The Belgian Financial Services and Markets Authority (FSMA) has included PWRtrade.com in its list of potential scam brokers. The brokerage company has also received numerous complaints regarding its withdrawal and fraud actions.
PWRtrade is owned by GN Capital Ltd and located in the Marshall Islands with an additional address at GNUK Capital, 20-22 Wenlock Rd, London England. Its minimum deposit starts at $250 with the minimum trade amount of $25. It offers up to 100 percent bonus and 85 percent demo account, making it look convincing for the neophytes. The Company was launched in 2015 and still working it out to establish a reputation.
Here are some of the complaints received by the Company from different review sites:
“I’m in same predicament too. Since September I’ve been asking for refund but somehow someone will call to persuade me to increase my deposit so that I could win more money. I’ve sent many emails but no use. I called UK and Australia office number too but still no use. This is a scam. Please go to FACEBOOK, where they have PWRTRADE page where you can post your grievances. Let the world out there know about this thieves,” sathiya23 ScamBroker.
“I had a terrible experience with PWRTrade. There was a thief named Edward Barnes, who traded with my money and got fired leaving me a lot of loss.PWRTrade will not take any responsibility for the crime done by their employee and said “Forget about him!” Since November, 2016 I have been requesting for returning my money but all I got was just the balance. Matt Lusk in charge of negotiation does not reply to me , though he said he would give me future cash release schedule. Then Phillipe Bar suggested me to buy security pack which is only allowed to VIPs. This is the only way to recover the loss. He even said to show my bank account when I said no money,” lll joylll ScamBroker.
“Only 10 min ago amazingly the expired trades have appeared on the site. Th Daniel went and emptied our funds out my account in 15 min. he put the phone down on me at 0915GMT this morning 24th November. He opened the first trades at 0916GMT. That is the type of people and brokers that this scaming platform uses… So after i requested the withdrawal he still went and emptied my account,” andrewink FPA.
PWRtrade joins Invest-Option, Graham International Ltd, and Broker Financial Ltd in the updated list of highly risky unauthorized brokerages. The FSMA is a financial regulatory agency in Belgium which conducts in-depth inspections to secure confidence in the financial markets and to ensure that investors and financial consumers are treated honestly, fairly and professionally.
Aside from FSMA, the brokerage company failed to meet the requirements set by Cyprus Securities and Exchange Commission (CySec) and the Markets in Financial Instruments Directive (MIFD). Unlicensed brokers are most likely to conduct scam activities and the traders are exposed to uncontrolled risks