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The looks of the PWRTrade website are suggestive of a highly delicate and professional administration. The navigation becomes easier to access useful information. Even the first-timers can easily understand different aspects and features…
PWRTrade is based on SpotOption – at least the main idea is taken from this popular platform – with a bit of customization. The broker facilitates Short-Term and Long-Term options, CFDs, Ladders, SpotFollow, One Touch, and High/Low.
The website looks fine, we don’t really smell a rat, but still, it is important to let things happen and then see what’s going on. We are reviewing this broker upon the request of our readers but we’ll certainly return with an updated review after 6 months or a year. The broker is new so it will be hard to determine the level of credibility and transparency at this early stage. If you’re interested in getting reliable and sufficient information for a realistic PWRTrade scam analysis, you are reading the right stuff.
MYfintec Review Summary
Cost: $250+
Recommended: No (See Our Top Ranked Legit Program Here)
Rating: 0/100
Summary: Alongside the likes of IQ Option, PWRTrade is one of the few remaining brokers that is actually accepting new traders – however like most of the others they are NOT regulated & are based offshore therefore we do not recommend trading with them. There also appears to have been several PWRTrade withdrawal problems as of late which potentially leads us towards believing they are indeed a scam. If you have already lost money then keep reading to see how you can get it back.
Quick Navigation
Below we have put together some links which you can use to quickly jump straight to the specific sections which you came here looking for:
- PWRTrade Background
- Is PWRTrade Regulated?
- PWRTrade Complaints
- PWRTrade Withdrawal
- Is PWRTrade a Scam?
- Our Verdict on PWRTrade
- Scammed By PWRTrade? How To Withdraw…
- The Best Legitimate Way To Earn Money
PWRTrade Background
GN Capital Ltd. owns as well as operates PWRTrade from Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro Marshall Islands.
- Phone: +44 203 868 5859
- Email: support@pwrtrade.co
- Live Chat available
Note: The web domain (pwrtade.com) has now been replaced by pwrtrade.co
- The new number is +44 203 514 3960
PWRTrade facilitates its clients with a trading academy, though well-organized the advanced training is only accessible with a live account.
The website is compatible with 5 languages. The lack of a Demo account is a downside. The good news is that the broker offers exclusive Apps for iOS and Android – credit goes to SpotOption!
PWRTrade promises from 75% to 85% returns. Don’t expect commissions with this platform. In addition, the broker offers three modes for support/help including email, phone, and Live Chat.
We found that the Live Chat doesn’t serve the purpose as anticipated. The representatives keep asking about your details and they consume so much time that you either get tired to quit the Chat session or irritated to close the website. The representatives serving the Live Chat don’t care about the specification of your question. They simply follow a generalized pattern. If you ask them about the provision of a Demo account, they just respond with a counter question “Do you already have an account?”
In addition, the website promises the provision of 24/7 Live Support but in reality, Live Support is available from Monday to Friday.
Is PWRTrade Regulated?
PWRTrade is NOT regulated. In fact, the broker has been blacklisted by a number of regulatory authorities.
Following is the brief history of the public warnings against PWRTrade…
- FSMA (Belgium) warned against PWRTrade and GN Captial Ltd. stating that these firms didn’t have an authority to operate in Belgium (09-08-2016).
- Consob (Italy) blacklisted PWRTrade and GN Capital (05-09-2016).
- Manitoba Securities Commission (MBS) issued a public warning against GN Capital Ltd. and PWRTrade (15-11-2016).
- CySEC blacklisted PWRTrade (13-12-2016).
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PWRTrade Complaints
There are some complaints about the withdrawal complications and representatives asking for more deposits. But these complaints aren’t reliable. The website is still functional. There are minor complaints about the lack of professionalism on the part of the broker’s management.
We’ll have to wait for a few months to see how it goes. But as the broker is unregulated, we don’t anticipate anything promising. Maybe a couple of more public warnings before the broker disappears; can’t conclude anything at this moment!
PWRTrade Withdrawal
PWRTrade facilitates withdrawals via Wire Transfer, Credit Cards, eWallets (CashU, Union Pay, and Neteller). The broker requires up to 7 business days for the approval of the withdrawal request followed by an additional 7-working-days to process the transaction. The processing time also depends on the account type. The website doesn’t specify any charges against the withdrawal processing.
Is PWRTrade a Scam?
PWRTrade scam complaints aren’t reliable because based on the information we have, we can’t conclude anything. It is too early to suggest anything with concrete evidence. We know that the broker’s reps are indeed trying to bring in more deposits.
We have also found multiple public warnings against this platform. The broker is unregulated. Even if it is not a scam, we can’t recommend this platform. There are no signs of any serious attempt from the management to acquire a license. In addition, the address is off-shore. All off-shore firms are risky when it comes to online trading.
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Our Verdict on PWRTrade
PWRTrade promises a lot but practically it serves with the least effort. The only positive features are related to the website, layout and technical aspects and that is due to SpotOption.
You MUST avoid this broker. Unregulated, non-transparent, and unreliable! The website is functional but it doesn’t mean that you can trust a broker who hasn’t yet disappear. All unregulated brokers ultimately disappear at some point and we can anticipate the same results with this platform.
Scammed By PWRTrade? How To Withdraw…
Since initially posting this review we have seen several reports from people with claims of PWRTrade blocking withdrawals. At this point we can’t verify whether or not the claims are true, however if you have found yourself in this situation & believe you have been scammed by PWRTrade then you can rest assured that you’ve landed in the right place.
The reason we say that is because we have put together a free money reclaim guide which has been designed to show you exactly how to get your money back from a binary options scam, even if the broker is blocking withdrawals.
The guide that we have put together is totally free & to date it has helped thousands of people to successfully retrieve their lost funds so we are confident that it can help you too.
You can get access to it right by clicking here.
The Best Legitimate Way To Earn Money
Here at Stopping Scammers we are all about helping you avoid scams, but on top of that we also do our best to guide you to the opportunities that are actually legit, as we understand you likely came here because you were looking to make some money.
The good news is that there are actually a LOT of legitimate opportunities out there through which you can earn good money online – however there is one in particular which we have come across that has stood out from all of the rest. As a result we have named it our number 1 recommendation.
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