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
13.12.2016: CySec adds PWRTrade in their list of unauthorized domains/websites. Source: CySec.gov.cy
15.11.2016: 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
05.09.2016: Italian Consob adds PWRTrade to their warning list. Source: Consob.it
09.08.2016: 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