Note: PWRTRADE's official website: https://pwrtrade.co is currently inaccessible normally.
PWRTRADE, which was founded in 2015, is a binary option broker based in the Marshall Islands. It is owned by the Bulgarian firm GM Capital. Traders can trade indices, equities, commodities, and currency pairs on major financial markets using PWRtrade's innovative platform.
Pros and Cons
Is PWRTRADE Legit?
PWRTRADE is completely unregulated by any institution, and the brokerage has been blacklisted by multiple financial institutions.
The Belgian Financial Services and Markets Authority (FSMA) has warned that PWRTRADE is not an authorized investment company or credit institution in Belgium and that it offers trading in speculative and particularly high-risk trading products (binary options).
The Bulgarian court has blocked the PWRTRADE website, following a warning from the local Financial Supervision Commission (FSC) that the brokers are not authorized to provide investment services in the country.
The Manitoba Securities Commission in Canada has also blacklisted PWRTRADE, stating that the company is not registered in Manitoba to trade in securities or to provide advice to anyone regarding investing, purchasing, or selling securities.
What Can I Trade on PWRTRADE?
There are more than 120 assets on major financial markets offered by PWRtrade, including binary options, indices, equities, commodities, and currency pairs.
Account Type
Five different account types are available on PWRtrade.
Trading Platform
PWRTRADE only offers a web-based trading platform with severely limited functions. Therefore, we recommend you to choose a legal broker that provides a professional and advanced trading platform like MT4 or MT5.
Deposit and Withdrawal
PWRTrade accepts payments from MasterCard, VISA, bank wire transfers, and Neteller.
However, the company has some rather unusual withdrawal conditions. For instance, if you accept a trading bonus, you must reach a minimum trading volume of at least 0.2 lots per dollar received in order to withdraw. Considering that 0.2 lots typically equals 20,000 currency units, this requirement can make it essentially impossible to withdraw funds. Therefore, please steer clear of this broker.
