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Millbankcapital Review | A World-Leading Online Trading Provider or Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 2
Millbankcapital - logo

In this review, we will discuss the brokerage company Millbankcapital, which is based in the United Kingdom, according to its official website. Of course, only an address is provided without any confirmation. The firm calls itself a world-leading online trading provider, yet it doesn’t even possess a license from a financial regulator, although the Australian ASIC is mentioned on the site. It’s even more amusing how they claim to be a Hedge Fund, which is hard to believe. Between 2021-2023, the platform won several awards in the industry of brokerage services, but no evidence is provided. So, what is hiding behind the mask of this organization? Could it be another scam?

Highlights

🏛️ Country United Kingdom
⚠️ Regulation
🖥️ Website https://www.millbankcapital.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $10,000
⚖️ Minimum and Maximum Leverage 1:1-1:400
⚙️ Trading Platform WebTrader
📨 E-mail support@millbankcapitalgroup.com
📞 Phone +44 2038370693, +61 238143806

First Impression of Millbankcapital.com

The design of Millbankcapital’s official website is quite simple, making it hard to believe that we are dealing with a serious organization. Especially noticeable is the template used in creating the resource, which we have encountered more than once.

Millbankcapital - site

The company shares little about itself and only superficially covers trading conditions. At the top of the site, Millbankcapital presents a panel with the main sections:

  • Trading.
  • Products.
  • About us.
  • Contacts.

The site is only available in English, so the claim of international leadership looks even more absurd. How can there be talk of a global presence if the site is not translated into other languages?

Furthermore, Millbankcapital uses standard fraudulent techniques. For example, 90% of the text makes no sense, clichéd advantages, fake merits, misleading, and even awards in the forex industry, presented without any links.

Partnership and Bonuses

The affiliate program is an excellent tool for the company to attract new clients. And for traders, it’s a good additional income that does not depend on the market situation. Unfortunately, Millbankcapital does not offer an affiliate program. At least, it is not mentioned on the site.

However, the broker offers bonuses, which can be found in the user agreement and in the description of tariff plans. Like any other bonuses, they require fulfilling certain conditions before a withdrawal is available. Millbankcapital requires trading turnover equal to the sum of the deposit and bonus multiplied by 25. Only after this volume is met can a client withdraw the bonus and the profit earned with its help.

Traders are offered bonuses up to 100% on very unfavorable terms. We do not recommend accepting such “beneficial promotions”, as even experienced traders may face problems when meeting the conditions. It’s also worth remembering that bonuses are valid for a certain period.

Account Opening on Millbankcapital.com

The account registration process is simple. The broker asks you to fill out a short registration form and agree to the terms, so the account creation process will not take much time. Moreover, the company does not even require email verification for account creation.

Also, during registration, the client needs to decide on a tariff plan. It seems more convenient to do this after familiarizing oneself with the terminal using a demo account. However, according to the official website, Millbankcapital does not offer a demo.

Registration

Next, the client portal interface opens. Everything is standard here, and Millbankcapital does not offer anything new or unique. Users can access the trading platform, open a new account, undergo verification, deposit funds, request a withdrawal, and change their personal information.

Millbankcapital - personal cabinet

Verification

To undergo identity verification, one needs to go to the corresponding section in the personal account, then select the type of file, and specify its path on the computer. This should also not cause any difficulties.

Millbankcapital explains that it holds a zero-tolerance fraud policy. Thus, the KYC procedure is mandatory, meaning clients need to provide a standard set of documents: proof of identity and residence. Also, if the balance is topped up with a bank card, a photo/scan of the card will need to be uploaded.

Overall, nothing new here, these requirements are standard for any broker. However, we recommend not to rush with uploading documents to Millbankcapital. First, the firm should be thoroughly checked because your personal data could end up in the hands of scammers. This applies to all companies.

Pros
  • Convenient document upload process.
Cons
  • The broker requires a photo of a bank card.

Trading Software

Access to the trading terminal is through the personal account, and we did not find links for downloading desktop and mobile versions. Thus, Millbankcapital’s platform does not require downloading and installation but works through any browser. Such an approach cannot be considered practical and convenient. A mobile app has better optimization and more features compared to the browser version.

Terminal

The platform does not look professional and advanced. Yes, clients have access to basic tools, such as graphic and technical analysis, basic indicators, different types of charts, and timeframes. However, traders cannot upload their own indicators and templates or connect advisors for auto trading.

Millbankcapital has presented users with primitive software, suitable only for executing orders. Beginners can perform basic technical analysis, but advanced traders will quickly become disappointed, as the scarcity of options and functions will not allow them to develop and use profitable strategies.

Features Millbankcapital Palmer Finance Company Impresamarkets
Demo Account
Mobile App
Own Development

How Can I Trade With Millbankcapital?

To evaluate how favorable the conditions are, it’s necessary to examine the types of accounts.

All Info About Accounts

Millbankcapital has developed 6 tariff plans for its clients. The minimum account type requires an unaffordable $10,000 for activation. And now, remember, there’s no demo account here, so for the first trade, you need to invest a minimum of $10,000. For any newcomer, this will be a serious amount of money. What category of clients is the company targeting?

Those who decide to open the first type of account will receive leverage up to 1:50, daily news, a savings account, a manager, a weekly market report, and a weekly portfolio progress report. The second account type starts at $25,000 and differs from the first only in having increased leverage. So, to get leverage of 1:100 for Forex instead of 1:50, you need to deposit $15,000 more? Millbankcapital, who made such inadequate trading conditions?

Account types

Normal additional services only appear on the third tariff (from $50,000). It’s curious whether anyone would be willing to invest such an amount? Here, Millbankcapital offers a daily market review, monthly session with a certified accountant, and 24/7 account monitoring by a top analyst group, as well as a 25% bonus, and an invitation to special trading events. It makes little sense to consider the other types of accounts; they have more favorable conditions, but the deposit requirements are unreasonable.

The user agreement states that the broker does not charge commissions for trades. So, what spreads can traders expect? If there are zero commissions, then the company earns on spreads, or we are dealing with a dealing desk that profits when traders lose money. Most likely, Millbankcapital operates on a 100% B-Book business model. This is confirmed by the high leverage up to 1:400 with bonuses up to 100%.

Pros
  • None.
Cons
  • Spreads are not specified.
  • The minimum deposit is too high.
  • No demo.

Market Analysis and Education With Millbankcapital.com

The firm provides explanations of the existing markets and offers a table with online quotes. A news feed, a position calculator, and an economic calendar could be useful for traders, but the firm decided otherwise.

Deposit, Withdrawal, and Fees

In the section named “Deposit/Withdrawal”, bank wire transfers, online payment systems, and credit/debit cards are mentioned. Cryptocurrency, which allows the payment recipient to remain anonymous, is also mentioned. The minimum withdrawal amount in Millbankcapital is $100, depending on the transfer method. Furthermore, the company claims that it does not charge fees for either deposits or withdrawals.

Features Millbankcapital Fine Capitals  Geratsu
Debit/Credit Cards ✔️ ✔️
Electronic Payments ✔️ ✔️ ✔️
Crypto Transfers ✔️ ✔️ ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

If you want to communicate with Millbankcapital managers, you can do so by email or phone, with the firm offering two options: Australian and British. Additionally, you can leave a message and receive feedback. However, an online chat for quick communication has not been created.

Pros
  • Users have access to email and two phone numbers.
Cons
  • No online chat.

Is Millbankcapital Dangerous?

Although we do not yet have direct evidence that this broker is a scam, there are already suspicions that it’s better not to get involved with the platform. After all, a templated website and inadequate conditions are unlikely to characterize the firm as verified and safe. Next, let’s see how long Millbankcapital has been on the market and what licenses it has.

How Long Does The Broker Work?

It’s unlikely to be an experienced and old company, as there are not many reviews on the internet. The domain of the official website was registered in 2016, but the last update occurred on December 19, 2023. Webarchive shows that the domain was for sale in 2021. Unfortunately, more snapshots are not available. It’s quite obvious that Millbankcapital started its operation recently.

Domain

How Is Millbankcapital Regulated?

In the “Security” section, one can find a mention of the Financial Commission ASIC, the Australian regulator. Does the platform really have a license from this financial commission? Let’s check. In the ASIC registry, there is indeed such a company, which was registered at the end of 2023. However, is it the same firm? There’s no proof of that. Scammers could have taken the name of an existing organization, especially since the domain was updated later than the entry appeared in the registry.

Millbankcapital - ASIC

It’s also necessary to check the address in the United Kingdom, meaning the presence of a license from the FCA. The Financial Conduct Authority knows nothing about Millbankcapital, but how could that be? This is supposed to be a British broker.

Millbankcapital - FCA

In the legal registry, many companies with a similar name are listed, but none of them is the subject of our review. These firms have been in existence for a long time, they engage in different types of activities, and have different office addresses. It turns out that Millbankcapital, which we are examining, provided a fake address.

Companies House

Features Millbankcapital NPBFX GoldberryCo
European Zone
Asian Zone
American Zone
African Zone ✔️
Offshore

Frequently Asked Questions (FAQ)

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Expert Opinion

Here, a favorite scheme of fraudsters is used. Scammers take a popular name for the company, create a new fake website, or buy an old domain, and then offer supposedly beneficial and safe brokerage services. All this is done to lure unsuspecting traders and beginners who will believe in such nonsense. This is precisely what Millbankcapital is doing, which is a 100% scam broker with fake activities.

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Millbankcapital rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about Millbankcapital

Torn February 13, 2024 - 07:49
Obvious fraud
The level of trust
Quick withdrawal of funds

It’s not surprising that people lose their money here. The broker lacks signs of a reliable intermediary, there are no guarantees of reliability, and the trading conditions leave much to be desired. Are you ready to invest more than $10,000 in an unknown firm? This is a foolish decision. Think carefully before starting.
You can find hundreds of more comfortable, reliable, and safe companies on the internet. And yet, you are getting involved in a standard scam. Why?

Reply
Starknet February 22, 2024 - 12:10
The firm is scamming
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Just a few days ago, I spoke with someone who lost more than $15,000 in a scam called Millbankcapital. He believed he was dealing with a safe broker, so he easily trusted them with such a large amount. Now they are ignoring him, and the money is not being returned. He lost $4,000, and the remaining $11,000 he wants to get back, but the fraudsters are not allowing him to do so. Obviously, there’s no chance; the funds are lost. The trader simply made a mistake in choosing a broker and fell for blatant fraud.

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