PWRtrade informed that it has applied for a license which is expected to be issued by the end of 2016. FairBinaryOptions.com recommends trading only with regulated brokers.
PWRtrade is a new binary options broker that aims to provide an easy to use access to financial markets for everyone. Their mantra is deeply rooted in providing good trading experience to all traders, no matter how much they invest. Their mission is in the spirit of binary options, because they want to bring financial markets to everyones home. For detailed info on the broker, read the rest of our PWRtrade review.
Account Features
PWRtrade understands there are various types of traders out there, so they put together several trading accounts to have a product for every customer. We will showcase these below in the PWRtrade review.
PWRtrade Micro Account
- minimum deposit of $250
- withdrawal processed in 7 days
- basic trading access
PWRtrade Basic Account
- minimum deposit of $501
- welcome bonus of 50%
- withdrawal processed in 7 days
PWRtrade Select Account
- minimum deposit of $5001
- welcome bonus 75%
- PWRtrade review of the market
- 1 – on – 1 training
- binary signals
- withdrawal processed in 5 days
PWRtrade Platinum Account
- minimum deposit of $15,000
- welcome bonus 100%
- PWRtrade review of the market
- 1 – on – 1 training
- binary signals
- withdrawal processed in 3 days
PWRtrade islamic accounts are also offered for customers who want to make sure their trading is done in compliance with principles of Islam. We think this is significant advantage for customers of Muslim faith. There are no hidden fees, no interest rates and other preferences are set to adhere to Sharia Law.
Bonuses are removed if trader has not reached the required trading volume of 40x. At least that is what the bonus policy under withdrawal tab states. In Terms and Conditions, PWRtrade states “bonus cannot be removed once it has been credited” (6). We find bonus policy very confusing and finding 30x terms in (14) of T&Cs is very confusing. We absolutely advice every trader to agree on terms with the account manager and get it in written as CySEC requests, even though PWRtrade is not regulated.
Other bonus related promotions with PWRtrade are refer a friend bonus where traders can get $100 bonus and risk free trades.
Trading Software & Assets
The trading platform looks like SpotOption and offers a wide selection of binary options types to trade with. PWRtrade offers the traditional high/low binary options along with our favorite – Pairs options, that we used extensively for the PWRtrade review. also they offer long term binary options for those preferring to invest on the basis of fundamentals.
In addition to these, dynamic trading is available trough the “speed options” – or how we call them – 60seconds options. Naturally, traders who want to earn even more have the one touch option on their disposal. Also, there is the ladder system. For advanced traders, PWRTrade also offers Forex/CFD trading. This shows that PWRtrade has one of the most versatile binary options trading platforms we have encountered so far. They also have a decent number of assets – 30 currency pairs, 10 commodities, 15 indices and 16 stocks. The whole index is obviously nudged toward currency trading.
Support Information
Support with PWRtrade utilizes all the regular channels traders are accustomed to. As usual, we tested it by posting a question to the live chat since we think most binary options traders will use this. The help desk employee got back with us in two minutes and answered our question politely. Other ways to contact PWRtrade are via email and phone. Phones are listed below:
UK: +44-203-670-1531
Bahrein: +973-161-98432
Australia: +61-280-156-861
South Africa: +272-130-09271
Cyprus: +357-250-30214
Canada: +16475582404
Banking & Company Information
PWRtrade supports several ways to deposit or withdraw. These are Visa, MasterCard, Visa Electron, Delta, Maestro, Maestro U.K., Wire Transfer. The minimum deposit is $250 and minimum withdrawal is $50. There is no withdrawal fee and we are happy to see that the low withdrawal amount is also in place.
Profits, as usual are withdrawn via bank wire and minimum withdrawal for profits is $100. We found this a bit weird at first, but then we understood that since the broker charges no withdrawal fees, it must find a way to make withdrawal possible at the lowest cost.
The withdrawal processing time is from 3-7 days depending on the account type trader is signed up for. Nonetheless, considering the industry average in the mean time is 3 business days, we weren’t really happy about this.