Introduction to PWRTrade

PWRTrade is an online broker firm that offers a platform for trading binary options and CFDs. The firm, established in 2015, is owned and operated by GN Capital Ltd. PWRTrade provides a variety of financial instruments including indices, commodities, stocks, and currencies. The company has been a subject of controversy due to various customer complaints and regulatory issues.

Trading Platform and Tools

PWRTrade uses a web-based platform powered by the SpotOption software. This platform is user-friendly and offers a wide range of trading tools including High/Low, One Touch, Range, and Quick options. The platform is accessible through any device with an internet connection, providing flexibility for traders.

Education and Training

PWRTrade provides an educational center with resources such as eBooks, video tutorials, webinars, and a glossary of trading terms. However, the quality and quantity of these educational materials are questionable, and they may not be sufficient for beginner traders.

Account Types and Pricing

PWRTrade offers five different account types: Basic, Standard, Premium, Platinum, and Diamond. The minimum deposit ranges from $250 for the Basic account to $50,000 for the Diamond account. The firm offers a variety of bonuses and promotions, but these come with certain conditions and high trading volume requirements.

Fees and Commissions

PWRTrade does not charge any commissions on trades. However, there are fees for withdrawals, and these can be quite high. The firm has also been criticized for its lack of transparency in disclosing these fees.

Customer Service

PWRTrade offers customer support via phone, email, and live chat. However, there have been numerous complaints about the quality of their customer service. Many customers have reported difficulty in reaching the support team and delays in response times.

Regulation and Safety

One of the major concerns with PWRTrade is its regulatory status. The firm is registered in the Marshall Islands, a known haven for unregulated binary options brokers. PWRTrade is not regulated by any recognized financial authority, which raises concerns about the safety of the funds deposited with them.

Complaints and Legal Issues

PWRTrade has been the subject of numerous complaints from customers, primarily related to withdrawal issues and poor customer service. There have also been warnings issued against the firm by various financial regulators, including the Canadian Securities Administrators (CSA) and the Financial Markets Authority (FMA) of New Zealand.

Conclusion

While PWRTrade offers a user-friendly trading platform and a variety of account options, the firm’s lack of regulatory oversight, numerous customer complaints, and issues with transparency raise significant concerns. Traders should exercise caution when considering PWRTrade and thoroughly research the firm before opening an account.