Is PWR Trade a scam broker?
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PWR Trade is managed by GN Management EOOD located at Sofia Bulgaria and owned by GN Capital Ltd located at the Marshall Islands. They are binary options broker founded in 2015. Their new website is pwrtrade.co. Their transactions are processed by GNUK Capital Ltd based in London England.
As an exclusive offer, it offers $ 50 no deposit bonus to all its new clients. Naturally, there are certain T&C attached. The client has to open a real trading account if he/she wishes to claim the no deposit bonus. This bonus allows traders to experience companies’ binary options platform in real trading mode.
Variety of trading accounts is provided to traders. They are Micro (minimum deposit $ 250), Basic ($ 500), Select ($ 5000), and Platinum ($ 15000). Also available is Islamic account based on Sharia Law, i.e. no hidden fee or commission, swap free transactions, no interest rates on trades which are for an extended period or remain open overnight.
Trade types available on broker’s platform are binary options (call/put option) with a payout of 85 percent by predicting increase or decrease of asset value at the time of expiry. Pairs wherein performance of two assets is compared and choosing the one which will come out on top at expiry time.
Long-term is generally a call or put options whose expiry ranges from two days to 7 days. Short term is whereby the trade expires at 30, 60, 90, 120 seconds, 3 and 5 minutes.
One touch option is when the price of the underlying asset will touch a predetermined price level at least once by the time the option expires. Ladder wherein there is multiple predetermined price level with different payouts.
Assets on offer are major currencies pairs, stocks, indices and commodities.
PWR Trade is a scam broker as it is not regulated by any of the known financial regulators of the world. Trading languages are English, German, and Arabic. The assets on offer are comparatively few in number.
The complaints and reviews of the company are typical of an online scammer. It has been on the unauthorized list of CySEC since the end of 2016. Manitoba Securities Commission issued an alert for not being registered and offering services. PWR Trade was added to warning list of CONSOB. Belgian FSMA warned parent company GN Capital for not being an authorized firm in Belgium.
For any withdrawal, turnover has to be 20 times of deposit plus bonus, which is too high and most of the traders will not able to withdraw. A simple trick used by most of the internet scammers.
Deposit and withdrawals are available through Credit Card, bank wire transfer and e-wallets (Neteller, CashU, and UnionPay). The deposit and withdrawal should be through same method. It takes totally 14 days for the money to reach your account.
There are a huge number of complaints against this company and this raise a question is PWR Trade is a scam broker? They keep on pressuring traders to go in for higher accounts and deposit more and more money.
These types of companies re-brand themselves but continue with the same method of scamming people. It is for a common good that these people be put behind bars as they are cheating trader’s hard earned money. You can take help of MyChargeBack to retrieve your money and will do social good by saving someone’s money in future.