Wizard Capitals

Note: Wizard Capitals' official website - https://wizardcapitals.com is currently inaccessible normally.

Wizard Capitals is an offshore forex broker, registered in Seychelles, offering three trading account types and leverage as high as 1:1000. However, given the inaccessibility of its website and its unregulated status, trading with this broker is questionable.

Pros and Cons

Is Wizard Capitals Legit?

Wizzard Capitals is owned by an offshore company named Wizard Capitals Ltd., which claims to have been formally licensed and authorized by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines.

However, the financial authorities in Saint Vincent and the Grenadines do not regulate forex and CFD brokers.

In addition, the FSA has specifically warned that Saint Vincent and the Grenadines do not issue licenses to forex brokers.

Account Type/Fees

Wizard Capital offers three trading accounts: Classic, Standard, and VIP. The minimum initial deposit for each account is prohibitively high for most regular traders.

Leverage

The maximum leverage offered by Wizard Capitals, which reaches an absurdly high level of 1:1000, is extremely risky. For VIP account holders, while the maximum leverage is relatively lower at 1:200, it is still high within the industry.

To safeguard retail traders, many regions have imposed stricter limits on leverage, such as 1:30 for major forex pairs in Europe and Australia, and 1:50 in the US and Canada.

The fact that this brokerage offers such a high leverage of up to 1:1000 clearly suggests that it operates illegally in the forex market.

Trading Platform

Wizzard Capitals claims to offer one of the most renowned platforms in the forex industry, MetaTrader 5. However, in reality, the download link provided by the broker for this platform is inoperable. This is, of course, a common tactic used by scammers. As a result, you are advised to choose a broker that truly supports MetaTrader 5.