Reason to avoid: Offshore license
Listed Date: November 7, 2018
Top 3 Regulated Forex Brokers
Beware PWRTrade is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: GN Capital Limited
- Registration/license: Marshall Islands
- Registration/license requirement: USD 2,000
PWRTrade is a Forex and CFDs broker owned and operated by GN Capital Limited, a company allegedly functioning from the Marshall Islands, a popular offshore zone. The broker doesn’t provide much information about its location (only British phone number) and there is no information indicating any regulatory authority that supervises PWRTrade. In addition, PWRTrade has been blacklisted by a few regulatory authorities. There is a warning from The Manitoba Securities Commission in Canada:
“PWR Trade, GN Capital Limited, GN Management, and www.pwrtrade.com are not registered in Manitoba to engage in the business of trading securities or advising anyone with respect to investing in, buying, or selling securities. “
Also, The Financial Services and Markets Authority in Belgium warns public about PWRTrade:
“GN Capital Ltd, operating under the trading name PWRTrade, is not an authorized investment firm or credit institution in Belgium. It is therefore not allowed to provide banking and/or investment services in or from Belgium. Furthermore, certain investment instruments that this company offers are speculative and particularly risky.”
When engaging with unauthorized and non-regulated brokers, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and ASIC, among others.