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Po.trade is another dubious forex trading platform trying to take advantage of investors. Going by another name, PocketOption, we have to expose the red flags. Find out more in our detailed PO TRADE REVIEW.
Po.trade is the short name for PocketOption, or so we are led to believe. Unfortunately, the platform is on the crosshairs of one of Europe’s leading financial regulators. As a result, CONSOB has a warning regarding the use of this platform. Members of the public and the trading fraternity should desist from joining the platform. There are several reasons why you need to stay away from the platform. Could you find out more in our exclusive PO.TRADE REVIEW.?
A Brief Analysis of Po.trade
According to their about us page, Po.trade wants to provide the most innovative trading platform. That’s nearly impossible, considering that members don’t get the chance to withdraw funds. The platform will likely block all attempts to withdraw funds.
And this is the reason why we have to expose the platform. None of the members we have contacted have had the chance to enjoy their winnings. It’s one of the many reasons that CONSOB issued a warning.
We recommend using tested robots when you want to invest in forex trading. These forex robots provide you with advanced trading tools and market insights. It would be best to use these robots to advance your trading skills.
Po.trade is another platform looking to take advantage of investors. Those who have already signed up are ruing the decision. We have a platform that won’t allow withdrawals and blocks communication.
Attempts to get a word from the platform’s owners have fallen on deaf ears. No staff member wants to communicate with victims or us. It’s a classic exit scam that will likely rip off hundreds of naïve investors.
Before signing up with any trading platform, you need to do some due diligence. First, find out what makes a platform tick. Then, try and get the experiences of other users from independent review sites. That’s one way to avert from falling into faulty trading platforms.
Accounts and tiers Po.trade
Po.trade fails to offer investors any information on available trading accounts. So you sign up blindly, not knowing the general trading conditions. And this is the first mistake traders make with the platform.
You need to know the available leverage and minimum acceptable amount of trading. That’s the only way to trade safely and in a fair trading environment. But, unfortunately, we believe the platform hides this vital information to defraud investors.
Without mentioning the acceptable minimum deposit, the platform takes advantage. You get a call urging you to deposit as much as possible. The platform will insist that the more you deposit, the higher your chances of winning.
These are false claims that no investor ought to fall for. You can even start trading with $10 and earn reasonable profits as you go by. The industry has set $250 as the minimum acceptable leverage.
Any platform asking for more is taking advantage of traders. We also don’t see the minimum acceptable leverage on trading assets. You need to know the risk you place when trading with online platforms.
Industry regulators have moved in to protect all parties. The maximum allowed leverage in most jurisdictions is 1:100. In the United States, regulators put a cap on leverage at 1:50 for retail traders.
Account opening procedure
When opening an account with online platforms, you need to pay extra attention. When verifying accounts, be wary of platforms that ask for verification documents. Today’s verification process is a two-factor authentication procedure.
There’s no need for a platform to ask for vital documents. PO.TRADE asks users for their bank statements, credit card information, and a copy of their ID. There’s no telling what the platform plans to do with these documents.
We believe the platform plans to harvest banking data from members. With your banking data, it’s easy for them to charge your credit card with online purchases. So it would be best if you stayed away from such platforms in the future.
Affiliate and reward program
Before you jump in and become their affiliate partner, there are some red flags to note. First, the platform doesn’t release commissions on time. Those you direct to the platform end up losing their deposits and trade earnings.
In the long run, you are helping the platform to defraud naïve investors. When push comes to shove, the law will consider you an accessory to online fraud. There’s no need to lose your reputation over such a platform.
Are funds safe with Po.trade?
Your funds are far from safe with a platform that fails to offer reliable trading services. In addition, the platform fails to provide insurance cover for deposits made by clients. And this is a pointer; no compensation is in play when the platform goes under.
Assets and trading instruments
There are four classes of trading instruments available on the platform. These include commodities, forex, indices, and the stock market. In addition, the platform allows members to trade commodities such as sugar and wheat.
Forex trading happens to be at the core of the platform’s trading venture. So you get to trade major and minor currency pairs. However, remember that the platform fails to inform users of these assets’ available leverage and spreads.
The platform tries to offer leading international markets when it comes to indices. These include DAX, Dow Jones, FTSE, NYSE, and more. So you get a chance to speculate the world markets and earn profit trading global commodities.
Stock trading is a big part of online investment. You get to trade with major brands such as Samsung and Tesla. The platform also avails the FAANG group shares, which are highly traded.
PO TRADE SV Ltd is the name listed as the platform owner. However, there’s little information to suggest the company is legit. Registered in St. Vincent and the Grenadines, it’s clear the entity is offshore-based.
There’s no information regarding staff members or the CEO or Founder of the platform. And this clearly shows the platform is anonymous. So you need to avoid investing in anonymous investment platforms.
To try and fool investors, the platform has a client testimony section. You will notice all these reviews heap praise on the platform. When you switch to independent review websites, that’s when you see a clearer picture.
The platform uses false profiles to incline users into believing the store is real. What we have is a sorry state of affairs. You need to test whether a platform is legit by talking with users, not reading their comments.
The platform only provides a buy/sell option despite offering a demo account. You don’t get to use their trading platform to test available trading tools. A reliable trading platform will provide a complete demo account with trading platform capabilities.
There are several funding methods available on the platform. These range from bank deposits to wire transfers. The platform also accepts crypto funding which we don’t recommend for security reasons.
Once you fund your account with Crypto, the platform will deny receiving them. And this is why you need to stay away from the platform. Withdrawing is the biggest issue you will have to face as a member of PocketOption.
License and Registration Po.trade
Po.trade is not a licensed or registered platform. Nevertheless, there’s a warning from CONSOB that investors and traders need to heed.
Please stay away from po.trade as it’s unregulated and faces criticism from regulators.
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