FCA warns against My Coin Elite, Nexus P Capital, Royal GTX and Wize Capital

My Coin Elite review

Among the latest unauthorized investment services on the Financial Conduct Authority’s blacklist are four brokers.

My Coin Elite

Its official website says that My Coin Elite is a cryptocurrency exchange. The exchange will let you trade with over 250 tokens. The fee per trade is 0.82%.

But in reality, My Coin Elite is not a real cryptocurrency exchange, it is a broker that will let you trade with contracts for difference (CFD). This means that you don’t become the owner of the cryptocurrency you buy, you just trade with derivatives.

This means that My Coin Elite needs a license to be able to operate legally, but it doesn’t have it. The company claims to have offices in Australia, United Kingdom, Germany and Switzerland, but it obviously is not true, because it is not registered nor licensed in any of these countries.

The Financial Conduct Authority has placed My Coin Elite on its blacklist, because the broker is operating illegally without the necessary authorizations.

Nexus P Capital

Nexus P Capital is a broker that is using the Sirix platform to trade with fiat currencies on Forex and with cryptocurrencies.

There are six different types of accounts with minimum deposits starting at 2499 euros. The leverage is between 1:50 to 1:400, it depends on the account.

The problem with Nexus P Capital is that it is an anonymous and unregulated broker. On its website you won’t find any address or information about any license.

The Financial Conduct Authority has confirmed that Nexus P Capital is offering its services illegally, because it has no license whatsoever.

Nexus P Capital review

Royal GTX

Royal GTX is a brokerage company that offers trading with fiat currencies, commodities, stocks and cryptocurrencies. It uses contracts for difference for this purpose.

The minimum deposits for live account with Royal GTX start at 250 euros. Ironically, spreads are bigger with the most expensive account that require a minimum deposit of 50,000 euros.

The main issue with Royal GTX is that it is completely anonymous, the broker provides no address, only a phone number and an e-mail address.

The FCA has confirmed that Royal GTX is not regulated, it is an unauthorized investment service that you should stay away from.

Royal GTX review

Wize Capital

Wize Capital will let you trade with currencies, stocks and commodities. To start trading with real money you will need at lest 250 euros as the minimum deposit for opening a live account.

Wize Capital claims to be based in Serbia, but its phone number leads to the United Kingdom. That is why the Financial Conduct Authority had a look at Wize Capital and found out that it is an unregulated broker that is not authorized to provide any kind of financial services.

Wize Capital is operating illegally and it is recommended to stay away from it.

Wize Capitalr review

Conclusion

My Coin Elite, Nexus P Capital, Royal GTX and Wize Capital are unauthorized and illegal brokers. Deposits with these companies are not protected, stay away from them.

For trading you should use regulated brokers only. Start on a free demo to practice trading with virtual money.

Before trading with real money, you must understand the risks and have a proper strategy.

Please share this review to help warn other people

Comments 2

  • Thank you, just had 300 on mycoinelite to check it out…

    But i have serious money on two platforms i trust 99%
    Can you give me please that 1% i miss?
    It concerns:
    Nexo.io
    and
    Huobi.com

    ??
    THOSE ARE REAL NO?!

  • was contacted by someone called Frank suggesting that he is a financial advisor and I had signed up to a trading account with them. He suggested I deposit £250 into a trading account for me to see profits. As the payment did not go through online, the advisor took my details over the phone and I gave him my one-time passcode. I agreed to submit the payment and then the call was followed up by his colleague on Friday who suggesting I pay £2000 in order for me to see higher profit margins. He said he had signals which are only for VIP clients which have a high success rate. I agreed. He asked me to send the money to my Coinbase account which also had £360 from a previous investment i made. He added £260 to the initial £2000 payment. He took another £2700 after suggesting that it was the only way to upgrade my Coinbase account and release the first payment that was made. He even had someone call me pretending to be a representative from Coinbase – this led me to think they were legit as they had somehow spoofed the Coinbase helpline. I even emailed to block my account as I suspected it was compromised and they was also sent an email posing as the Coinbase representative. They was also about to remotely access my computer using a software program called Teamviewer. This was dealt with by both Daniel Palmer and Alex Holmqvist.

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