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PWRTrade Review – is it scam or safe?
Trading Accounts and Conditions
PWRTrade claims to offer forex and CFD trading, but various sources suggest that it is in fact a binary options broker. It also seems to offer account management services. The problem is that the website of the broker has not announced any trading specifics, and we could not register an account either.
We have a lot of concerns regarding this broker and don’t recommend investing with it. Read on to get all the details.
We could not think of any positive features of this broker.
Offshore company, notorious address
PWRTrade is allegedly owned and operated by GN Capital Limited, a company registered in the Marshall Islands, but various sources suggest that it in fact runs its operations from Bulgaria.
On exactly the same offshore address (Ajeltake road, Ajeltake Islands, Majuro, Marshall Islands MH96960) are registered a lot of shady brokers we have reviewed, such as AxeCC, PBN Trade, iForex24, CryptoEU, Tradex1, FXG Invest, and more. Judging by the negative comments submitted by people who claim to be clients of some of these brokers, they are all a bunch of scammers, so you’d better stay away from PWRTrade and, actually, all the rest.
A plethora of complaints against PWRTrade
As we mentioned negative feedback, we should also say that we encountered a lot of complaints against PWRTrade in various websites and forums. According to some of the complaints, the broker cancels withdrawals and forces its clients to trade and to deposit more. It seems that many investors lost a lot of money.
Blacklisted by several regulators
Another major red flag regarding PWRTrade is that the broker is blacklisted by several financial authorities.
The Financial Services and Markets Authority (FSMA) in Belgium warned the public that PWRTrade is not an authorized investment firm or credit institution in Belgium and it offers trading in speculative and particularly risky trading products (binary options).
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Furthermore, the FSMA advised against responding to any offers of financial services or public offerings of investment instruments made by GN Capital Ltd (PWRTrade) and against transferring money to any account number it might mention.
PWRTrade is also in the list of 40 forex and binary options broker sites that were recently blocked by Bulgarian court after the local Financial Supervision Commission (FSC) warned that these 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 engage in the business of trading securities or advising anyone with respect to investing in, buying, or selling securities.
No info on the trading conditions, platform, etc.
As we mentioned in the beginning, PWRTrade leaves a lot of important questions regarding its pricing and trading conditions unanswered. The broker does not mention the initial deposit it requires, what are its payouts or spreads, nor what platform it uses.
Most forex brokers support the popular MetaTrader 4 and also offer free demo accounts, so that (potential) clients can test their services.
It is not clear whether PWRTrade is a binary options, or forex and CFD broker, what platform it uses, nor what trading conditions it offer. Yet, we know enough to warn you not to sign up with it: PWRTrade is an offshore broker, blacklisted by several financial authorities. On top of that, there are numerous complaints about this broker submitted by investors in various websites and forums.
We always advise our readers to select very carefully their investment intermediary. It is best to choose among brokers regulated by trustworthy regulators, such as the UK’s FCA or Australia’s ASIC. It is also a good idea to check the broker’s name in the web to see whether there are any complaints or warnings against it.
To sum up the above:
|Not any||Offshore company, notorious address|
|A plethora of complaints against PWRTrade|
|Blacklisted by several regulators|
|No info on the trading conditions, platform, etc.|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
PWRTrade is a broker located in the Marshall Islands. The owning and operating company is GN Capital Limited and the listed address is Trust Company Complex, Ajeltake Road, Ajeltake Island Majuro Marshall Islands, MH 96960. The phone number is +44-203-868-5859, email [email protected], or live chat. An additional address. The company/brokerage is not regulated. They have recently switched web address to pwrtrade.co.
Is PWRTrade A Scam?
PWRTrade have now been in business for a while and check 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 complain to an authority if they take your money.
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.
However, 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. All these things make me say that you shouldn’t open an account with PWRTrade and instead choose one of the more trusted brokers.
According to the internet masses, PWRTrade will not let you withdraw a penny, will call you 10 times a day asking for more deposits and will tie your money to the platform using Bonuses. I looked long and wide but I couldn’t find a single positive comment that wasn’t from a PWRTrade affiliate or employee. Everybody is complaining about lost money, high-pressure phone calls and empty promises of making bank. Maybe you should stay away from this brokerage… just saying.
PWRTrade Regulatory Announcements and Warnings
13.12.2020: CySec adds PWRTrade in their list of unauthorized domains/websites. Source: CySec.gov.cy
15.11.2020: 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
05.09.2020: Italian Consob adds PWRTrade to their warning list. Source: Consob.it
09.08.2020: The Belgian FSMA warns against GN Capital Ltd and PWRTrade for not being an authorized investment firm in Belgium. Source: FSMA.be
An initial deposit of at least $2,000 (Silver Account) will grant you a 50% bonus. This percentage increases to 75% if you deposit $10,000 (Gold Account) and to 100% if you deposit $25,000 (Platinum Account) or $50,000 (Diamond Account).
The turnover is 20 times the Bonus + Deposit and if the client wants to withdraw before it is completed, a 30% fee will be deducted and all bonuses canceled. Please read their Bonus Terms and Conditions and make sure you understand all the strings that are attached.
The methods available are Credit Cards, wire transfers and e-wallets (Neteller, Union Pay, and CashU). The funds must be withdrawn to the same source where they originated from and processing time is 7 business days, with another 7 business days until the money reaches the client’s bank account. The processing time can be lower if you have a higher-tier account. The fees are not specified.
There is nothing Extra with this broker, except maybe the extra big number of complaints.
Ease Of Use/User Friendly – 15/20
Information is not very easy to find and only 5 languages are available at the moment. They don’t offer a Demo account but they do offer mobile platforms for Android and iOS. The trading platform is easy to use, but that is SpotOption’s credit, not theirs.
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, support can be reached through the phone, email or live chat. However, all the live chat rep did was to ask for my details. My simple question “Do you offer a Demo account?” was answered with Do you have an account with us? What’s your phone number? or You should speak to a junior manager. Totally unhelpful and added to an overall bad experience. Also, they advertise 24/7 support but live chat wasn’t available during the weekend and at times not available even during week time.
Deposit, Payments & Bonus – 15/20
The deposit has a minimum of 250. They have CC, wire transfers and e-wallets ) Neteller, Union Pay, and CashU) as deposit methods. 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). If you wish to withdraw before terms are met, your funds will be deducted from a 30% fee.
Website Extras 9/20
Well, there’s nothing really extra about PWRtrade. All the regular spotoption stuff.
PWRTrade Overall Ratings: 74/100
Hi . I advise you all to stay away from PWRtrade . They are dirty crooks and fraudsters , they will eventually do to you what they did to Lbinary clients , dissappear with all clients money i lost USD 24000.00 and have no way of recovering my funds .ones they have your deposit they laugh at you they are are evil.
Dear Kai Outzen,
We are concerned about the situation you described. We would like to investigate your case closely, but in order to do so we have to identify you in our system.
Please contact PWR Trade customer support at [email protected] or call us +44-203-868-5859.
Really. You are all crooks, how can you take money from a mother of three. Please stay away they stole money from.me and my friend giving you bogus trades. They highly insist to take out loans, use savings and give you bonuses without your consent. Please rain further away from them
I worked for them as a manager (not account manager or broker, but as a team lead). DO NOT WASTE YOUR MONEY! They are not regulated, AMs lie, treat badly the clients unless they pay more and even so, they do everything possible to make them lose. For withrawal, they will fight and do everything possible to avoid returning the money. If you are in this situation, you need to go to bank for chageback to win a WD case. I left the company as I don’t wand a bad karma to follow me. Please do not get fooled.
Traded and made profits with theses guys then sought more funding to make bigger investments and i suceeded. Now one of my creditors advised to PWRTRADE with withdrawals before going further so i did. They have refunded only what i put in the trades but not the profits so i asked further for part of the profits. After a lot of to-ing and fro-ing they initiated a wire, days after they said the wire required my personal details to land. I hesitated but gave in after all. Now the same wire is still not come through 3 days after giving my bank/personal detail. I still have the secured credits but thinking to return them. What do you think Jeena?
I’ve been with this company since March 2020 and not happy with the way things have gone. I gave this company a US$10500 deposit and my first account manager Matthew Stark almost lost the whole lot after one month and had the cheek to ask for more money, I told him “NO” and never heard from him again. My second account manager Michael Cooper helped me recoup my losses over two months and helped me win it all back then pushed and hounded at me to invest all the money in a forex account. It was another four months before I heard back from Michael C and another two months later he tried to push me into choosing one of their packages which I said “NO” to. Never heard from Michael C again and that means my money is obviously gone as well. Keep well away from this company, they take your money and run.
September 15, 2020
I saw a thing on Facebook saying that Elon Musk was leaving Tesla to invest in FinTech and so I clicked on it and saw this very persuasive video about wanting to level the wealth playing field and I got sucked in. Looked up Fintech and I couldn’t find anything dodgy about it so I went for it. I didn’t notice when I signed up it was a different company PWRTrade. I paid my $250 deposit and then it asked me for a picture of my passport, front and back of my visa card and a picture of a utility bill which seemed very fishy. I then noticed the name of the company wasn’t was what I was expecting and so did a search for that and here I am. I asked for a refund and some said that I couldn’t do it without giving the pictures that they asked for and some said I could. In the end I spoke to my assigned account manager and he said that I needed to provide them the pictures, I told him I was uncomfortable with that and asked him why. I was then put through to the compliance department and this man who I could barely understand said it was to prevent money laundering. I’m worried about Identity theft. Does this sound right to anyone else or should I give them what they ask for? Any advice welcome.
Hi, I’ve been set for now too. I have tried to get my money back but nothing happens. It says that the withdrawal has been made but it is 25 days ago and then canceled them a portion of the money even though I have not received any bonus. I had made a withdrawal of 448 USD but when they approved it, they canceled 198 USD of the money I would have returned. There are no answers and get from the chat or all of them 70 the email I have sent. Is there not anyone we can contact who can go in and fix these issues? In Norway, we have something called the Consumer Council that helps with such things. There must be something one can do to get the money back. After all, it’s our money and not PWRtrade’s money. Can you report this to the police ??
My experience is the same as Rob Diren (18/7/2020)
I lost 30.000 euro through PWRtrade ;
I’ve dealt with Michael and Oliver, deposited with them more than $91k ! Weeks after we started to trade I have lost more than half of my funds, so I’ve tried to withdraw the rest. Suddenly they stop answer on calls or mails and I even cannot enter to my account. I found myself in big financial issues, without any knowledge where to seek help. A few months ago I’ve contacted to the MoneyBacklawer company, we opened case with Mr.Anderson. Although it took about months, but I really get my money back through them
I deposited $250 in May and up until now I never got a penny back. I was dealing with Julian Brenner. I had been making follow-ups with them and the last thing that happened is that their email addresses I had been using became unreachable. They pressurised to get more money before vanishing and I did not do it. If I read these comments before taking such a risk, I would have been wiser and not have done such a blunder.
Take your money with the promise of risk free trial for 30 days and then lose your money. Then they do not respond to your emails and phone calls. Save your money or invest it somewhere else.. Totally Useless.
Deposited $25,000 CDN with PWRtrade account manager Michael Cooper when I had over $100,000 in my account and tried to withdraw my original investment he told me I had to trade $944,000 before I could withdraw so I traded over $1,000,000 and requested my deposit back but was told Michael Cooper had left and was turned over to Oliver Eisen who said I would have to trade much more and when I started threatening a scam Oliver Eisen put me on MSD and my account disappeared over night. So I complained again to Natalia and Dasie D only to be turned over to Kevin Goldman who said Oliver was fired and if I put more in he would get me winnings back. So this is where I stopped and have turned this over to the RCMP Fraud Squad.
Me and my partner both signed up to PWRtrade…it sounds really good on the first onset but rest assured it is one big scam. I lost my money without even trading they wouldn’t respond to emails in relation to trading and kept calling asking for more information , my partner was unfortunately able to begin a trade, they said they would call him back at the end of the month but never did, when he tried to log into his account its been closed….
I have been in PWRtrade since October 2020. I have been doped by the Account broker and his name is Michael Cooper. First the website asked for a minimum of USD250 to trade but then when Michael called me over phone he said I need to deposit USD5000 to be able to trade , I told him I can only deposit USD2750 max and then he said he will TOP up USD2500 bonus from his own money and he began to trade and we won about usd 4500 and he said U need to TOP up another usd2250 to fulfill his company required minimum of usd5000 and I did put in another usd2250. And we resume trading until we reached USD15,670. At this point I requested to withdraw my deposits of USD5000. His Account manager Jack initially promised me he would help me but he never did. Now my money got stuck in PWRTrade Abd they ignored my repeated attempt to withdraw… what can I do now ? Can the relevant authority help me ?
Hi Chi-song Tan
I deposited Money and now can not withdraw it anymore. They are telling me because of some Bonus non sense I cant withdraw. They will not even send me withdrawal Form.
not join with pwrtrade … in less than two months, I lost 3000pounds …. and to get my money back, they told me that ..to put more money . …… If I said that already, where is my comment?
I’m very frustrated at ur company made a withdrawal request on the 31st January 2020 and it got cancelled 2 weeks later with no explanation at all then I had to do another withdrawal request on the 15th and still no money has gone in to my account I’ve phoned everyday for 7 working days now and I just keep getting told it’s under review with the finance department still no explanation why this is this is a shocking way to treat people.
I have trade for a cople of month now. Get a realy good profit. Than I thought that I’m saticfied. So I decided to take my profit and end up my account. The broker call me a several times and offer me something i didnt understand. He also want me to put in more money. But it was enught whit the $ 1250 I already put in. After a lot of refuses he gave me some trades to do and after that i could get my money back. He rekomenmend me 3 different trades. All 3 was loss. And my profit gone away.
Over 2 months harassment for withdrawal my money from PWRTrade.
Wow, PWR trade. I am a newbie, have lost some through trading on my own but now that you promised to help, I am willing to give you a chance but for goodness sake, clean up your reputation and be an excellent broker!!
Sharon Gardner can you let me know how you’re getting on please? I’ve recently opened an account but not deposited yet. The guy I spoke with seemed to understand my reasoning for not depositin yet. I’m tryin to not listen to the negative stuff as they are new and hiccups happen. But I would love to hear some good feedback within the last couple of months before I start…thanks Julie…..
Received two emails from them today saying I’d opened an account with them and they had tried to reach me on a phone number to talk to me about how they can benefit me. I’ve never opened a broker account with them. The phone number that was included in the email was my old number meaning they’ve illegally obtained that data from somewhere.
They’re practising some very shady tactics to try and get new “customers” by the looks of it. Be warned.
Have made 2 withdrawal requests in the past 2 months, both were cancelled with no reason given. I have contacted them through chat, they say do not know the reason. This company does not appear to operate on the level.
I have similar bad experience;
Have had an account with PWRtrade for about 10 months. In that time I have made 2 withdrawals. My last withdrawal request was cancelled, after pending for 3 weeks, no reason given.Contacted live chat – reason for cancellation unknown.Made another withdrawal request today.Am being informed withdrawal pending, account manager will contact me. I will make another post when the result is known
i just wanna ask if this company PWR trade are shark but the software copybuffett leads us to this company..does this means this software copybuffett is also a fraud?
Hi i signed up to Binabot and got Pwrtrade,and built up my account to $400 from $250,i requested a withdrawal of £250,i had the Auto trader switched off,then over two nights my money disappeared with alot of losing trades,ever though the auto trader was switched off,it went down to $181,My useless broker by the name Oliver esien,said it was the auto trader but i know he or someone else was trading on my account and losing my money,i asked them what’s going on so he said he would turn off the auto trader,but they are lying bastards,i got my $181 back after several weeks of chasing them. would not recomend them.
Someone on their site has been placing trades on my account. I have put in 2 withdrawal requests and they answered with “Insufficient funds” after whittling down my account balance to $74 and after reading their T & Cs the minimum withdrawal is $100. DO NOT TRADE WITH THIS COMPANY they are sharks.
Signed up with CodeFibo who assigned my broker as PWRtrade, the softwear would not trade so I put in a withdrawal request, the broker tried to convince me from the outset to not use the codefibo and trade with him direct. all of a sudden my balance started reducing without me turning the softwear on and after I asked them not to trade. I now have to do a chargeback through my bank as they have not actioned the withdrawal. Financial experts? they cannot even read a simple instruction.
Hi all, I’m alomst like Aura. They kept send me emails and ringing until I was almost forced to trade with this scam of PWRtrade..I made some progress and everything was OK until I wanted to withdraw some money but they refused my withdraw request and kept ringing me to invest the money again..Mr scam champion so called Michael Cooper was like a dog barking and rang me about 19 times to stop me from withdrawing the money and canceling my withdrawl request..I finally adamantly agreed to invest all the money in one trade which I obviously lost..now he doesn’t answer my Skype calls and probably deleted me from his contact list..I lost 5.5k Euros and now I’m left crying..don’t go near them guys they are just a bunch of cheats and robbers
Scams using binary options are unfortunately quite common, as you can tell from our list of fraud brokers and services. If you are concerned about falling prey, this guide explains how to avoid scams in the UK.
Are Binary Options a Scam?
In short, no. Binaries are, in our opinion, a good product. There are, however, unscrupulous brokers and other service providers out there preying on uninformed traders. This is due to binaries being largely unregulated and unmonitored when they first came to the market – which thankfully has changed a lot in recent years. But with scam artists still out there, what can consumers do to avoid a binary options scams and focus purely on their trading? Read this tutorial on scams and only trade with trusted brokers!
A scams list may not actually be that useful though – operators are closing and re-opening so often that maintaining the list becomes a full time job. A better choice for consumers is to spot the warning signs, and if there are any doubts at all – simply move on to another provider. A list of scams can only protect you from threats that exist today – learning how the con artists operate and mislead consumers can keep you safe for years to come.
There are a number of methods by which the scams associated with binary options will try and make money. There are however, also some pretty obvious red flags that can pre-warn consumers that all might not be well. As ever, the old adage “If something seems too good to be true, it probably is” applies. If you have encountered any of the below, I would advise treading very carefully – and if in any doubt, leave that particular broker – there are plenty of legitimate, trustworthy brokers. There is no need to take risks with any company that you may have doubts over.
Top 3 Trusted Brokers
For those that simply want to avoid scams and start trading without reading this whole guide, go with any of these brokers:
A service called MyChargeBack.com offer a consultancy service to help victims recover their money. They offer a free service to let you know if you have a case. Things like unpaid withdrawals, or unauthorised payments can be claimed via banks or credit card companies, and this firm specialise in dealing with those organisations. The range of services varies based on each case, but they may be able to help:
How to Avoid Scams
Look out for the warning signs listed below!
A reputable broker is unlikely to solicit new business by making cold calls and phoning you out of the blue. It is likely that any call made in this way, will involve unrealistic claims about binary options, and potential profits to be gained from trading them. These might include the promise of immediate, high returns, and downplaying any risk.
In addition to telephone calls, some operators may also email directly, in some cases, suggesting an account has already been opened. Any of these methods of getting in contact is an immediate warning sign. Hang up, and delete any mails.
One source of frequent issues is via deposit bonuses. Dishonest brokers will often have some extremely unethical terms. These might include tying in the initial deposit until a certain amount of trades have been met (turnover requirements). They will include the initial deposit (not just bonus funds). Effectively making the deposit their money as soon as it is handed over. Be sure to read these terms before taking a bonus, or making a deposit.
This warning includes automated robots and signals, but also managed accounts, where an account manager has promised massive profits. There is an obvious conflict of interest for these account managers. If you make a long term profit, the brokerage makes a long term loss on your account. An account manager, employed by the broker, is very unlikely to have your trading interests at heart. While they may argue otherwise, letting someone else trade for you is very likely to end in losses. These managers can also encourage traders to invest way beyond their means, which is particularly dangerous. Binary options are a high risk / high reward investment. The risks should never be hidden from you by your broker or account manager.
‘Make Money Online’ marketing
Many of these warning signs are related – this form of marketing again hides the risks – just like the cold callers and account managers. The “Make money online” and “Get rich quick” marketing surrounding binary options is grossly irresponsible. There are numerous websites, with high production videos that look very appealing. They will suggest making money is easy, possibly even suggesting they copy famous investors. These are all scams. Any promotion that hides, or downplays, the high risk nature of binary trading is not being honest. Binary options are not a way to make easy money, and should not be sold this way. This form of advertising for binary options is generally the most dangerous for the consumer. If you encounter marketing of this kind, do not proceed.
A funnel is a website that will drive traffic to a broker. As a visitor to that site, you may not even be aware you have been redirected to a broker. These funnels generally operate the “get rich” marketing described above, but not always. The issue here is that the consumer will be passed to a broker, who they know nothing about. Having visited the funnel, the new customer will get a call from a random broker asking for a deposit. While this may sound odd to those who have not fallen victim to it, the effective selling of the binary options scam by the funnel website, will mean many people are duped.
Some brokers will include a line within their terms along the lines of: “Our prices may not reflect those of the actual market”. Unfortunately it will not be worded as clearly as that, as the implications are obvious – they set their own prices. If the broker is the counter party to any trade, and they also set the prices, it will be very very difficult to ever make a profit with that broker. Clients are trading against the broker, and they decide the closing prices. One of the two parties will make a loss – and it will not be the broker. Research the terms of trading and beware of any references to settlement figures based on anything other than real world prices.
So those are some key warning signs that should make any potential new trader stop and question what they are being told. If you have come across any of the above, identify the broker involved – and trade elsewhere.
In addition, new traders might try and carry out their own ‘due diligence’ on a brand. Even this however, might carry risk. The reason is, as well as the scam operators, there are review sites that are also dishonest. There are a couple of ways that consumers can protect themselves and find the trustworthy reviews. The first method is in looking at the offerings elsewhere on the review site – if other scams are being promoted, then the reviews are not credible. Ask these question of the site:
The second method is regulation. In the UK, the Financial Conduct Authority regulates some binary options brokers. This only happens where the broker offers a form of trading already covered by FCA regulation – Contracts for Difference (CFDs) for example.
The reason this is important is because FCA regulated firms have to be careful about who promotes them too.
If a binary option site lists FCA regulated brands (as we do!), this indicates a level of credibility and protection. That site must be completely honest about the high risk nature of binary options, and it must have accountable individuals, based in the UK who operate it. If it does not, then the FCA firms would not allow their brands to be marketed by them.
Here however, is another level of complexity. Some binary options brokers have sought to register with the FCA. This is not the same as being regulated by them. In order for a firm to be regulated by the FCA, they need to offer additional forms of trading, not just binaries. A brand offering only binary options will not be fully regulated by the FCA. This is because binary options are currently regulated and licensed by the UK Gambling Commission. So the list of binary options brokers regulated by the FCA is actually very small.
FCA List of Unauthorised Brokers
In addition to the services below, the FCA have published a list of firms who are not authorised to trade binary options in the UK. While stopping short of calling them scams, the list provides a picture of firms who are prepared to break the law (by offering unregulated trading). They are almost certainly best avoided. The list can be found here:
The Brit Method
The marketing in use here is an obvious red flag. Videos that suggest over £500k has been made in under a month are about as obvious as it gets. Unfortunately the claims are not true. This is an outright scam, avoid the “Brit Method” or any associated schemes. These include “Jason Taylor” and any “millionaire maker” scheme linked to that name, or the Brit Method.
The Brit Method is a scam that has been used before. Here is what you need to know to protect your money;
What Is The Brit Method?
The Brit Method promises to be a binary options trading strategy that can make you hundreds of thousands of Dollars within a few weeks. Unfortunately, it is the latest reiteration of an old scam.
The Brit Method is nothing new. It previously was called the Aussie Method and the Canuck Method, and each time the site had to close due to its bad reputation. Even the guy who supposedly invented the genius trading style is the same.
It is always the same stock picture, just the name changed from Jake Mason to Jake Pertu and now Jason Taylor.
There are many fake testimonials on the website, but make no mistake all of them are made up statements with stock pictures of people who never heard of the method.
Similarly, all the promises made by the Brit Method are lies. The site essentially promises immediate, unlimited gains, but provides little information on how it wants to accomplish this goal.
The site also promises to get you started for free, which is a lie, too. After you complete your free registration, you are refused access to the system unless you deposit $350. But even if you make the deposit, you still wont have access because there is no system. The money is gone, and you will never see it again.
Avoid the Brit Method at all costs. Also, be aware of all future version of the scam. In all likeliness, there will be a German Method and an American Method and they will very likely to use exactly the same methods to con people.
Again, the sales pitch is an obvious red flag. This is a scam, stay away.
The scam suggests that clients can enjoy wealth by following a method created by Warren Buffet. An investor famous for taking long term positions, this fraud has absolutely no connection with Buffet himself.
The process involved visitors being forced to join a particular broker (another scam tactic explained above) and make a deposit in order to get access to a “system”. No system exists, and traders will not get any funds returned. Avoid.
The good news here is that the Ultimate4Trading website has been blocked for UK visitors. The operation is dishonest and should be avoided.
Another scam which again, is thankfully blocked in the UK. Once again, the promise to “get rich” is at the forefront of the marketing but the whole operation is a scam. To the point which even the website is now a haven for malware. Keep away.
Instagram & Facebook
Many scams promote themselves on Instagram and Facebook. Most will fall into the categories listed above. The mainstream media have also been duped themselves in the past, including the Daily Mail. These promotions or accounts make wild claims of the profits that can be made, backed up with images of flash cars and other trappings of success. It is all a lie and these operations are to be avoided at all costs. If these people really could turn your £2,000 into £8,000 in a week – why would they need to advertise on social media? They could simply make as much money as they needed from the markets and go and spend their time on the beach. Screenshots are easy to fake – and they never need to show the losing trades.
Anything promoting a ‘get rich quick’ route using binary options is untrustworthy, full stop. Remember also that Martin Lewis (of MoneySuperMarket fame) is considering legal action because Facebook are not doing enough to remove ads claiming to be backed by him. To repeat his quote “Martin Lewis does not do ads“. If an advert mentioned him, avoid it at all costs – it is almost certainly a scam.
Below are some brokers for which we have received credible reports of poor customer care, or worse. Again, many of the tactics used are covered in our article on avoiding scams – this list is unfortunately not exhaustive so if any of the actions below sound similar to other brokers you have come across, stay away from them – and let us know.
Many of the worst brokers have been thankfully shut down, but always be aware of using unregulated brands unless you are able to verify their quality. Not all unregulated brands are untrustworthy, but it does mean more ‘due diligence’ is necessary.
Bonus terms lock in the initial deposit until turnover requirements of x30 are met. Your deposits are yours until you choose to trade them. A broker should not block withdrawals of your deposits before it has even been traded. Avoid.
Opteck have now closed for business. The tighter regulations introduced by CySec (who monitored Opteck) have left the firm with no option but to cease trading. Increased regulation is helping the industry by squeezing out the firms that used misleading marketing, or deception, to earn money from clients.
Boss Capital were a popular broker which accepted US traders. A lack of strong regulation enabled them to operate using questionable methods. They are another firm that have closed as a result of improved regulation.
StratX were a firm brought to our attention by a disgruntled customer (see the testimonial page). The firm use cold calls, account managers and make withdrawals very difficult. Not recommended.
Another firm we have received much correspondence regarding is CFDStocks. They employ most of the tactics discussed above, including cold calls. Most contacts we received say an account manager encouraged larger and larger deposits before disappearing.
The Brit Method
The Brit Method
The Brit Method, a scam with a life too long. Heads up! This is not a joke. This website is a scam. By encouraging you to invest your money with a scammy broker PWR Trade the software attempts to get money from you. This all happens while they’re promising a lot of easy money.
A too good to be true story
On the website there is a story about a man who wants to help to get wealth of our dreams. If you ask me, I would tell you immediately this is nonsense and fraud. Unfortunately there are still people who trust this.
Our dear saviour Jayson Taylor invented a method with the potential to earn millions. He called this method the “Brit Method”. In his video, Jayson is promising that within 30 days the trader would earn 100 000 Euros . If not, he is going to give us 10 000 EUR in cash as a compensation. Right when he says this sentence, the video shows a huge “GUARANTEED” sign.
Don’t you think this sounds too good to believe? How could he give us anything without knowing each other or without knowing each other’s contact details? If you do think that it’s BS, then you are right.
Why this is a scam
Trying to boost its credibility, the website supports its statements with evidence (including video testimonials of people reportedly earning hundreds of thousands). Nothing unique, everybody can buy videos with people selling their faces for whatever reason – see fiverr.com. It only costs a few pounds.
The voice in which the video is presented lacks any colour. All this suggests that the product was bought from one of the above-mentioned servers and that the website was developed by a foreigner who, along with the Brit Method, is the author of other “methods” – the Czech Method, the Aussie Method, the Svenska Method etc..
This crook simply picked up various countries, made x variations of this scam, changing a few details. Why would he do it this way? Why did he not use the same name for all countries with his scammy websites, just like OptioNavigator or ProfitOnline did? In my view, it is a psychological trick. Seeing the name of your country in the title makes you subconsciously believe that it is more trustworthy.
Btw. tricks with human psychology are normal in this type of fraudulent websites. Of course, the system also shows the countdown indicator showing you how much time you have “to get scammed” This is nothing else than another way of psychological pressure on poor naive users.
The chart clearly shows the mounting publicity of this fraud in the recent months.
Initially, I did not mean to mention this website at all to avoid spreading PR. I believed that all this would have disappear soon after it had emerged. Like other scams of this type. But this has not happened The Brit Method has been active for more than a year. As you can see in the above picture in the recent months someone has re-visited the spreading of this scam by e-mail. Seems like the last attempt to “squeeze money” out of naive traders?
Experience with the Brit Method
Typical fraudulent software used by all robots: “One size fits all”
It would not be me, if I did not scrutinise this fraud in more detail. The system works as follows: Immediately after typing your e-mail you will get to the website of the fraudulent system with a fraudulent demo account. Like in the case of Binary Options Robot. The demo account works smoothly as it should generating money until you reach the stage of trading with real money. Then the money disappears soon after you start the robot.
Unlike demo accounts used by fraudulent systems such as this one, a fair demo account for binary options trading (such as the one used by IQ Option) is always transparent and up and running. Give it a try!
Conclusions; lessons to learn
Of course this is a shameless fraud which, I hope, will disappear soon. It is sad but traders who suffered losses “thanks” to this software will not see their money again. Yet, what we can do is to attempt to find out some kind of protection for the future…
>> If you have any experience with this website let me know in the COMMENTS section
Have you been scammed? MyChargeBack might be able to help you! Fill the form below.
The Brit Method Pros
The Brit Method Cons
The Brit Method – Review author
More about the author Step
I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author
The Brit Method Details
|✅ Broker||The Brit Method|
|✅ Website URL||brit-method.com|
|✅ Free Demo Account|
|✅ US Traders Allowed|
|✅ Overall Score||We don’t recommend trading with this broker.|
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3 Responses to “The Brit Method”
Wow that was a close call I was on the brink of falling in
it all sounded too good and it was,nt free like stated
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