Power Trend is an emerging new broker that originates from Russia. They have lots to offer, both in terms of raw variety and opportunities to improve your chances at trading. That said, there are also several problems, at least according to the PrTrend reviews available on the Internet.
Forex broker Power Trend is an old company from Russia that started being rather active lately, hence this review. Folks need to know more about a broker before committing to one, that’s understandable. Well, in accordance to them, they’ve been around since at least 2013 – round the same time most crypto brokers surfaced.
Even though Forex broker PrTrend is problematic, they are still worth checking out, and for several reasons.
What is Power Trend?
Although they have crypto for sale, it’s not their primary product. They have many more tools – about seven hundred in total. That’s a good variety, especially considering that you are able to trade in no less than 5 tool types at any given moment. That’s often an underestimated perk, because concentrating your resources in just one place is infinitely better than spreading them out across several brokers.
Power Trend aren’t scammers, most likely. There are many reviews saying that Power Trend is scam, but it doesn’t make much sense.
Tool types
PrTrend official site has several tools types available, and all of them include both the popular stuff and the lesser-known assets, in case someone prefers less common trading practices.
The assortment includes several notable tool types. Those available at the start are:
- Shares
- Forex
- Crypto
- Commodities
Power Trend website also has an indices option, but you need to deposit at least $5,000 to be able to trade them. It’s moderately fair, considering you need to understand the market before getting tangled into indexes. As for all the rest, they are open as soon as you deposit the minimal amount of $500.
All you’ll have to do to start trading is join and submit some data. To sign in for PrTrend, click the personal icon in top right corner. There you’ll see a Power Trend login form. Once you’re verified, you’ll get your own PrTrend login, and you’ll be able to start trading.
Considering just how many assets there are, most traders will be suited. It’s way more efficient and convenient to trade in Forex, however. There are several basic analytical instruments, such as economic calendar and the news + the Autochartist. That gives currency trading a slight edge, especially since there are many of them – not just the usual USD/EUR/GBP.
Reputation
PrTrend website doesn’t have any sizeable enough reputation in the English-speaking Internet. However, in the Russian-speaking world, they are talked about extensively enough. There is no immediate rating because they aren’t present at the websites where these ratings are adequately awarded based on the user PrTrend rezensions.
They are certainly not on Trustpilot or FPA – don’t even bother looking. What you’ll have to trust is this retelling of the reviews from the Russian users, as well as the description of features PrTrend has.
Let’s see what the advantages and disadvantages are, according to these sources.
Advantages
There are several key points of praise, objectively speaking.
- Variety
As mentioned, the assortment of products on Power Trend is rather rich. It’s enough to satisfy the needs of most users. Even though the share options massively outnumber everything else put together, it’s the natural order of things. There are naturally much fewer worthwhile commodity, Forex and crypto options. So, it’s quite reasonable.
In reality, the practical assortment is slightly smaller than what PrTrend offers. Some less popular assets are volatile and in a fairly bad spot in terms of spreads. The popular stuff enjoys tighter spreads, usually around 10 pips. At the same time, the deeper you go, the larger the difference gets.
- No commissions
Although the spreads might be terrible, this affair is partially compensated by the almost non-existent commissions. The ones the broker charges directly are limited to overnight fees – only as big as 0,015% for non-crypto.
- Educational material
Power Trend official site isn’t just efficient as a trading hub, but also as a place to learn more about trading and the market in general. It comes in several variations on PrTrend.
Firstly – there are analytical tools. They most help you anticipate what’s about to happen on the market, Forex and stock in particular. The costlier plans also provide you with a personal advisor, as well as direct line to the support if you have questions. Moreover, there is an option to connect to SMS signals.
Secondly – there’s an educational section. It includes tutorials, video materials, and also the glossary with all the necessary terms and words from various levels of trading proficiency to keep you aware of what’s going on and what the guides and articles say.
Disadvantages
Although PT seems like an alright option for a brokerage provider, it’s not perfect. There are several problems that make it less on an ideal place to trade, according to the PrTrend rezensions.
- Withdrawing problems
The algorithm that answers for money withdrawing is flawed and may delay transfer by much more than the claimed time span. The claimed amount of days needed for a withdrawal is 5 days maximum. It may be much longer than that. The reasons for this are unknown, one can only speculate.
The reasons may be technical, but it’s unknown. There’s no telling whether you’ll be scammed by PrTrend, but it’s unlikely. PrTrend aren’t scammers, most likely.
- Spreads
We’ve already talked about it, but it’s still worth mentioning in this section. The spreads may be very large. Although it’s hugely balanced by the almost non-existent commissions, this arrangement might not appeal to some users.
It’s unknown why the spreads are so large, but the claims of Power Trend cheating in this way are insubstantial.
Summary
PrTrend is a regulated entity under Russian and international law, and they are also verified by FMRRC – an independent unbiased agency that keeps a watch out for untrustworthy brokers. If it’s registered by this agency, it’s unlikely that you’ll get scammed by Power Trend.
As Power Trend reviews hint, although their functionality is probably worth the risk, this broker is still flawed. If you have spare $500 and the desire to trade in several assets all in the same time – consider giving them a chance. PrTrend doesn’t scam people, at least there’s no real evidence of PrTrend cheating.
