be licensed by the Financial Conduct Authority in order to operate legally in the country. Going through the online registry of the UK authorities we find no mention of the company which leads us to conclude it has no regulation in the UK either. We are further baffled by the statement that the brokerage is registered in the UK since reading through the terms and conditions we come upon several instances where the brokerage plainly states that it follows the laws of Saint Vincent and the Grenadines. Discrepancies in the contact and corporate information are another sign that the brokerage is shady and should not be trusted. Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

Alaska Capitals trading software

However, putting all this aside – the brokerage does provide the MetaTrader 4 trading platform which we always consider an advantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. We were able to easily register for a demo account. We could see a spread of 2.1 pips which, as we mentioned above, does not fall within what we would consider advantageous for traders. According to the website the “elite” and “vip” accounts offer lower spreads but the required minimum deposit is north of $5000 which is an excessive amount in our view.

Alaska Capitals deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via credit cards and wire transfer, as well as the e-wallet Perfect Money, WebMoney, Skrill, Neteller, Bitcoin, Fasapay, OK Pay, e-payments.

Going through the terms and conditions of the brokerage we did not find any provisions worth noting, however, this is no guarantee that there aren’t any. Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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