Poseidon Tradings (Pcmtrades.com) is another binary options and Forex scam to hit the lucrative Forex world. PoseidonTradings is openly cloning another broker under the name PCM Trades. After receiving numerous email complaints, we knew something was amiss. And this is where we found some alarming details regarding this broker. Why are members crying foul with this broker? Make sure to read this detailed and honest POSEIDON TRADINGS Review for more.
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After receiving numerous email complaints, we decided to investigate this broker. Why are investors signing up with this rogue broker? What we know is most newbie traders fail to conduct a thorough background check on these platforms. A proven way of checking how a platform works is by reading reviews. Reviews help newbies to know what to expect with a particular online platform. Never open an account without doing some proper checkup by conducting a thorough research.
These scam artists have been cloning another website to try and feign legitimacy. What we don’t know is whether PCM Trades is involved in this platform. Website reads PCM Trades but about us page reads something totally different. About us page claims this platform is owned by Poseidon Tradings. Cloning websites is what professional online scam artists do to lure unsuspecting investors to sign up. Whoever signs up with this broker is without a doubt going to lose all their deposits.
Disclaimer at the footer of their homepage claims this broker is owned by Poseidon Tradings. Where this broker is located still remains a mystery which means we are dealing with an anonymous broker. Contact page claims their headquarters is in Shoreditch High Street which is in London. Scam artists will do or say anything to ensure their platforms appear authentic. In this case, they want their platforms to appear to be based in the U.K. Is this true? They are surely lying to investors.
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Failing to name the actual people running this website leaves users guessing. Who are the founding members of this platform? In case you haven’t noticed, these scammers are intentionally leaving out their actual names. They don’t want to be contacted by authorities or victims for fear of backlash. Stay away from anonymous entities as you don’t know who you are giving your funds to. This could be a money laundering platform. Ensure you sign up with known and proven entities.
Whoever signs up with this broker should know this platform is not licensed or regulated. To confirm this, we checked with the Forex licensing authority, the FCA. FCA does not have any details concerning PoseidonTradings. Other known regulatory bodies we reached out to include ASIC, CySEC, and NFA. None of these has ever heard of this broker. Members are trading with an unauthorized Forex broker. Trying to recover any lost funds will be next to impossible with this platform.
Why have they failed to post their licensing number on their homepage? This means we are dealing with an entity which lacks basic licensing agreement documents. Plus, this broker seems to have two websites which look exactly the same. Where is the proof to confirm their licensing details? Whoever signs up with this broker should be aware of what to expect. Nobody should be signing up with unlicensed entities for obvious reasons. Your funds will never be safe from these platforms.
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By rigging their demo account, these scam artists are luring investors to sign up with fake results. A rigged demo account produces insane profit margins. Their demo account is producing over 98% successful trades. Ask any professional trader; guaranteeing these profit margins is next to impossible. Market prices change rapidly and without warning. Placing successful trades and guaranteeing to make profits is next to impossible. Price changes occur due to boardroom wars, politics, weather, and others.
Investors should know demo accounts use virtual money which is not real. By producing insane profit margins, investors are led to believe they can replicate the same with a real account. And this is where the trap is set for users to fall into. Most members are opening a real account hoping to mirror results on demo account. A real account demands you deposit real funds which is not advised. These scam artists will laugh all the way to the bank once you open and deposit with them.
Poseidon Tradings is using Wise Banc Platform as their preferred tool of trade. In order to test how well their platform works, we had to open a demo account. And this is where we noticed some major flaws with this platform. Lack of proper security features is proof we are dealing with a scandalous platform. Hackers can easily gain access to this platform and steal all your funds. A secure platform should have SSL Encryption to protect all members from third party attacks. Simply stay away from such platforms.
Poseidon Trading is offering users with five different account types which come with a welcome bonus. These account types are named Basic, Bronze, Silver, Gold, and Platinum. A broker who offers a welcome bonus should be treated with extra care. These brokers are refusing to allow withdrawals unless users repay bonuses issued. How can a broker offer bonuses and ask for them later on? Only scam professionals provide such lazy trading practices. Stay away from Poseidon Tradings.
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Security of funds is not guaranteed by a broker who fails to use proper security features on their website. Funds are not safe from a broker who is cloning another website. If you haven’t noticed, this broker fails to disclose which bank they use to deposit funds. Is it possible users are depositing funds to owner’s bank account? These are some of the reasons why depositing funds with Poseidon Tradings is the last thing to do.
Another perturbing issue is in relation to segregation of accounts. Pooling funds in one account is extremely risky which this broker is doing. Poseidon Trading is pooling funds in one account which is extremely risky. Members should not expect any compensation as this broker does not insure funds. Simply stay away from this broker and make sure to sign up with credible entities.
All evidence clearly point we are dealing with a scam outfit. Poseidon Tradings is a scam which must be exposed by all parties. Authorities are asked to look into this shoddy platform.
In order to protect our readers, we will be adding this platform to our scam blacklist. Make sure to mark all their emails as spam and ignore all incoming calls.
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Wishing all traders a successful trading experience.
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