PWRTrade is a new broker located in the Marshall Islands. Their address is GN Capital Ltd, 75518 Trust Company Complex, Marshall Islands. Phone number is 44 203 670 531, email email@example.com, or live chat. An additional address, GNUK Capital, 20-22 Wenlock Rd, London, England is a holding company registered at a virtual office for the purpose of payment processing.
Update 2017: PWRTrade is owned and operated by GN Management EOOD which is located at ploshtad Vazrazhdane 1309 Sofia Sofia-grad – Yugozapaden – Bulgaria.
Is PWRTrade A Scam?
PWRTrade have now been in business for a while and checking 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 complaint to an authority if they take your money. Regarding PWRTrade’s traffic, they have had a big drop in traffic but in the recent month it seems to be recovering. This reduction in traffic seem to have occurred around November 2016 which happens to be the same month they were warned against by the Manitoba Securities Commission in Canada and shortly after by CySec.
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.
Update 2017: 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.
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
Ease Of Use/User Friendly – 18/20
These guys score high on this rating in their first review. Information is easy to find and complete, all my questions were answered satisfactorily. 5 languages available at the moment.
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 and support is pretty good. Support can be reached through the phone, email or live chat. Update 2017: There was no live chat available but it was a weekend and I don’t see them advertise a live 24/7 chat so it’s understandable although it is always a big plus with a 24/7 live chat.
Deposit, Payments & Bonus – 15/20
Deposit has a minimum of 250. They score a little lower here because they only have CC and wire transfers as deposit methods. Withdrawals can be made to eWallet but there are some limits. 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) with no withdrawal until terms are met. Update 2017: If you still wish to withdraw, your funds will be deducted of a 30% fee.
Website Extras 9/20
Well, there’s nothing really extra about PWRtrade. All the regular spotoption stuff.
PWRTrade Overall Ratings: 77/100