Summit Capital Markets is a trading brokerage firm that provides access to a few financial instruments for trading. Its additional services are also limited, and include educational resources such as e-books for beginners. As for potential red flags, we will analyze the offers and legitimacy in this review to see if the company is a scam or not.
Highlights
| Official Website | https://summitcapitalmarkets.com |
| Company Name | Summit Capital Markets |
| License Status | None |
| Account Types | None |
| Demo Account | Available |
| Assets Offered | Currency Pairs, Stocks, CFDs |
| Leverage | Undisclosed |
| Trading Platform | WebTrader |
| Deposit Methods | Credit Card, Bank Transfer |
| Withdrawal Time | Up to 14 days |
| Affiliate Program | None |
Key Trading Features
Summit Capital Markets facilitates spot trading and claims to provide clients with leverage and related transactions. However, general conditions of cooperation are intentionally hidden. Such a lack of transparency raises suspicions about the project’s reputation, potential fraud, and the quality of the official website.
The published terms of cooperation do not disclose the minimum deposit amount, and no such information is available on any page of the website. In addition, it is impossible to contact support, since the contact details provided, at least the email address, are fake. The information about the initial deposit also cannot be obtained, since the registration function isn’t operational.
These problems continue with other trading parameters as well. The broker primarily advertises additional services and non-existent privileges. As a result, vital information about spreads, swaps, and other conditions of trading is not provided. It is not explained how client consultations are conducted and deposits are protected. The demo account is available but has limited functionality.
Overview of Available Trading Instruments
Summit Capital Markets does not disclose information about the tools of trade it offers. The broker has a low-quality website; there isn’t even a section indicating the assets available for trading. However, the client agreement and a few educational materials shed light on the assets. This broker claims to support trading in forex pairs, stocks, and CFDs.
The presence of CFDs is one of the many red flags regarding this broker – it is a manipulative way of trading, as about 80% of trades will be losing. It’s highly unappealing.
Trading Platform Analysis
The dealer does not reveal up-to-date information about its trading software. Therefore, there is no information about the availability of mobile applications or desktop versions.
The broker provides access to a web-based trading platform, but registration is possible only upon contacting support and paying some sort of “fee.” Only then will an employee provide one with the login and password. The website boasts among its platform features that it supports instant trade execution, strategy trading, and technical or fundamental analysis.
Clients are also provided with a demo account, but it requires verification within 30 calendar days to open it. The functionality of the demo version is severely limited.
Additional Services
Summit Capital Markets allegedly provides additional services: education, risk management systems, and bonus offers. The main page of the website contains a banner with news and analytical content.
For instance, the broker offers access to an e-book that provides general advice for beginners. A “Blog” section also explains how to trade and rules for using the terminal.
Fee Structure
The company has a very complicated fee structure, which is more of a disadvantage than an advantage. Critical details of trading fees and withdrawal fees are not clearly disclosed, often resulting in financial losses for clients.
Trading fees are based on asset type, risk level, lot size, and time of day. While the client agreement states that commission details are included, this is misleading. There are additional fees for deposits and withdrawals, presumably from the payment service provider or bank.
In addition, there is an inactivity fee. If no transactions are made for more than 31 calendar days, a $25 fee will be charged. The fees increase in the following manner:
- 61–90 days: $50.
- 91–120 days: $100.
- 121–150 days: $150.
- Over 181 days: 10% of the account balance.
Legitimacy of Summit Capital Markets
Summit Capital Markets is not regulated by any European, North American, or Australian oversight authorities. Also, the website does not hold licenses from offshore regulators.
Naturally, it cannot obtain the FCA license for brokerage activities. Thus, it is extremely unsafe to collaborate with an unlicensed dealer: the administration doesn’t fulfill its obligations, which is why clients may suffer financial losses or block their accounts.
Company History
The founders of this broker publish false statistics on the website about trading volumes, numbers of clients, and other achievements in order to convince inexperienced traders of their reliability.
However, domain verification shows that the brand has been active since mid-2024 only. It explains poor optimization of the website and a lot of technical issues with it. Moreover, by accident, this website contained a guide on creating fake reviews for copywriters.
Conclusion
The character of Summit Capital Markets can be identified as a scam broker and does not hold any regard in the trading community. It is an unregulated platform that uses fake reviews, while minimal information about its trading conditions is provided. Furthermore, registration is not possible and hence it is better to avoid investing with them as well as its education materials and rewards.
Weighing the Pros and Cons
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The trading e-book will be provided.
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Illegitimate activities.
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Using the name of a third-party firm.
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Low-quality website.
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Lack of transparency about trading parameters.
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High commissions, and problems with withdrawal.
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Non-functioning system of registration.
Common Questions
How can I register on the broker’s website?
To register, you must send a request by email. Such a technique is often used by scammers who first need to persuade users to make a deposit.
Why do certain website pages fail to load?
This is due to the fraudulent nature of Summit Capital Markets and the rushed development of its platform.
Even a quick look at the site reveals it’s a simple scam. I recommend reading the client agreement on commissions – it explains everything. Avoid trading here!
I tried to contact support for any information, but I’ve received no response for days. It’s ridiculous – there’s absolutely no point in working with them.