West Capital Trading Review: It’s a Scam!
Welcome to the West Capital Trading review.
West Capital Trading is the re-incarnation of Bluetrading.com. The official website is hosted at (westcapitaltrading.com) and is claiming to provide professionally managed trading accounts by award-winning traders.
Let’s do a quick flashback of what happened in February of 2019….
The operators of BlueTrading did an impromptu shut-down of their professionally-managed trading account by award-winning traders.
They claimed that their Mirror-web trader had malfunctioned and as a result, their clients’ accounts suffered enormous losses.
They promised to recover some funds and even invited clients to make withdrawals before March 15, 2019. None of the clients ever recovered their funds.
You can read the mood in this forum.
Today, West Capital Trading is here to continue the Blue Trading story after many months under the radar.
It appears that the imaginary Richard Anderson (this is a pseudo by the way) wants to wash, rinse and repeat. Will he scam investors the way he did with Blue Trading?
This West Capital Trading review will discuss everything you need to know because we’ve investigated the operation and we have full information of what’s going on.
West Capital Trading Review
Website design is the same as that of BlueTrading.com. This should easily be noticed.
Investors of their so-called professionally-managed trading account can watch their accounts live 24 hours a day.
WestCapital Trading claims they have 40 years of combined experience in testing and using 4 separate trading systems that have been found to be consistently profitable in all market conditions.
They claim that these high-performing trading strategies are used on clients’ accounts to achieve aggressive returns.
They claim to invest in the safest professional trading instruments with excellent risk-reward.
Their promise is that West Capital Trading personnel (from support staff to trading desk) are standing by their clients.
They want investors to believe that their trading strategies have been thoroughly tested in both bullish and bearish markets.
To make clients believe that this is a legit managed trading account operation, West Capital Trading claims their trading performance is third-party verified and CPA audited.
The question is who audited their trading performance or is this just an ordinary talk of a scam like Forex92.com?
If it’s a matter of demonstrating trading performance, West Capital Trading should use a myfxbook.com account because it’s much more transparent.
Indeed there’s a myfxbook account to back the alleged performance including a trading statement posted on the myfxbook platform to show how their accounts grew between 2016 until August 2019.
This myfxbook account is showing a gain of +320.57% since December 2016. The broker in question is known as United Financial Ltd broker.
Surprisingly, the domain unitedfinancialltd.com (which is the website of this broker) was created in January 2019 around the same time Blue Trading disappeared with customer funds.
Could this be purely coincidental or a well choreographed plan?
Furthermore, if this myfxbook.com account is displaying a trading account that has been running since 2016, how is it possible that myfxbook management could track the activities of a trading account that didn’t exist at the time?
Also, I want you guys to take note of the fact that this myfxbook account is no longer active.
Nonetheless, I also discovered a deleted myfxbook.com account by West Capital Trading. There’s no explanation as to why this account was deleted.
So common sense should tell us that this account definitely crashed. No doubt about this.
We’d like to discuss West Capital Trading performance in details because they claim these were CPA-audited. By who?
Managed Account types
There are only two managed account types offered by this supposedly legit fund manager. All accounts are in Euros and deposits can only be done through wire transfer and in Bitcoin.
Whether these funds reach the investor’s account is something that only God knows.
You should however take note of the fact that you’re more likely to get scammed when you frequently use the two payment methods above than when you’re using a Visa or a Credit card.
Note: West Capital Trading has a lame excuse for not accepting credit card payments. They claim it’s costly to do so. I’m not convinced.
Furthermore, this agrees very well with my statement above…. that scammers never want to accept payments in Credit cards for fear of being identified and also for the fact they will lose their loot through charge backs.
Also, West Capital Trading does not offer its managed account services to residents of the following countries:
United States, Japan, South Korea, Cuba, Iran, North Korea, Libya, Somalia, Syria, Sudan, Myanmar and Yemen.
When a company refused to offer financial services to residents of the US, it’s often for the obvious reason that operators fear regulators and authorities in the US.
If Blue Trading was based or was accepting investors from the US, the obvious would have happened immediately after February of 2019.
The mafia behind this investment fraud would have been arrested and his bank account and other assets frozen.
So here’s how the West Capital Trading account types look like. There are only two of them.
[tabs][tab title=”Standard Account”]Minimum Deposit is €3000
Incentive fee: 18%
Lock-in period: No
MT4 accounts: No
KYC Required: Yes
Profit compounded: Yes
Monthly Returns: Between 5-10%[/tab] [tab title=”VIP Account”]Minimum Deposit is €12,500
Incentive fee: 12%
Lock-in period: No
MT4 accounts: No
KYC Required: Yes
Profit compounded: Yes
Monthly Returns: Between 5-10%
West Capital Trading Prestigious but fake Awards
When they were trading under the BlueTrading brand, they cleverly marketed the platform using this deception.
They listed multiple awards which they claimed to have won in the previous years.
WestCapital Trading has listed those same awards and believe you me, most of those awards do not even exist. I’ll name them below:
- Best Bitcoin Company 2017………….there’s no such award
- Best Managed Account 2017…………. WestCapital is not here
- Blockchain Innovation Awards 2018………. no such an award was issued to BlueTrading or West Capital
- The 20th International Investment and Finance Expo…………… No such an award and if it exist, these people were not a beneficiary
- Best Managed Account Mena Expo 2017………….. This does not exist
Falsified and misleading reviews
Back then, their shady company Blue trading created a buzz on the internet.
This attracted lots of reviews from the trading and investing community, especially the Bitcoin community.
Operators of West Capital Trading (then BlueTrading) devised a scheme to promote their brand across many industry blogs and forums.
As a result, the crooks created a page or a section on their website where they could list every logo of a website that reviewed them positively.
Of course a blog or forum could only do a positive review after admins received a kickback.
The formula has not changed at all. However, the dubious operators of West Capital Trading have just edited those reviews by swapping the words Blue Trading with West Capital Trading.
The actual reviews and endorsements are not redirecting to the websites where those reviews were first published in.
Part of the reason for this is that when Blue Trading did a runner with investors’ money, these blogs decided to pull down the positive reviews to avoid harming their reputation.
So right now nobody is recommended Blue Trading because everybody knows it is classified under an exit scam.
The reviews section of West Capital Trading apparently lists websites such as Daily Forex, Bitcoinist.com, FX Empire, FX Stay, Forex SQ and a bunch of others.
None of these websites have posted any West Capital Trading reviews yet.
They may have posted positive reviews of Blue Trading but that was then….. before it became apparent that Richard Anderson, the faceless CEO and investor using a fake name was a scam artist.
Moving forward, we tackle the regulations part of this financial fraud.
You know they can’t afford to go away because the internet is filled with so many gullible and financially-desperate people.
This is what West Capital Trading is capitalizing on.
West Capital Trading Review: regulation and licenses
Blue Trading in addition to its other brands were banned by financial regulators, something which they vehemently denied when asked why.
I don’t expect West Capital Trading to have any regulator’s license. So this definitely means that what they’ve listed as bodies that regulate their service is completely false.
National Futures Association does not have West Capital in its database. You can check NFA’s website here.
However, WestCapitalTrading maintains that they are regulated by the NFA under the ID no 0526628.
You can see that NFA actually says they don’t have them on record, thanks to this page.
They also claim to be partners of various regulatory organizations in the financial sector. These include the following:
International Decentralized Association of Cryptocurrency and Blockchain (IDABC)
And Global Foreign Exchange Committee
You know that this is total hogwash. Some of the organizations here are not even a regulatory agency mandated to oversee the operations of MAM or managed account providers.
In short, West Capital Trading is deceiving potential investors of their regulatory standing when it’s clear they do not hold a valid license.
This nullified the claim that funds that are processed through their LMAX digital (their clearance provider) and associated banks are channeled to segregated accounts.
Only licensed and well regulated funds ensure that this rule is followed because they don’t want to risk losing their licenses.
But in the case of West Capital Trading, there’s nothing to lose.
You can see very clearly that the scammers who run Blue Trading are back, and this time they’ve up-ed their game a little bit.
Their website is full of information which unsuspecting investors might find useful. But due diligence would reveal the can of worms… the rot and the sins of the past.
I want us to agree that Richard Anderson is an imaginary person.
This is a Tokyo-based but shady company with satellite branches in Europe and Asia. But for sure, investors shouldn’t fall for this Richard Anderson story.
So now that they did a runner with investor’s money, they are back with the intention or washing, rinsing and repeating.
I caution investors not to trade their money with West Capital Trading.
Thanks for reading this West Capital Trading review. I want to read your comments now.