Complaint Against CapitalXtend: It's Been a Month, Where is My Money?

Withdrawal issues are always the most annoying trouble for traders; after all, there is no wish to lose one's capital and hard-earned profits. However, CapitalXtend has made this concern a reality.

Withdrawal request has been processed for a month

Recently, a CapitalXtend client told us that his withdrawal request, which he submitted a month ago, has not been processed even today.

According to the client, on May 10, he deposited $1,000 with CapitalXtend and traded with the Martin trading strategy, eventually losing $33.

In an effort to mitigate further losses, he wanted to quit and submitted to withdraw the remaining $976. However, the money did not back as expected.

After consulting with CapitalXtend's customer service team, the staff asked the customer for his mobile and other personal information, along with a video of him holding his ID card.

The customer provided what he was required by the team, but until today, CapitalXtend has not returned his $976!

Misleading description of regulatory status

We found the regulatory information claimed by CapitalXtend to be misleading.

According to CapitalXtend's website, the broker claims to be regulated by the Mauritius Financial Services Commission (Mauritius FSC) and the Financial Commission. Additionally, they state that they are accredited by the Kazakhstan regulator and have received a "Global trading authorization" from the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. However, the claims are not reliable.

According to information available on the Mauritius FSC portal, a company called Capitalxtend (Mauritius) LLC is being regulated by the watchdog. However, apart from the name of the company, the regulator does not release approved details such as the office address and phone numbers. In other words, no valid information that proves that the brand operated by this regulated company is CapitalXtend.

The Financial Commission is not a financial regulator but a dispute resolution body for Forex and CFD trading that helps deal with disputes between traders and brokers. Being a member of it, CapitalXtend is not "regulated by FC" as it claims to be.

Although CapitalXtend is registered with SVG FSA, the agency is not a forex regulator. Instead, the broker uses this to claim that it has "global trading authorization".

CapitalXtend claims to be incorporated in Kazakhstan and is entitled to provide financial services such as Forex within and outside of the country by the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan.

Why is this claim not trustworthy? First, being authorized by Kazakhstan's financial regulator does not grant a broker authorization to provide financial services to every corner of the world. Second, the keyword “CapitalXtend” does not link to any search results on the Agency's portal, which means the broker is not licensed by the watchdog. Moreover, the 1:5000 leverage offered by CapitalXtend far exceeds the limits set by the Agency.

CapitalXtend employs ambiguous descriptions in an attempt to establish itself as a regulated broker. However, upon closer scrutiny, it becomes evident that the company is not as reliable as it initially appears.

Investors deserve to get the money that belongs to them, and brokers should not impose unreasonable restrictions since unexplained delays only contribute to a trader’s anxiety.