Comnet.Capital review – 5 things you should know about comnet.capital

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

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The bull of Wall Street adorns the home page of Comnet.Capital, creating a vibe of professionalism and respect. However, then we found a sort of pattern of recycled stock images throughout the website and we figured out the general deal behind the company. This is not your next go-to broker, nor should it become one. In fact, by the end of the review, you will see why this should be the last place to invest. s you might have guessed, there is a completely hidden side to this broker and it is the real side of the company. Everything else is nothing more than a facade.

Comnet.Capital’s account creation tool was a hassle to handle, but after a while, the broker gave us access to a user area. Although the access was kind of limited to the fact that we had not provided any ID documents or similar papers to prove who we were. Nevertheless, we had been given access.

Most importantly, the broker sent us over an MT4 password and account number, but there was a big problem with it that we will reveal later. The issue is easy to pass by, and because of this, many scammer brokers succeed in defrauding users.

Crucially though, this problem leads to the realization that all of Comnet.Capital’s alleged trading conditions are non-applicable. While creating an account, the leverage given to us was 1:500, but seeing that there is no use for it, we deem it irrelevant. The same principle is applied to all other major points, namely the cost of trade and available financial instruments.

The website is available in English and Vietnamese.

COMNET.CAPITAL REGULATION AND SAFETY OF FUNDS

There is nothing on the site nor in the terms and conditions to suggest a license or otherwise. We were not even able to locate a real address. The fact that the contact address put the broker in the UK means nothing to us. It could have been easily some other country. In the UK all brokers must be licensed by the FCA; Comnet.Capital is not!

We proclaim Comnet.Capital  to be anonymous, and as such, it falls into that category of brokers that will try to reach clients, but it itself is very hard to find. Just as most similar scams are!

But crucially, Comnet.Capital  is UNLICENSED and a risk to all investments, as well as a waste of time!

To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

COMNET.CAPITAL TRADING SOFTWARE

Our hope for an MT4 was quickly diminished as soon as we faced the reality of things.

The MT4’s trading server’s name does not fit with the company’s parent firm name, nor with the broker’s own namesake.

This means that Comnet.Capital does not really have a trading software on offer. What’s even worse is that it lies to its users that it has an MT4.

COMNET.CAPITAL DEPOSIT/WITHDRAW METHODS AND FEES

We find in the client portal that deposits are processed through one of three main gateways: B2BinPay, Help2Pay, and Blockonomics. The minimum deposit requirement is $100

As for the withdrawal section, since our account was unverified we had no way to withdraw. Usually, we should not have been able to access the depositing area following this principle, but Blockonomics is unlicensed and as such cannot stop itself from pushing for investments.

There is no specific processing time indicated. Instead, users are to expect the company to process withdrawals between 5 to 10 days. Moreover, users have to close a certain amount of trading positions in order to withdraw an amount. There might be withdrawal fees so be aware, even though the broker has not been very open.

Overall, we do not recommend Comnet.Capital to anyone. It is a risk to all investments and is a waste of your time.

How does the scam work?

The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.

Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.

In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.

The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.

Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.

The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!

What to do if scammed?

The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.

Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.

As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!

And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-13

Reviewed Broker

Comnet.Capital

Broker Rating

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