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PWRTrade Review – is it scam or safe?
Trading Accounts and Conditions
PWRTrade claims to offer forex and CFD trading, but various sources suggest that it is in fact a binary options broker. It also seems to offer account management services. The problem is that the website of the broker has not announced any trading specifics, and we could not register an account either.
We have a lot of concerns regarding this broker and don’t recommend investing with it. Read on to get all the details.
We could not think of any positive features of this broker.
Offshore company, notorious address
PWRTrade is allegedly owned and operated by GN Capital Limited, a company registered in the Marshall Islands, but various sources suggest that it in fact runs its operations from Bulgaria.
On exactly the same offshore address (Ajeltake road, Ajeltake Islands, Majuro, Marshall Islands MH96960) are registered a lot of shady brokers we have reviewed, such as AxeCC, PBN Trade, iForex24, CryptoEU, Tradex1, FXG Invest, and more. Judging by the negative comments submitted by people who claim to be clients of some of these brokers, they are all a bunch of scammers, so you’d better stay away from PWRTrade and, actually, all the rest.
A plethora of complaints against PWRTrade
As we mentioned negative feedback, we should also say that we encountered a lot of complaints against PWRTrade in various websites and forums. According to some of the complaints, the broker cancels withdrawals and forces its clients to trade and to deposit more. It seems that many investors lost a lot of money.
Blacklisted by several regulators
Another major red flag regarding PWRTrade is that the broker is blacklisted by several financial authorities.
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The Financial Services and Markets Authority (FSMA) in Belgium warned the public that PWRTrade is not an authorized investment firm or credit institution in Belgium and it offers trading in speculative and particularly risky trading products (binary options).
Click on the image to zoom in.
Furthermore, the FSMA advised against responding to any offers of financial services or public offerings of investment instruments made by GN Capital Ltd (PWRTrade) and against transferring money to any account number it might mention.
PWRTrade is also in the list of 40 forex and binary options broker sites that were recently blocked by Bulgarian court after the local Financial Supervision Commission (FSC) warned that these brokers are not authorized to provide investment services in the country.
The Manitoba Securities Commission in Canada has also blacklisted PWRTrade, stating that the company is not registered in Manitoba to engage in the business of trading securities or advising anyone with respect to investing in, buying, or selling securities.
No info on the trading conditions, platform, etc.
As we mentioned in the beginning, PWRTrade leaves a lot of important questions regarding its pricing and trading conditions unanswered. The broker does not mention the initial deposit it requires, what are its payouts or spreads, nor what platform it uses.
Most forex brokers support the popular MetaTrader 4 and also offer free demo accounts, so that (potential) clients can test their services.
It is not clear whether PWRTrade is a binary options, or forex and CFD broker, what platform it uses, nor what trading conditions it offer. Yet, we know enough to warn you not to sign up with it: PWRTrade is an offshore broker, blacklisted by several financial authorities. On top of that, there are numerous complaints about this broker submitted by investors in various websites and forums.
We always advise our readers to select very carefully their investment intermediary. It is best to choose among brokers regulated by trustworthy regulators, such as the UK’s FCA or Australia’s ASIC. It is also a good idea to check the broker’s name in the web to see whether there are any complaints or warnings against it.
To sum up the above:
|Not any||Offshore company, notorious address|
|A plethora of complaints against PWRTrade|
|Blacklisted by several regulators|
|No info on the trading conditions, platform, etc.|
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PWRTrade is a broker located in the Marshall Islands. The owning and operating company is GN Capital Limited and the listed address is Trust Company Complex, Ajeltake Road, Ajeltake Island Majuro Marshall Islands, MH 96960. The phone number is +44-203-868-5859, email [email protected], or live chat. An additional address. The company/brokerage is not regulated. They have recently switched web address to pwrtrade.co.
Is PWRTrade A Scam?
PWRTrade have now been in business for a while and check for complaints, we found the typical traits of a scam. In this case, the comments are regarding account managers placing losing trades when customers requested withdrawals. In many cases, the clients seem to have not been aware of the conflict of interest between them and the broker and therefore allowed the broker to trade for them.
The company is not regulated and the addresses are virtual so you can’t complain to an authority if they take your money.
Editor’s Note – Why does PWRTrade Suck in 50 words
PWRTrade sucks because they are already getting bad publicity by getting themselves warned by various authorities for acting without a license. The worst part is the negative comments that show PWRTrade acting like yet another unregulated scam broker.
Why PWRTrade doesn’t Suck in 50 Words
The website has a great look, all the information is easy to find and the platform features are the best available. In addition, they have a fairly well-organized trading academy but unfortunately, not everything is available unless you have a live account.
Should I Open an Account with PWRTrade?
One of the things that stands out on the site, aside from the really nice look, is that they go to great lengths to make all relevant information easy to find with assurances of transparency.
The broker is built on the latest SpotOption incarnation and aside from a spiffy new look, the features are just about identical to previous versions. They support short and long-term trading with expiry ranging from 30 seconds to 6 months. They have high/low, one touch, ladders, CFD and SpotFollow. The asset is quite large, way larger than the average trades, and covers all the top and heavily traded assets including forex, indices, commodities, and stocks. The biggest difference is in the layout, which I really like.
However, PWRTrade does have some serious complaints regarding bad account managers depleting accounts and not honoring withdrawals. They are still not regulated and have in fact been warned by CySec. All these things make me say that you shouldn’t open an account with PWRTrade and instead choose one of the more trusted brokers.
According to the internet masses, PWRTrade will not let you withdraw a penny, will call you 10 times a day asking for more deposits and will tie your money to the platform using Bonuses. I looked long and wide but I couldn’t find a single positive comment that wasn’t from a PWRTrade affiliate or employee. Everybody is complaining about lost money, high-pressure phone calls and empty promises of making bank. Maybe you should stay away from this brokerage… just saying.
PWRTrade Regulatory Announcements and Warnings
13.12.2020: CySec adds PWRTrade in their list of unauthorized domains/websites. Source: CySec.gov.cy
15.11.2020: MBS, Manitoba Securities Commission issues an alert against PWRTrade and GN Capital ltd/GN Management for not being registered in Manitoba to offer financial services. Srouce: MBSecurities.ca
05.09.2020: Italian Consob adds PWRTrade to their warning list. Source: Consob.it
09.08.2020: The Belgian FSMA warns against GN Capital Ltd and PWRTrade for not being an authorized investment firm in Belgium. Source: FSMA.be
An initial deposit of at least $2,000 (Silver Account) will grant you a 50% bonus. This percentage increases to 75% if you deposit $10,000 (Gold Account) and to 100% if you deposit $25,000 (Platinum Account) or $50,000 (Diamond Account).
The turnover is 20 times the Bonus + Deposit and if the client wants to withdraw before it is completed, a 30% fee will be deducted and all bonuses canceled. Please read their Bonus Terms and Conditions and make sure you understand all the strings that are attached.
The methods available are Credit Cards, wire transfers and e-wallets (Neteller, Union Pay, and CashU). The funds must be withdrawn to the same source where they originated from and processing time is 7 business days, with another 7 business days until the money reaches the client’s bank account. The processing time can be lower if you have a higher-tier account. The fees are not specified.
There is nothing Extra with this broker, except maybe the extra big number of complaints.
Ease Of Use/User Friendly – 15/20
Information is not very easy to find and only 5 languages are available at the moment. They don’t offer a Demo account but they do offer mobile platforms for Android and iOS. The trading platform is easy to use, but that is SpotOption’s credit, not theirs.
Number Of Assets And Expiry – 18/20
I have to score this one high as well, it is SpotOption after all so there are a large number of assets with expiry spanning the range between 30 seconds and 6 months.
Commissions, Support & Effective Return – 17/20
They score well in this category too, with some points reduced due to an average return in the 75-85% range. There are no commissions, support can be reached through the phone, email or live chat. However, all the live chat rep did was to ask for my details. My simple question “Do you offer a Demo account?” was answered with Do you have an account with us? What’s your phone number? or You should speak to a junior manager. Totally unhelpful and added to an overall bad experience. Also, they advertise 24/7 support but live chat wasn’t available during the weekend and at times not available even during week time.
Deposit, Payments & Bonus – 15/20
The deposit has a minimum of 250. They have CC, wire transfers and e-wallets ) Neteller, Union Pay, and CashU) as deposit methods. Basic withdrawals take 7 business days but higher level account holders can cut this down to 3 days. Bonus terms are average, 20X (deposit + bonus). If you wish to withdraw before terms are met, your funds will be deducted from a 30% fee.
Website Extras 9/20
Well, there’s nothing really extra about PWRtrade. All the regular spotoption stuff.
PWRTrade Overall Ratings: 74/100
Hi . I advise you all to stay away from PWRtrade . They are dirty crooks and fraudsters , they will eventually do to you what they did to Lbinary clients , dissappear with all clients money i lost USD 24000.00 and have no way of recovering my funds .ones they have your deposit they laugh at you they are are evil.
Dear Kai Outzen,
We are concerned about the situation you described. We would like to investigate your case closely, but in order to do so we have to identify you in our system.
Please contact PWR Trade customer support at [email protected] or call us +44-203-868-5859.
Really. You are all crooks, how can you take money from a mother of three. Please stay away they stole money from.me and my friend giving you bogus trades. They highly insist to take out loans, use savings and give you bonuses without your consent. Please rain further away from them
I worked for them as a manager (not account manager or broker, but as a team lead). DO NOT WASTE YOUR MONEY! They are not regulated, AMs lie, treat badly the clients unless they pay more and even so, they do everything possible to make them lose. For withrawal, they will fight and do everything possible to avoid returning the money. If you are in this situation, you need to go to bank for chageback to win a WD case. I left the company as I don’t wand a bad karma to follow me. Please do not get fooled.
Traded and made profits with theses guys then sought more funding to make bigger investments and i suceeded. Now one of my creditors advised to PWRTRADE with withdrawals before going further so i did. They have refunded only what i put in the trades but not the profits so i asked further for part of the profits. After a lot of to-ing and fro-ing they initiated a wire, days after they said the wire required my personal details to land. I hesitated but gave in after all. Now the same wire is still not come through 3 days after giving my bank/personal detail. I still have the secured credits but thinking to return them. What do you think Jeena?
I’ve been with this company since March 2020 and not happy with the way things have gone. I gave this company a US$10500 deposit and my first account manager Matthew Stark almost lost the whole lot after one month and had the cheek to ask for more money, I told him “NO” and never heard from him again. My second account manager Michael Cooper helped me recoup my losses over two months and helped me win it all back then pushed and hounded at me to invest all the money in a forex account. It was another four months before I heard back from Michael C and another two months later he tried to push me into choosing one of their packages which I said “NO” to. Never heard from Michael C again and that means my money is obviously gone as well. Keep well away from this company, they take your money and run.
September 15, 2020
I saw a thing on Facebook saying that Elon Musk was leaving Tesla to invest in FinTech and so I clicked on it and saw this very persuasive video about wanting to level the wealth playing field and I got sucked in. Looked up Fintech and I couldn’t find anything dodgy about it so I went for it. I didn’t notice when I signed up it was a different company PWRTrade. I paid my $250 deposit and then it asked me for a picture of my passport, front and back of my visa card and a picture of a utility bill which seemed very fishy. I then noticed the name of the company wasn’t was what I was expecting and so did a search for that and here I am. I asked for a refund and some said that I couldn’t do it without giving the pictures that they asked for and some said I could. In the end I spoke to my assigned account manager and he said that I needed to provide them the pictures, I told him I was uncomfortable with that and asked him why. I was then put through to the compliance department and this man who I could barely understand said it was to prevent money laundering. I’m worried about Identity theft. Does this sound right to anyone else or should I give them what they ask for? Any advice welcome.
Hi, I’ve been set for now too. I have tried to get my money back but nothing happens. It says that the withdrawal has been made but it is 25 days ago and then canceled them a portion of the money even though I have not received any bonus. I had made a withdrawal of 448 USD but when they approved it, they canceled 198 USD of the money I would have returned. There are no answers and get from the chat or all of them 70 the email I have sent. Is there not anyone we can contact who can go in and fix these issues? In Norway, we have something called the Consumer Council that helps with such things. There must be something one can do to get the money back. After all, it’s our money and not PWRtrade’s money. Can you report this to the police ??
My experience is the same as Rob Diren (18/7/2020)
I lost 30.000 euro through PWRtrade ;
I’ve dealt with Michael and Oliver, deposited with them more than $91k ! Weeks after we started to trade I have lost more than half of my funds, so I’ve tried to withdraw the rest. Suddenly they stop answer on calls or mails and I even cannot enter to my account. I found myself in big financial issues, without any knowledge where to seek help. A few months ago I’ve contacted to the MoneyBacklawer company, we opened case with Mr.Anderson. Although it took about months, but I really get my money back through them
I deposited $250 in May and up until now I never got a penny back. I was dealing with Julian Brenner. I had been making follow-ups with them and the last thing that happened is that their email addresses I had been using became unreachable. They pressurised to get more money before vanishing and I did not do it. If I read these comments before taking such a risk, I would have been wiser and not have done such a blunder.
Take your money with the promise of risk free trial for 30 days and then lose your money. Then they do not respond to your emails and phone calls. Save your money or invest it somewhere else.. Totally Useless.
Deposited $25,000 CDN with PWRtrade account manager Michael Cooper when I had over $100,000 in my account and tried to withdraw my original investment he told me I had to trade $944,000 before I could withdraw so I traded over $1,000,000 and requested my deposit back but was told Michael Cooper had left and was turned over to Oliver Eisen who said I would have to trade much more and when I started threatening a scam Oliver Eisen put me on MSD and my account disappeared over night. So I complained again to Natalia and Dasie D only to be turned over to Kevin Goldman who said Oliver was fired and if I put more in he would get me winnings back. So this is where I stopped and have turned this over to the RCMP Fraud Squad.
Me and my partner both signed up to PWRtrade…it sounds really good on the first onset but rest assured it is one big scam. I lost my money without even trading they wouldn’t respond to emails in relation to trading and kept calling asking for more information , my partner was unfortunately able to begin a trade, they said they would call him back at the end of the month but never did, when he tried to log into his account its been closed….
I have been in PWRtrade since October 2020. I have been doped by the Account broker and his name is Michael Cooper. First the website asked for a minimum of USD250 to trade but then when Michael called me over phone he said I need to deposit USD5000 to be able to trade , I told him I can only deposit USD2750 max and then he said he will TOP up USD2500 bonus from his own money and he began to trade and we won about usd 4500 and he said U need to TOP up another usd2250 to fulfill his company required minimum of usd5000 and I did put in another usd2250. And we resume trading until we reached USD15,670. At this point I requested to withdraw my deposits of USD5000. His Account manager Jack initially promised me he would help me but he never did. Now my money got stuck in PWRTrade Abd they ignored my repeated attempt to withdraw… what can I do now ? Can the relevant authority help me ?
Hi Chi-song Tan
I deposited Money and now can not withdraw it anymore. They are telling me because of some Bonus non sense I cant withdraw. They will not even send me withdrawal Form.
not join with pwrtrade … in less than two months, I lost 3000pounds …. and to get my money back, they told me that ..to put more money . …… If I said that already, where is my comment?
I’m very frustrated at ur company made a withdrawal request on the 31st January 2020 and it got cancelled 2 weeks later with no explanation at all then I had to do another withdrawal request on the 15th and still no money has gone in to my account I’ve phoned everyday for 7 working days now and I just keep getting told it’s under review with the finance department still no explanation why this is this is a shocking way to treat people.
I have trade for a cople of month now. Get a realy good profit. Than I thought that I’m saticfied. So I decided to take my profit and end up my account. The broker call me a several times and offer me something i didnt understand. He also want me to put in more money. But it was enught whit the $ 1250 I already put in. After a lot of refuses he gave me some trades to do and after that i could get my money back. He rekomenmend me 3 different trades. All 3 was loss. And my profit gone away.
Over 2 months harassment for withdrawal my money from PWRTrade.
Wow, PWR trade. I am a newbie, have lost some through trading on my own but now that you promised to help, I am willing to give you a chance but for goodness sake, clean up your reputation and be an excellent broker!!
Sharon Gardner can you let me know how you’re getting on please? I’ve recently opened an account but not deposited yet. The guy I spoke with seemed to understand my reasoning for not depositin yet. I’m tryin to not listen to the negative stuff as they are new and hiccups happen. But I would love to hear some good feedback within the last couple of months before I start…thanks Julie…..
Received two emails from them today saying I’d opened an account with them and they had tried to reach me on a phone number to talk to me about how they can benefit me. I’ve never opened a broker account with them. The phone number that was included in the email was my old number meaning they’ve illegally obtained that data from somewhere.
They’re practising some very shady tactics to try and get new “customers” by the looks of it. Be warned.
Have made 2 withdrawal requests in the past 2 months, both were cancelled with no reason given. I have contacted them through chat, they say do not know the reason. This company does not appear to operate on the level.
I have similar bad experience;
Have had an account with PWRtrade for about 10 months. In that time I have made 2 withdrawals. My last withdrawal request was cancelled, after pending for 3 weeks, no reason given.Contacted live chat – reason for cancellation unknown.Made another withdrawal request today.Am being informed withdrawal pending, account manager will contact me. I will make another post when the result is known
i just wanna ask if this company PWR trade are shark but the software copybuffett leads us to this company..does this means this software copybuffett is also a fraud?
Hi i signed up to Binabot and got Pwrtrade,and built up my account to $400 from $250,i requested a withdrawal of £250,i had the Auto trader switched off,then over two nights my money disappeared with alot of losing trades,ever though the auto trader was switched off,it went down to $181,My useless broker by the name Oliver esien,said it was the auto trader but i know he or someone else was trading on my account and losing my money,i asked them what’s going on so he said he would turn off the auto trader,but they are lying bastards,i got my $181 back after several weeks of chasing them. would not recomend them.
Someone on their site has been placing trades on my account. I have put in 2 withdrawal requests and they answered with “Insufficient funds” after whittling down my account balance to $74 and after reading their T & Cs the minimum withdrawal is $100. DO NOT TRADE WITH THIS COMPANY they are sharks.
Signed up with CodeFibo who assigned my broker as PWRtrade, the softwear would not trade so I put in a withdrawal request, the broker tried to convince me from the outset to not use the codefibo and trade with him direct. all of a sudden my balance started reducing without me turning the softwear on and after I asked them not to trade. I now have to do a chargeback through my bank as they have not actioned the withdrawal. Financial experts? they cannot even read a simple instruction.
Hi all, I’m alomst like Aura. They kept send me emails and ringing until I was almost forced to trade with this scam of PWRtrade..I made some progress and everything was OK until I wanted to withdraw some money but they refused my withdraw request and kept ringing me to invest the money again..Mr scam champion so called Michael Cooper was like a dog barking and rang me about 19 times to stop me from withdrawing the money and canceling my withdrawl request..I finally adamantly agreed to invest all the money in one trade which I obviously lost..now he doesn’t answer my Skype calls and probably deleted me from his contact list..I lost 5.5k Euros and now I’m left crying..don’t go near them guys they are just a bunch of cheats and robbers
When it comes to ranking binary options brokers, the best you can find is PWRtrade, a broker who offers a wealth of platform features, trading options, money transfer methods and, most importantly, assets. They are a thoughtful and considerate company, as they even offer an Islamic account that respects the principles of the Muslim faith.
The company is expanding rapidly and more and more traders join each day. As they expand, PWRtrade just keeps getting better as they continue to hone their services.
They strive to use the most up-to-the-minute, cutting edge technology available, and to educate their customers by running a comprehensive Education Center that teaches traders everything about binary options trading, every step of the way. With defined security measures and account verification, this broker makes sure that every little detail is taken care of. Lets continue with this PWRtrade review to see what else they offer.
Trading Platform Features
There are so many features on this platform that there is definitely something for everyone to use. PWRtrade has One Touch options, which make your trades at the touch of a button. So if you’re a self-assured trader who’s certain about your deals and are pretty sure your underlying asset will hit a pre-determined point before the deal expires, this is a great way to make up to 400% returns!
Perhaps you’re interested in giving the Ladder feature a try. Throughout the day, traders will need to anticipate the step-by-step movement of an underlying asset’s price. If you’ve been trading for quite some time and have cultivated a good level of insight into the market then you can definitely use this option to your advantage.
If you want to make money in a hurry, don’t miss out on 60-second trades. Fast profits and quick opening and closing allow you to make deals back to back if you wish. These are also known as Speed Options and they can provide a huge return if you play your cards right.
When it comes to Pairs trading, this platform allows you to make the best of its features as its performance is second to none. In Pairs you’ll need to look at the assets and anticipate the relative ration between them. Basically, you’re looking to see which one will do better and setting your deals accordingly.
Binary Options Signals and Robot Compatibility
If you are interested in automated binary options trading then you have to check out one of the top rated binary options brokers. You can find some binary options robots and they seem to offer an unbiased opinion.
PWRTrade is one of the brokers that is compaitble with some of these binary options robots.
There are a whole host of tradable assets at PWRtrade. They offer all the major currency pairs and they have a click-down menu on their website to show the exchange rates between the currency pairs, the trading hours, the Reuters code and the expiry rule.
You can also trade in stocks, with well-known brands such as Nissan Motor, Microsoft, Coca Cola and BP at your disposal. You can find out more about each stock by clicking on the drop-down menu on the Asset Index on their site.
Commodities are here too and you can deal precious metals (silver, platinum and gold) or you can opt to trade in coffee, sugar, wheat or crude oil.
For those wishing to trade in indices, you can find a varied mix to choose from, including (but certainly not limited to) DAX (Germany), HANG SENG (Hong Kong), KL Future and S&P 500 (US).
Customer Service and Support
Easily one of the things that makes PWRtrade stand out from the crowd is their reputation for perfectly executed customer service. They have multiple phone numbers for a variety of countries, an email address which always leads to fast responses, an online contact form, and best of all, a Live Chat function where someone is available 24/7 to deal with your questions and queries. Their customer service representatives have a good reputation for being polite, knowledgeable and quick to answer.
Is PWRtrade a good broker?
There is no reason not to work through this broker as they offer an exceptional service to each customer and really take the time to make sure traders are fully catered for. A strong, capable interface negates any troublesome technical issues and seamlessly lets traders open and close their deals.
There are also plenty of assets for people to choose from and with the options of Pairs trading it means that you can have a good level of flexibility here. The safety and security of this site is extremely good and they go to a lot of effort to keep their customers’ accounts protected. They have a committed ethos of providing excellent service and making sure they develop with the market.
Perhaps the only thing that could be improved would be the addition of a Demo Account; however, this site functions so well that there is no doubt that most traders would go straight for a full account anyway, especially considering the great bonuses they offer. All in all, PWRtrade is about as good as they come.
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