Due to the temporary inaccessibility of Wizard Capitals website (https://wizardcapitals.com/), we could only piece together a rudimentary picture of it as a forex broker by obtaining pertinent information from other websites.
General Information
Wizard Capitals is an offshore forex broker registered in Seychelles, and it was not established long, with an operating time only of 1-2 years. Wizard Capitals says it offers clients access to various global markets, three trading accounts, with leverage up to 1:1000.
However, the inaccessibility of its website and exaggerated advisements make it a suspicious broker to trade with.
As far as we can tell, Wizard Capital is not governed by any regulatory authorities, thus that bit of data is settled. As a result, its regulatory status on WikiFX is classified as “No License” and it only manages a score of 1.22 out of 10 overall. Don't be oblivious to the potential danger. For more detailed customer reviews, please visit the WikiFX website.
Account Types
With Wizard Capital, three trading accounts are available: Classic, Standard and VIP. The minimum initial deposit for each accounts too much for most regular, with its most basic account, the Classic account, requires as much as $1,000 to start trading. The Standard account requires $1,000 and the VIP account, designed for professional traders, asks for a minimum deposit of $10,000.
Besides, the swap-free options are available with these three accounts.
Leverage
The maximum trading leverage offered by Wizard Capital is up to 1:1000, which is absurdly high. To protect retail traders, many regulatory authorities lower the leverage for major forex pairs to 1:30 in Europe, Australia, and 1:50 in the US and Canada.
This brokerages high leverage up to 1:1000 obviously indicates that it is an illegal forex broker, as leverage can cause serious fund losses, especially for inexperienced traders.
Spreads & Commissions
On the Wizard Capital platform, spreads and commissions differs depending on trading accounts. The Standard account offers spread from 0.3 pips, with a commission fee of $8 per lot, and the VIP account offers spreads from 0.1 pips, with a commission of $7 per lot charged.
Customer Support
Traders with any inquiries or trading-related issues can get access to Wizard Capitals email and phone support. Here are contacting details:
Telephone: +44 2080890889
Email: support@wizardcapitals.com
Registered Company Address: 108,Victoria street, Mahe, Seychelles
Risk Warning
There is a considerable degree of risk involved with online trading of leveraged Forex and CFD instruments, and as a result, it may not be appropriate for all investors.
Please keep in mind that the data presented in this article is meant to serve as a guideline only.
2023-03-21 18:24
2022-12-08 10:57
