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Zoey_JD
Zoey_JD, Criminal attorney
Category: Fraud Examiner
Satisfied Customers: 23964
Experience:  Active member of the NYS bar since 1989
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Is the company pwrtrade a scammer trader? I went on line

Customer Question

is the company pwrtrade a scammer trader?
JA: The Fraud Examiner will know what to do. Please tell me everything you can so the Fraud Examiner can help you best.
Customer: I went on line from an advert claiming it could make 10% on my money.is it Australian?. Is it compliant with trading regulations?
JA: Is there anything else the Fraud Examiner should be aware of?
Customer: My bank has stopped payment until I have checked them out. The accounts name is ***** ***** atpwrtrade
Submitted: 16 days ago.
Category: Fraud Examiner
Expert:  Zoey_JD replied 16 days ago.

Hi,

I'm Zoey and I'll be assisting you. I'm reviewing your question now. Please be patient while I research and compose a reply for you.

Expert:  Zoey_JD replied 16 days ago.

Your country chooses not to regulate binary option brokers the way they regulate other types of investments, since binary trading is more like gambling than like trading in stocks. Many Australia-based binary option brokers register with ASIC anyway, as a sign of their good will and legitimacy. Pwrtrade is based outside of your country. Their website says they are in the Marshall Islands and Bulgaria, which may or may not be true. Unless they are regulated by some other country's financial regulatory authority, they are operating outside of the law, strictly on their own terms.

All unregulated binary option brokers make their own rules, regardless of their advertising and their contract with their members. They are very risky to deal with and virtually all scammers. And when they trade off all of your account without your authority or when they won't allow you to get your winnings out, you generally can't even find them to sue them.

We hear horror stories every day from people who have lost money to unlawful binary brokers just like this one because they fell for promises of huge returns and they didn't deliver.

This is a new binary broker. It will turn two in March, when its domain registration will run out and it could disappear from the web. Their early advertising indicates that they intended to register with CySec, the regulatory agency in Cyprus, as Cyprus does regulate binary brokers. However, to date they have not done so. You can search CySec's data base and see that for yourself here.

So this is just one more fly-by-night unregulated binary broker.

Scamwatch.gov.au warns Australians about dealing with any binary options broker that does not have an Australian Financial Services license.

Avoid.

Expert:  Zoey_JD replied 14 days ago.

Just checking in to see if you need more help or any clarification of my answer. If so, please reply here on this question thread.