PWRTrade (No Binary Options) Review

Max Bonus: 100%

PWRTrade (No Binary Options)

Rating: 5.0/10

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Broker	PWRTrade (No Binary Options)
US Traders Accepted
Company Name	GN Capital, Ltd.
Headquarters	Majuro, Marshall Islands.
Regulation	No
Bonus Type	Match bonus
Bonus Size	100%
Max Payout	85%
Out-of-Money Reward	0%
Trading Platform	SpotOption
Deposit Options	Credit/debit cards, wire transfer
Deposit Currencies	Euro, British pound, US dollar, Canadian dollar
Minimum Deposit	$250
Minimum Trade	$25
Maximum Trade	$1,000
Online Since	2015
Trading Instruments	Currencies, commodities, indices, stocks, CFDs
Number of Trading Instruments	57
Binary Option Types	High/Low, Pairs, Long Term, Speed Options, One Touch, Ladder
Customer Support Types	Email, web form, live chat, telephone, paper mail
Education Offered	How-to pages, glossary, education center (videos, courses, eBook), private training
Tools Offered	Market reviews, trading signals, account manager, early close, double up, rollover
Commission	Withdrawal threshold of $100. Also, "Withdrawal will require a minimum amount to cover the processing fees depending on the method of deposit." There is also a fee equal to 30% of your total deposit should you attempt to withdraw funds before achieving the bonus turnover. You lose the bonus as well.
Languages	English, Arabic
Demo Account	No

PWRTrade no longer works as a binary options website. The review below is presented for the archiving purposes.

PWRtrade is a binary options broker operated by a company called GN Capital, Ltd., which is headquartered in Majuro in the Marshall Islands. The company caters specially to Islamic customers and offers fully functional Islamic trading accounts as well as general purpose accounts for all users. They do not accept customers from the USA, but this isn’t because they are regulated. As of right now they are not regulated at all.

Their site is very polished and they do a great job for the most part providing information and trading features, though there are a few gaps and weaknesses that need to be addressed.

Opening an Account on PWRtrade

If you decide to open an account on PWRtrade, you will need to make an initial deposit of at least $250 or the equivalent in your currency. You may choose Euro, British Pound, US or Canadian Dollars as your account currency. Account types include:

• Islamic accounts. These accounts are designed in compliance with Sharia law. They follow a No Riba Policy with no hidden fees, and are also swap-free.

General account types:

• Micro: $250 minimum deposit.
• Basic: $501 minimum deposit.
• Select: $5,001 minimum deposit.
• Platinum: $15,000 minimum deposit.

All accounts Basic and up include a welcome bonus, starting at 50%, moving up to 75% for Select, and $100 for Platinum. There are no extra features at the Micro level, so you have to deposit at least $501 to take advantage of special features. At that level you get the daily market review (which honestly is not much). The real benefits start when you deposit $5,001 or more. At that point you get an account manager, private training, and trading signals.

Confusing Deposit and Withdrawal Terms

Deposits and withdrawals are a little puzzling because of gaps and conflicting information. On one part of the site, it lists $100 as the withdrawal threshold. Such threshold is rather high, and this dodgy and unclear term is also somewhat concerning: “Withdrawal will require a minimum amount to cover the processing fees depending on the method of deposit.” It is hard to be sure what that means. What amount are these processing fees? Which deposit methods do they apply to?

Also troubling is a caveat attached to the bonus, though at least it is clearly expressed. If you try to withdraw before meeting the turnover, you lose the bonus and you also pay a fee equal to 30% of your original deposit. That is pretty severe, so I would suggest not taking a bonus from this company (though at least they were overt about this).

Nice Trading Platform

Where PWRtrade does impress is their trading platform, which is the newest version of SpotOption. The interface is great to look at, and PWRtrade offers a lot of different trade types. The selection includes High/Low, Pairs, Long Term, Speed Options, One Touch, and Ladder trades. The site also indicates that CFD and FX trading are available, though they do not appear to be integrated yet. There is a link to the social trading feature here as well. Assets are pretty standard: currencies, commodities, stocks and indices, and there are 57 in total.

The minimum trade size is just $5 for High/Low trades, and the maximum is $1,000. This is a pretty accessible range, especially for traders with smaller accounts. Note however that some trade types require larger minimums which may be too high for small account holders. You have to invest $50 for One Touch trades. You can invest just $5 on Speed Options though. Whether or not this site is a good fit for you may depend on both your bankroll and the types of trades that interest you.

Is trading available on mobile? According to the company, yes, but if you actually try to find apps for your iOS or Android device, you won’t. I assume this means they are a work in progress, or the site is designed to be responsive and no actual trading app is needed to use it. A little clarity would be welcome on this point.

Educational Resources on PWRtrade

What about education? The site offers a number of resources, including basic how-to pages, a glossary, and an education center, which includes a selection of videos and courses as well as an eBook. The selection looks reasonably comprehensive in some areas and lacking in others. Additional tools include market reviews, trading signals, and private training at the upper account tiers, as previously mentioned.

What if you should need to get in touch with customer service? You are offered access through a variety of channels, including email, a web form, telephone, and (supposedly) live chat. One nice thing on PWRtrade is that you can schedule a call-back so you don’t have to sit on hold. One not-so-nice thing is that the live chat appears to just be another “leave us a message” screen, at least when I checked (on a weekday during standard market hours).

Conclusion: A Very Mixed Bag

PWRtrade has some great things going for it and some real drawbacks. The user interface looks outstanding and the website is beautifully designed. There are a lot of different ways you can trade, and educational resources overall are not too shabby. The training features are good, but it would be better if more of them were available at the lower account tiers. The inclusion of Islamic accounts is excellent for Muslim traders.

How could PWRtrade improve? They need to link to their mobile apps or state when they will be available. They also need to clarify their withdrawal terms and fees so that new traders can be sure what they are getting themselves into. They also need to make their live chat functional. If PWRtrade were to make these changes and maybe add a couple features at the lower account tiers, they would probably be worth considering. For now, I would wait and check on them after they have had a little more time to polish up their features.

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