It is a scam!
It attracts you with a polished presentable portal.
(see attachment: managed_account_brokers_partial_list.pdf)
When you asked for 3rd party verification like MyFxBook, FxStat or FxBlue, they replied that they are working on this and they use liquidity fix that is available to banks and brokers.
(see attachment: 10oct2018risecap_due_diligence_email.jpg)
When it failed badly as evident in my statement, they started blaming on micro-account!
(see attachment: email_correspondences_on_refund.jpg)
And said micro-accounts suffer volatility hits. But cross-check that with the statement, you would see it is a constant downward slope!
(see attachment: Statement_99872-XXX XXXX Wong.pdf)
When you asked for refund, they would say 90 days and it would be processed in batches. But that was only their delay tactics.
(see attachment: email_correspondences_on_refund.jpg)
So my conclusions are:
1) stay away from IFSC (Belize) regulated fx brokers (I have another bad story to tell about Yadix, which is also Belize based beside FxChoice!!)
2) stay away from Russian brokers
3) stay away from Indian brokers (Risecap in this case)
It attracts you with a polished presentable portal.
(see attachment: managed_account_brokers_partial_list.pdf)
When you asked for 3rd party verification like MyFxBook, FxStat or FxBlue, they replied that they are working on this and they use liquidity fix that is available to banks and brokers.
(see attachment: 10oct2018risecap_due_diligence_email.jpg)
When it failed badly as evident in my statement, they started blaming on micro-account!
(see attachment: email_correspondences_on_refund.jpg)
And said micro-accounts suffer volatility hits. But cross-check that with the statement, you would see it is a constant downward slope!
(see attachment: Statement_99872-XXX XXXX Wong.pdf)
When you asked for refund, they would say 90 days and it would be processed in batches. But that was only their delay tactics.
(see attachment: email_correspondences_on_refund.jpg)
So my conclusions are:
1) stay away from IFSC (Belize) regulated fx brokers (I have another bad story to tell about Yadix, which is also Belize based beside FxChoice!!)
2) stay away from Russian brokers
3) stay away from Indian brokers (Risecap in this case)