Wikilix independent safety report
Bancara (bancara.com) is a high-risk operation that we assess as a likely scam: the company that actually holds client money carries only an unverifiable Comoros (Mwali) registration, while the ASIC,…
Risk scorecard · each area scored 0 (clean) to 10 (worst)
What Wikilix has recorded about Bancara: its history, the licences it holds, its trading conditions and its fees.
Bancara is a multi-asset contracts-for-difference brand operating at bancara.com, offering currencies, indices, commodities, shares and digital-currency CFDs to individual and institutional clients. The company it names as its own is BANCARA LTD, registered in the Comoros. Trading runs on the broker's proprietary Bancara X web and mobile platform and on MetaTrader 5, with AutoBancara for automated strategies and Cooma Social for copy trading. The entry account requires a 10,000 USD deposit, maximum leverage is stated as 1:200 on major currencies, and the broker describes itself as a market maker that acts as counterparty to client trades. The site publishes no founding date.
Bancara's regulatory position is claimed rather than confirmed. Its Regulation and Licensing page lists six entries across four jurisdictions, and the Contracting Entity Schedule in the client agreement repeats five of them.
Three are held by BANCARA LTD and issued by the Mwali International Services Authority in the Comoros: BFX2025085, described as a Brokerage and Clearing House licence, B2025121, a Banking Licence, and CL20250609, a Crypto Asset Provider licence. That authority operates no public licence lookup, and Bancara publishes no certificate, no verification link and no issue or expiry date for any of the three, so none of them could be confirmed.
The remaining three entries are held by other companies and two of them are not licences at all. The Australian entry gives the ACN and ABN of ALTUS INVESTIUM LTD in the column headed Type of Licence; the Australian Business Register confirms that company exists as an Australian Public Company with an ABN active since 24 April 2014, but a company number is a registration and not a financial services licence. The Vanuatu entry gives 700627 as a Financial Dealer licence for ISLAND CAPITAL LTD; the Vanuatu Financial Services Commission register shows 700627 is that company's International Company registration number, recorded on the companies register, incorporated 6 June 2022 and previously named VT MARKETS GLOBAL LTD. South African Financial Service Provider number 51687 is attributed to MAGAUTA CAPITAL (PTY) LTD, a company whose registration could not be read because the South African registry offers no public search without an account.
No confirmed financial regulation was found for Bancara. The broker names authorities and numbers, but the three claims covering its own company sit with an offshore authority that publishes nothing a client can check, and of the three claims covering other companies, two resolve on official registries to company registrations rather than licences. A client dealing with Bancara should treat the trading service as unsupervised until the specific contracting entity assigned at onboarding is identified and checked directly.
Safety cannot be established from what Bancara publishes. No compensation scheme, ombudsman or investor-protection arrangement applies to any of the claimed permissions, and the client agreement is explicit that segregation, insolvency treatment, compensation status and complaint routes vary by contracting entity and are disclosed only during onboarding. The client fund protection page states client money is held separately from company funds at independent institutions, but names no bank and no auditor. Set against that, the client agreement does commit to negative balance protection for all retail clients and includes an anti-friction covenant undertaking not to delay withdrawals for commercial reasons, which are real and uncommon commitments to put in writing.
Four live tiers are published, separated by deposit size rather than by execution model. Advanced starts at 10,000 USD with spreads from 1.2 pips, Premium at 25,000 USD with spreads from 1.2 pips, Exclusive at 100,000 USD with spreads from 1 pip, and VIP at 250,000 USD with spreads from 0.8 pips. All four share a 0.05 minimum lot and step size, and higher tiers add service benefits such as a success manager, mentoring and company events. A free demo account is also offered. The 10,000 USD entry point is far above the industry norm and makes this a high-minimum broker by any standard.
Spreads from 0.8 to 1.2 pips depending on tier are the only cost Bancara actually quotes. No commission is published for any account. The client agreement states that spreads, commissions, overnight financing, currency conversion fees, inactivity fees and withdrawal processing fees may apply and refers to a fee schedule the site does not publish, and the FAQ says fees are disclosed during onboarding. Accounts become dormant after 90 days without trading or funding activity and attract a monthly dormancy fee whose amount is not stated, with 30 days notice before the first charge.
Maximum leverage is stated as up to 1:200 on foreign exchange. The account comparison itself gives leverage only as permitted by regulation for every tier, so the applicable cap depends on the contracting entity and the client's classification.
Bancara X is the broker's own multi-asset platform for web and mobile, with watchlists, alerts, layered charts and integrated research. MetaTrader 5 is offered alongside it for desktop and mobile, with Expert Advisors and strategy back-testing. AutoBancara is the broker's automation layer, with pre-built or custom bots deployed inside MetaTrader 5 and run on cloud infrastructure at no extra charge. Cooma Social provides copy trading, and the TipRanks research service is included for all clients.
Bank wire is the primary funding route, accepted in major currencies with SWIFT and SEPA support, alongside internal transfers between verified Bancara accounts and unspecified region-specific local payment options. The client agreement additionally names credit and debit cards, electronic wallets and cryptocurrencies as methods the broker may accept. Withdrawals are quoted at one to five business days and must be returned to the original funding source, and deposits must come from an account in the client's own name. No deposit fee, withdrawal fee, minimum or maximum is published for any channel.
Bancara lists offices in Geneva, Dubai, Johannesburg and Hong Kong, each with its own email address, and a general address at inquiry@bancara.com. There is no live chat, and the only telephone number published anywhere on the site is a single Swiss number given for all four offices.
On the positive side: a genuine proprietary platform offered alongside MetaTrader 5, copy trading and automation included at no extra cost, negative balance protection written into the client agreement for all retail clients, an explicit undertaking not to obstruct withdrawals, and a published restricted-jurisdictions list that matches what the registration form actually enforces.
Against that: no confirmed financial regulation of any kind, two of the six published regulatory entries resolving on official registries to company registrations rather than licences, the operating company BANCARA LTD unverifiable on any public register, a 10,000 USD entry minimum, no published fee schedule despite several fee types being reserved in the client agreement, and no founding date anywhere on the site.
Bancara presents as a private-client brokerage with real software and carefully drafted legal documents, and the trading proposition behind it is coherent: proprietary and MetaTrader 5 access, five asset classes, tiered service from 10,000 USD upward. What it does not have is any regulatory standing a prospective client can independently verify. The single most important thing to establish before funding an account is which legal entity will actually be the counterparty, because the client agreement makes clear that fund segregation, compensation entitlement and the route for a complaint all depend on it, and the group's four named companies sit in four jurisdictions with very different consequences for a client whose money is at stake.
12 full-page captures of Bancara's own site, archived so what they said can still be read after the pages change.
Bancara holds a tier-1 or tier-2 licence that we confirmed on the regulator's own register. Each row below shows what that register says about it.
An Australian company registration (ACN / ABN), not a financial-services licence. The Australian Business Register shows it belongs to Altus Investium Ltd, the entity Banxso used for its ASIC licence (AFSL 458097). It is not Bancara, and a company number is not regulation. Client protection: None. Company registration is not financial regulation, and the entity is not Bancara.. Effective: 24 Apr 2014.
These are the rules ASIC sets for the firms it licenses. They are not a statement about how Bancara applies them, or about which of its companies would hold your account.
A South African Category I advice and intermediary licence, mostly insurance products, with derivatives only as adviser and intermediary. It is held by Magauta Capital (Pty) Ltd, a different company, and does not authorise running a trading platform or holding client trading funds. Client protection: None for Bancara. The licence belongs to another company and is an advice/intermediary authorisation, not a dealer licence.. Effective: 11 Aug 2021.
These are the rules FSCA sets for the firms it licenses. They are not a statement about how Bancara applies them, or about which of its companies would hold your account.
A Vanuatu Financial Dealers Licence, an offshore low-tier authorisation. It is held by Island Capital Ltd, a different company, not by Bancara. Client protection: Minimal offshore protection, and in any case the licence is not Bancara's.. Effective: 3 Aug 2023.
These are the rules VFSC sets for the firms it licenses. They are not a statement about how Bancara applies them, or about which of its companies would hold your account.
Claimed Mwali crypto asset provider registration held by Bancara LTD. Mwali is a disavowed offshore registrar, not a crypto supervisor. Client protection: None..
Verification note
Published by the broker on its own Regulation and Licensing page and repeated in the Contracting Entity Schedule of its Terms and Conditions, in both cases as a Brokerage and Clearing House licence held by BANCARA LTD. The authority operates no public licence lookup, and the broker publishes no certificate, no verification link and no issue or expiry date, so the entry could not be confirmed against the authority itself.
These are the rules MISA sets for the firms it licenses. They are not a statement about how Bancara applies them, or about which of its companies would hold your account.
4 account types on record. Minimum deposit from USD 10,000.
| Account | Min Deposit | Leverage | Commission |
|---|---|---|---|
| AdvancedStandard | USD 10,000 | Not recorded | Not recorded |
| PremiumPremium · VIP | USD 25,000 | Not recorded | Not recorded |
| ExclusiveElite · VIP | USD 100,000 | Not recorded | Not recorded |
| VIPVIP | USD 250,000 | Not recorded | Not recorded |
Where Bancara says it will and won't take clients
Confirmed blocked
Named in the broker's own terms
Explicitly accepted
Named as accepted — not a full list of served markets
7 ways to fund an account.
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
Bank Wire TransferWire TransferThe deposits and withdrawals page lists bank wire as the primary funding channel and bank wire to verified accounts as a standard withdrawal method. The client agreement gives a standard withdrawal processing window of one to five business days and requires withdrawals to be returned to the original funding source, distributed proportionally where several sources were used. Deposits must come from an account, card or wallet in the client's own name; third-party deposits are refused and returned minus any banking or processing fees. No deposit or withdrawal fee, minimum or maximum is published. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | 5 days |
Electronic WalletsE-WalletSection 10.1 of the client agreement names electronic wallets among the methods the broker may accept but does not name a single provider, and the deposits and withdrawals page does not list them. The one to five business day window is the general withdrawal timeline, not a figure published for this channel. No fee, minimum or maximum is published. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | 5 days |
CryptocurrencyCryptocurrencySection 10.1 of the client agreement refers to supported cryptocurrencies without naming any coin, network or minimum. The return-to-source rule in section 11.2 applies, so a crypto deposit would normally have to be withdrawn back to the originating wallet. No fee, minimum or maximum is published. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | 5 days |
Credit / Debit CardCredit CardSection 10.1 of the client agreement names credit and debit cards among the methods the broker may accept, using conditional wording, and the deposits and withdrawals page does not repeat them. Availability may therefore depend on the contracting entity and the client's jurisdiction. The one to five business day window in the client agreement is a general withdrawal timeline rather than a figure published for this channel. No fee, minimum or maximum is published. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | 5 days |
Local Payment SolutionsOtherThe deposits and withdrawals page offers region-specific funding methods without naming any individual provider, country or currency, so which methods a client actually sees is not knowable before onboarding. No fee, minimum or maximum is published. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | 5 days |
Internal TransferOtherListed on the deposits and withdrawals page as both a deposit option and a standard withdrawal method. No processing time, fee or limit is published for this channel; the one to five business day figure is the general withdrawal timeline from the client agreement. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | 5 days |
Authorized Corporate RemittanceOtherThe deposits and withdrawals page names authorized corporate remittance among its standard withdrawal methods but does not list it as a deposit option, and sets out no eligibility conditions, fee or limit for it. Withdrawals remain subject to the return-to-source rule in the client agreement. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | 5 days |
One trading platform on record: MetaTrader 5.
Offered alongside the broker's own Bancara X platform. Expert Advisors, strategy back-testing and the MT5 mobile app are supported; the broker's AutoBancara automation is built and run inside MT5.
One domain on record. All active and served over HTTPS.
4 legal entities behind the Bancara brand.
Bancara names Bancara LTD as the operating company. We could not confirm that registration on the registry.
4 other brokers on the record share what Bancara offers — its country, regulator, account types or platforms — set beside it on the same measures.
Common questions about Bancara
Yes. An account is treated as dormant after 90 consecutive days with no trades and no deposits or withdrawals, and logging in does not count as activity. A monthly dormancy fee then applies, with 30 days notice before the first charge. The amount is not published. The fee cannot push your balance below zero, but it can run it down to nothing.
Yes. Bancara publishes a free demo account with live market data and no funding requirement, described as unlimited. Given the 10,000 USD minimum on the cheapest live tier, the demo is the only way to see the platform before committing a substantial sum.
By email at inquiry@bancara.com, through the contact form, or via the individual office addresses for Geneva, Dubai, Johannesburg and Hong Kong. There is no live chat. The only telephone number published anywhere on the site is a single Swiss number, and the same number is listed for all four offices.
Bancara states that client money is held separately from company funds at independent institutions, but it names no bank and no auditor, and no compensation scheme or ombudsman covers any of its claimed permissions. Its client agreement is explicit that segregation, insolvency treatment and compensation status all vary by which group entity you contract with. It does commit in writing to negative balance protection for retail clients.
Its registration form offers a closed list of 223 jurisdictions, which is effectively the world minus the countries it refuses. Bancara names 31 restricted jurisdictions including the United States, Russia, Iran, North Korea, Syria, Vietnam and Kenya, and the signup form also requires you to confirm you are not a US citizen. One oddity: Cote d'Ivoire appears on the restricted list yet is still selectable at signup.
Five asset classes as contracts for difference: currencies, indices, commodities, shares and digital currencies. The broker states it offers over 80 major, minor and exotic currency pairs. It does not publish counts for its index, commodity, share or crypto ranges.
Bancara X, the broker's own web and mobile platform, and MetaTrader 5 for desktop and mobile with Expert Advisors and back-testing. AutoBancara adds automated strategies that run inside MetaTrader 5 on cloud infrastructure, Cooma Social provides copy trading, and the TipRanks research service is included. The broker states that none of these carry an extra charge.
No withdrawal fee is published for any channel, but that is not the same as free. Section 9 of the client agreement lists withdrawal processing fees among the charges that may apply and points to a fee schedule that does not appear anywhere on the site, so the actual cost is only disclosed after you open an account.
The client agreement quotes one to five business days for approved requests, depending on method. Money is returned to the source it came from, so a card deposit goes back to that card and a bank deposit back to that account; if you funded from several sources Bancara may split the withdrawal across them proportionally. Funds tied up in open positions or margin cannot be withdrawn until those are closed.
Spreads start at 1.2 pips on the Advanced and Premium accounts, 1 pip on Exclusive and 0.8 pips on VIP, and no commission is published for any tier. Beyond that the picture is incomplete: the client agreement reserves the right to charge commissions, overnight financing, currency conversion fees, inactivity fees and withdrawal processing fees, and refers to a fee schedule the website does not publish.
Up to 1:200 on foreign exchange, stated on the broker's platform page. The account comparison table itself gives leverage for every tier only as permitted by regulation, so the cap that actually applies to you depends on which group entity you are assigned to and how you are classified.
10,000 USD, for the entry-level Advanced account. The other tiers are Premium at 25,000 USD, Exclusive at 100,000 USD and VIP at 250,000 USD. That entry point is many times higher than most retail brokers ask for, so Bancara is not accessible to a small first-time account.
Nothing found shows Bancara taking clients' money and refusing to return it, and there is no complaint record against it. What can be shown is that it publishes company registration numbers under a heading that reads Type of Licence, and claims licensed operations in Europe while holding no European authorisation of any kind. That is a serious accuracy problem on the one subject where accuracy matters most, so the honest description is high risk and unverified rather than proven fraud.
Bancara names four companies. BANCARA LTD in the Comoros is the one it presents as its own, and it is also the one that could not be found on any public record. The other three are ISLAND CAPITAL LTD in Vanuatu, ALTUS INVESTIUM LTD in Australia and MAGAUTA CAPITAL (PTY) LTD in South Africa. Which of them becomes your counterparty is decided by Bancara during onboarding and is not disclosed in advance.
No regulation could be confirmed for Bancara. Its regulation page names six entries, but the three that cover its own company, BANCARA LTD, come from an offshore Comoros authority that runs no public licence lookup, and the broker publishes no certificate or verification link for any of them. Of the three entries naming other companies, two turn out on official registries to be company registration numbers rather than licences. Treat the trading service as unsupervised.
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