PowerTrend

The company offers various trading accounts – Mini, Standard, Gold and Platinum. The minimum first deposit to open an account starts at $500 and reaches $35,000 for a Platinum account. It is important to note that the down payment amount is relatively high, especially for a Platinum account. This can scare off many potential clients, especially newbies who are not willing to risk such large sums.

The terms of the minimum transaction volume are questionable. Regardless of the account type, the minimum transaction volume is 0.1 lot. This means that traders must be prepared to invest significant amounts of money on each trade, which can be a challenge for many clients, especially those with limited financial resources or risk preferences.

The dubiousness of PowerTrend is also evident in the terms of withdrawal of funds. The withdrawal fee depends on the chosen method and may be zero, but often it is not indicated or is hidden in the details. It is noted that the timing of receipt of funds after execution of a withdrawal request can be quite different – from 1 minute to 5 days. This can cause confusion and frustration for customers who rely on quick access to their funds.

Does the company have a license?

PowerTrend claims that the company’s activities are carried out in accordance with the laws of various countries, including Russia. Their license and legal status are somewhat questionable. It is important to note that the dealer is an international company that provides brokerage services to clients from different countries. Such an organization may be subject to different jurisdictions and laws, which may make it difficult to protect clients’ rights. The lack of clear information about the licenses and regulators with which PowerTrend works raises questions about the transparency and reliability of this company.

The location of the dealer is questionable. They indicate an address in the Marshall Islands, specifically on Ajeltake Island. Such island jurisdictions are often associated with low financial requirements and poor consumer protection. This can create barriers for clients if conflicts or problems arise with the broker.

Information about the company’s length of service raises doubts. The project claims that it has been providing its services since 2013, however, their Internet resource was created only in 2021. This contradicts their claim of 9 years of experience. In addition, paying for a domain name for only 1 year may indicate that the company does not have long-term plans and is trying to quickly collect money and disappear.

How does the company cheat?

PowerTrend is a broker that skillfully carries out its fraudulent activities, hiding behind promises of real trading and offering convincing performances to clients. They use special scam software that helps them create the appearance of real trading. These scammers do not even deserve the status of forex kitchens, which you can read about in various articles, they are just pretending to trade.

They use special puppet terminals that look like real platforms: transactions, color charts, transaction history – everything creates the illusion of reality. However, in reality, these terminals are trading simulators that scammers can manipulate at their discretion. They can make changes ranging from an instant stolen deposit in a client’s account to a drain of his deposit or a series of supposedly profitable trades.