Trader Powers Review – Important Facts About This Broker
Trader Powers likes to advertise itself as a broker that brings exceptional trading tools and cutting-edge software solutions for executing successful investments.
There’s no mention of the owning company, except an address in Switzerland. Several phone numbers of supposed offices in the UK, Canada, Australia and Spain are also shown.
No regulation or license is mentioned either. It’s like this broker completely ignores the fact that they have to be regulated before they think of offering their services to anyone. If they were regulated, they would provide a solid proof for that, before making any kind of claim.
|Forex, stocks, crypto, commodities
Trader Powers Regulation and Security of Funds
After seeing an address in Switzerland, we have tried to look through the register of the jurisdictional regulator there – FINMA. No licensed broker under the name of Trader Powers is listed in it.
To be entirely sure, we have also checked the databases of FCA, IIROC, CNMV, ASIC. Since the broker lists phone numbers in other countries, naturally, you’d expect it to be licensed by at least some of those jurisdictional regulators. Sadly, the broker isn’t regulated in the UK, Canada, Australia or Spain.
Newly registered brokerage companies can be dangerous. They’re often anonymous offshore firms that haven’t been licensed. Without meeting the standards of regulators, they surely cannot guarantee safety of investors’ funds. Keeping the clients’ money in segregated bank accounts, providing expected customer protection and obligatory transparency, incorporating risk-reducing measures are all required of a licensed broker.
Without a regulation and following these strict rules mentioned, a broker cannot be deemed safe for any kind of investment.
Trading Software Overview
Surprisingly enough, Trader Powers offers access to MetaTrader 5. Downloaded with a Demo account, the platform seems somewhat functional. This is where a trader should be additionally cautious.
Unscrupulous brokers have become exceptionally successful at deception. Cunning usage of the trading software lies in deceiving the traders that their funds are growing. Unfortunately, no trading is being done and the investment has already ended up in the scammer’s pocket.
Pay extra attention when choosing a regulated broker, as even a reliable trading software becomes a dangerous tool in the hands of a bogus broker.
What Kinds of Accounts Does Trader Powers Offer?
Based on the user’s preference and the amount of money they’re willing to invest, Trader Powers offers several different account types:
Minimum deposit required to open the basic account is $1000. This sum drastically increases for other account types and the features they provide. By investing more, traders supposedly get access to more advanced options like tighter spreads, special educational material, attending live trading events, and account manager.
The minimum deposit itself is a sum that acclaimed brokers rarely require. Do not be fooled into paying ridiculous amounts for more expensive accounts for claims about service coming from an unregulated broker.
What Can Be Traded on the Market at Trader Powers?
Trader Powers lists several groups of instruments available for trading:
- Forex (buy/sell currency pairs such as GBP/USD, EUR/USD, USD/CAD)
- Stocks (trading shares of Disney, Tesla, Google, Apple, Walmart, Amazon, Meituan)
- Crypto (buy and sell digital coins like Bitcoin, Tether, Litecoin)
- Commodities (natural gas, oil, wheat, copper)
Users are allegedly given the chance of keeping their costs at minimum when trading with Trader Powers platform. All user accounts are supposedly eligible for many non commissioned Stocks and Stock CDFs from global exchanges.
Deposit and Withdrawal Method
Depositing methods accepted at Trader Powers are crypto currencies and wire transfers. Well known methods preferred by most scammers in order to keep their virtual anonymity and make withdrawing funds a living hell for traders.
The minimum deposit amount is the sum needed for the cost of opening the Bronze account and that’s $1000. Terms and Conditions states absolutely nothing to clarify the steps of the withdrawal process. Fraud stays shady and unclear about that too, so think twice before investing with Trader Powers!
How Do I Recover My Money If Trader Powers Defrauds Me?
Only reliable source of help in case of a scam are the government agencies in charge of pursuing and dealing with cyber thieves.
Boiler room agents advertising themselves as reliable recovery agents are yet another form of fraud. They will sell you lies about quick money recovery for a certain price. However, they do not intend to help an investor in distress. Only aim they have is making money off your troubles.
Being scammed is not a shameful thing. If it has happened to you, sharing your experience online is of crucial value for perhaps tracking a scamming scheme and helping others not to go through the same.
Trader Powers Summary
- Not regulated
- No info on the owning company
- No details about deposit/withdrawal fees and process
- High initial deposit required
- Overly high leverage
FAQs About Trader Powers Broker
Does Trader Powers Offer a Demo Account?
Besides live accounts, Demo accounts are also available to be opened at Trader Powers.
What is the Minimum Deposit For Trader Powers?
Minimum deposit required is $1000, how much the basic Bronze account costs.
What Are The Funding Methods For Trader Powers?
Available funding methods at Trader Powers are crypto currencies depositing and wire transfer.