Thinking of getting into business with Po.Trade? Here is what you must know about this broker. Carefully read this review to find out if po.trade is the trading platform you will want to trade with.
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About Po.Trade Broker
Po.Trade is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from St. Vincent & the Grenadines.
The broker claims licenses from SVG and FMRRC.
To clarify, regardless of the trading instruments Po.Trade claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Po.Trade: Reasons to Avoid This Broker
Firstly, Po.Trade is a platform with no financial authority overseeing its financial services. We believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate brokers.
Secondly, we noticed Po.Trade has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under withdrawal policy, Po.Trade withdrawal process takes 3 business days. The broker claims zero withdrawal fee with $10 as the minimum withdrawal amount.
Minimum Deposit
Po.Trade minimum deposit is not available.
As for the payment methods, the broker provides various options such as cryptocurrencies, Perfect Money, Credit/Debit cards and more. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Po.Trade Platform
Po.Trade offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker provides no info on leverage. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Po.Trade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is Po.Trade a Reliable Broker?
No, Po.Trade does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.