Should traders be aware of Atecs Capital fraud or is the broker legit?
When trading cryptocurrencies or other assets, one of the main tasks that any trader should undertake is choosing the broker wisely. Given the trading itself is very complicated and associated with many risks, no one wants to have an additional burden of having to worry about their brokers’ credibility as well.
Unfortunately for the traders, there are many fraudulent brokers that cover the suspicious aspects with flashy offerings like enormous leverage, shallow spreads, etc. And if a trader doesn’t have experience in the field, they may easily get tricked.
But don’t worry, the agencies such as ours are created to provide assistance to the traders and help them choose the best brokers on the market. Today, we’ll offer the Atecs Capital review in which we will determine the credibility of the broker, as well as the lucrativeness of its offerings.
Atecs Capital is a newly established CFD broker that offers trading CFDs on various cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin and many other cryptos. The broker seemingly offers its services to the worldwide consumer market, however, it certainly isn’t capable of doing that to the US citizens.
The broker also claims to have some advantages like its custom made trading platform specially created for cryptocurrency trading, leverage up to 1:20, wide range of trading instruments, payment methods, and trading account types. However, since Atecs Capital is a CFD-focused brokerage, it only offers the contracts for the assets and not the assets like cryptocurrencies themselves.
Atecs Capital overview
The company behind Atecs Capital is Altos Group Ltd, which is registered in the Commonwealth of Dominica. The broker offers its services to the traders all around the world except the residents of the United States. Since Atecs Capital was just established as it was founded in 2019 there are many doubts about it. Traders are very alarmed by the number of brokerages appearing almost daily and always look at the new ones with suspicious. Hence, there are thoughts about Atecs Capital fraud.
The main reason behind it is that the offerings that one might see on the front page of the broker’s website seem to be too good for some traders to be true. And interestingly enough, we were able to draw similar conclusions from the brief overview of the broker’s website and its offerings. Let’s see what are the conditions of trading with Atecs Capital and if the broker truly delivers as good service as it claims.
Trading conditions with Atecs Capital
Atecs Capital offers up to 40 cryptocurrency pairs for trading. According to the broker, traders can easily switch from one cryptocurrency trading to another and use different assets such as Bitcoin, Ripple, Ethereum. Besides them, the broker also offers Monero, NXT, OmiseGo, and many other altcoins.
Now, since we’re talking about cryptocurrencies, the maximum leverage available for them will be lower on its own. And truly enough, Atecs Capital has a maximum leverage of 1:20. And because it’s such a common occurrence on the crypto market, we’re not going to count that as a disadvantage.
However, this doesn’t mean that the broker is safe and sound and its offerings are as credible as they can get. Care to look at the spreads and you’ll see what we mean. According to the broker, the difference between buying and selling prices can be as low as zero pips.
Now, one thing to make clear here is that the majority of brokers feed off of bid-ask spreads. That’s especially true if we’re talking about the brokers that don’t charge commissions. And Atecs Capital FX brokerage is just like that: no commissions on trading, account maintenance, or deposits/withdrawals.
You may be asking: why wouldn’t it be true that the broker has no spreads nor commissions? That’s because every company is created to yield some sort of profit out of their activities. Spread or commission is a payment for the broker’s services and if the broker claims that it doesn’t have any of those, it’s either sent by God or is lying. We certainly believe in the second scenario.
Then there comes the minimum deposit requirement, which begins from 5o0 USD, GBP, or EUR based on the base currency of the trading account. Atecs Capital is trying to sell this feature as its nod to the beginner traders and their needs for lower financial commitments. However, if you put that 500 currency unit requirement, a lot of people won’t be able to afford to risk such a large amount on a risky and unknown endeavor.
Atecs Capital offers only one trading platform, which is a custom made web-trader. There is no Atecs Capital MT4 or 5, nor cTrader – the most popular and widely-used platforms on the market. The proprietary platform is designed for trading CFDs on cryptocurrencies. But behind this explanation, we cannot help but see something else: that the broker is supposedly trying to hide some fraudulent tools and schemes under its own platform, whereas it wouldn’t be able to do the same with the above-mentioned programs. Of course, this is just a speculation, but a highly probable one nonetheless.
Another seemingly well-thought-out offering is the educational panel, where traders should be able to get the basic knowledge about various aspects of crypto CFD trading. But while many of us would logically assume that, the reality is something far different. Instead of a fully-functioning educational department, we see poorly written articles that speak a lot, while offering very few in reality.
All in all, one thing that we can say for sure about Atecs Capital’s trading terms and conditions is that if it wants to be a credible brokerage, it certainly has to do much better than that!
One of the main selling points of Atecs Capital is its “comprehensive” account structure. The broker offers five different account types that include basic, bronze, silver, gold, and platinum accounts. All of those accounts have the same Pro webinar support, daily market analysis, educational center (the one we’ve already discussed above), etc.
Now, while the broker is trying to paint these accounts as perfectly suited to the beginner traders, the reality is that even the smallest deposit requirement, which is 500 USD/EUR/or any other currency, is too much for the beginners who want to minimize risks and gain as much knowledge as possible. And what’s more, even the more sophisticated accounts aren’t as different as one would think: dedicated account manager, PIA trading signals, or junior price alerts aren’t the benefits experienced traders expect when open such elite accounts.
All in all, even the account separation is an underwhelming feature offered by the broker. And it still fails to dissuade our Atecs Capital fraud suspicions!
Atecs Capital withdrawal policy
Moving on to the withdrawal policy, we cannot help but notice that the strange offerings do not end with this broker. As we have mentioned earlier, Atecs Capital is a cryptocurrency broker and its main trading assets are these digital currencies. And weirdly enough, the payment platforms do not include crypto payments at all! A crypto broker with no crypto support – how about that!
As for the platforms that exist on the website, can Atecs Capital be trusted? Check for yourselves: the broker offers credit cards, bank wire, and some e-wallets. And if something can be said about these platforms is that they are extremely ill-protected and susceptible to security breaches. Not only that, bank wire transfer charges the customers with 30 USD per transaction.
Is Atecs Capital legit?
Atecs Capital review showed that the broker is far from fully legit. It lacks any kind of high-quality service or products that can make traders’ experience a little bit more pleasant. Instead, it burdens them with a complicated website that diverts their attention from getting the most important information regarding the Atecs Capital promotions or other offerings.
On top of that, the broker has a poor account separation. On the surface, we see five individual accounts, however, all of them have almost the same offerings and differ from one another in just minor details. As for the minimum deposit requirement, the most basic account demands a 500 USD/EUR/other currency deposit, which is a hefty commitment for many entry-level traders.
For those and other fundamental reasons, we believe that Atecs Capital is a fraudulent entity and isn’t worth risking your financial stability.