EmpowerWays Review – Hidden Costs Are Never a Good Sign

by admin

One of the biggest surprises for this allegedly Swiss-based firm is a lack of transparency. Switzerland is a country known for its strict laws and regulations. However, many companies, including here EmpowerWays, don’t follow it.

We say this firm is not transparent because of the unknown legal owners of this trading brand. Even though they reveal some addresses in Switzerland, does that mean they are based there? Definitely not. But there will be much more similar discrepancies revealed in this unbiased EmpowerWays review.

Since the company is not revealing ownership details, we tried looking at the FINMA register for it. That’s a very well-known Swiss regulator whose license would make this company legit. Unfortunately, we found nothing in their database.

This wouldn’t be a problem if the company was regulated by any other top-tier regulator. For instance, FCA, BaFin, IIROC, or ASIC. Since they are not, none of the company’s features can be considered safe.

Avoiding investment scams would be much easier if people didn’t trust everything they saw. Even though EmpowerWays reviews look positive at first glance, most likely, most of them are fake. If you think about it, the company would be licensed if they are legit. Only bear that in mind when choosing a broker.

As can be seen, EmpowerWays broker has been posting their ads on social media, such as YouTube. Once traders register for some fictitious deal, they get redirected to this broker’s website. That’s where the journey and harassment starts. Obviously, the platform tells one story, while the ads show us something completely different.

In the end, inexperienced traders crack under pressure and deposit their first $250. Along the way, they might earn some profits, mostly due to the company’s manipulative platform that makes it look like that. This way, clients gain trust, and start depositing more and more. Until they realize it’s all fake. So, be careful and contact us immediately if you experience any withdrawal problems.

One more surprising thing about this brokerage is that they claim to have more than 50k customers. Yet, there are only a few reviews available, which is quite strange. Nevertheless, it appears this company has been targeting mainly two countries: 

In fact, both are strictly regulated. So, what makes anyone think they would operate legitimately without a license? A nice word from a swindler? Absolutely not. Don’t bite it and contact us as soon as possible if you sent them any money.

Note that through the EmpowerWays account types, the MT5 platform is nowhere to be seen, even though they promote it in other website sections. If the company has MT5 available, they would provide a desktop app download option. 

Instead, what’s more probable case is that you will get only proprietary WebTrader. Without a license, it is definitely one that can be manipulated.

As can be seen, the company provides links to AppStore and Playstore for the MT5 platform. Yet, their presentation of the mobile app doesn’t add up to that story. The app they reveal is not even close in terms of design to Meta Trader 5. So, be careful with it.

Even instruments from the top 5 exchanges don’t mean anything if the company is not licensed. Especially if they don’t use a trusted platform. But in general, the company’s offer is what average firms offer:

One of the ways to realize that EmpowerWays withdrawal is not possible is by looking at the account types. The company will ask you to deposit between $10K and $1M. In terms of benefits, you are getting: 

Generally, there’s nothing meaningful with EmpowerWays Forex broker offer. Yet, they are eager to request so much money without any proof. For that reason, we were hoping to see a demo account available. Yet, our hopes were diminished, which is yet another proof that they don’t offer MT5.

A further reason not to trust the EmpowerWays app is because they are hiding all of their fees. With proprietary platforms, those costs can be easily modified while you are trading. For instance, spreads, swaps, and commissions. They can make any environment they want.

But keep in mind the company can’t offer you any leverage higher than 1:30 in Europe if you are a retail trader. Those are ESMA and FINMA regulations as well.

Withdrawals can be requested in the client’s area after completing the EmpowerWays login procedure. Precise procedure is not disclosed, unfortunately. Neither are fees and any of the withdrawal methods.

In addition to that, the company doesn’t even reveal the processing time for withdrawal requests. With all this in mind, you can expect a wide range of problems with EmpowerWays scam broker.

At first glance of a problem, you should first talk to regulators. That would be FINMA in the first place. Also, it wouldn’t hurt if you left your opinion on any review platform. You can do that in our comment section below as well.

However, if you think this broker is holding your money without your permission, you should contact us directly. Our refund team understands the problem and can help you accordingly. Most importantly, we know how it is to get scammed, and that’s why our first meeting is completely free. Don’t waste time worrying if they will take all your money. Contact us today and prevent that from happening.

EmpowerWays is a brokerage presenting itself as Swiss-based and yet they are not operating under the regulations of FINMA.

No. The company is not licensed by any authority. Also, the company is hiding legal information, legal name, and founder details.

One way of getting the money back is a chargeback. But if that option is not available, there will be others. To find out what option suits you, contact us.

The post EmpowerWays Review – Hidden Costs Are Never a Good Sign appeared first on Global Fraud Protection.


Related Posts

Leave a Comment