The Foreign Exchange market has witnessed meteoric expansion over the past few years. However, due to the phenomenal expansion it has experienced, it has also attracted a large number of questionable groups and scams. In this review of Buy4Power, I’m going to talk about one particular fraud. I would advise against conducting business with Buy4Power because they operate as a questionable forex broker.
Buy4Power’s Questionable Past
First things first: before I go into the trading conditions and licenses that this broker offers, I need to briefly go over its history. TerratradeX, which has since been rebranded as Buy4Power, was recently issued a warning by the FCA for delivering its services without first obtaining a license.
Receiving a warning from the Financial Conduct Authority is detrimental to the reputation of any broker. In addition, clients of TerratradeX were under the impression that the company was running a fraudulent operation. A great number of people had expressed their dissatisfaction with the fact that their hard-earned money and monies that they had put had been stolen.
Therefore, TerratradeX made the decision to rebrand itself as Buy4Power and begin the entire process from the beginning. Taking into account their checkered history and the fact that they have been issued a warning by FCA, it is abundantly evident that Buy4Power is a dubious organization, and you should avoid conducting business with them.
Buy4Power License and Regulation
A mailing address for the Marshall Islands, which is located in an offshore region, is provided by Buy4Power. Forex brokers in offshore territories are not required to hold a license in order to conduct business. This indicates that they are free to do anything they choose with their customers and are not required to comply with any restrictions in the process of offering their services.
Buy4Power is a broker that is not regulated and does not hold a license. I avoid trading with such firms because doing so puts both your financial resources and your personal information in serious jeopardy. You run the risk of losing your entire deposit, and there is nothing you can do to prevent this from happening.
In order to protect their customers’ best interests, regulated brokers are subject to a myriad of stringent laws and regulations, which they must strictly adhere to at all times. In the event that the broker turns out to be a fraud, reputable authorities like CySEC and FCA offer insurance against such a scenario. Such advantages are not available when working with an unlicensed broker.
Terms and Conditions of the Buy4Power Trade
The trading conditions offered by shady brokers like Buy4Power are typically not very trustworthy. You will gain a better understanding of them if you consider the following points:
Trading Platform Buy4Power provides a trading platform that is quite unremarkable and straightforward. It does not have a lot of features, and it is missing a lot of the functionality that you would normally find in a standard trading platform. For instance, because their site lacks a menu for trading instruments, you are unable to do a search in the appropriate manner.
You shouldn’t trade using such a horrible platform given that there are many Forex brokers who use trading platforms that are far better than the one you’re using. MetaTrader platforms, in my opinion, are the finest option because they provide traders with the most useful features and advantages.
Minimum Deposit
There are four trading accounts accessible, each with a distinct minimum deposit requirement and maximum account limit. They are as follows:
Mini accounts for buy4power.com
A minimum deposit of $500 is required to open a Mini account, and the spread on this account begins at 3 points. The broker guarantees that withdrawal requests will be processed within 48 hours and that you will receive bonuses equal to up to 30 percent of your initial deposit if you open this type of account.
Silver
In order to gain access to this account, you will need to make a minimum deposit of $5,000. With the exception of the bonuses, each and every perk of this account is identical to each and every perk of the Mini account. You can receive incentives that are worth up to fifty percent of your initial investment if you use this account.
Gold
A minimum deposit of $25,000 is required in order to open a Gold account. At this location, you can receive bonuses of up to 80% and have your withdrawals processed within a day’s time. There is no difference in any of the other advantages.
VIP
Spreads here range from 1-2 points, and you can get bonuses of up to 100% of your initial deposit. To have access to this account, you will need to make a minimum deposit of 100,000 dollars. In addition, they guarantee that your withdrawals will be processed within five hours.
Leverage and Spreads
This broker offers very risky leverage of 1:100. With this leverage ratio, you can lose 100 times your deposited funds in an instant and get into a lot of debt. Shady brokers tend to keep their leverage ratios high so they can trap customers this way.
This is a big reason why the financial regulators in the US and Canada have restricted forex brokers to offer a maximum leverage of 1:50.
Bonuses You may have noticed by now that this broker awards bonuses to customers who open trading accounts with them. Be wary of these additional benefits. The Financial Conduct Authority (FCA), which is situated in the UK, does not permit its brokers to provide bonuses to their customers. Why? Because these bonuses come with complicated stipulations that make it incredibly difficult for users to withdraw their money, these bonuses should be avoided.
Untrustworthy brokers will utilize bonuses to entice new customers, and then they will take advantage of them by using terms and conditions that are unreasonable.
Buy4Power’s Accepted Payment Methods and Fee Structure
Various Methods of Transactions
Buy4Power does not provide a wide variety of payment methods, which is another significant drawback of the company. Credit cards, bank wires, and UPaycards are the only payment methods that are accepted. Reputable brokers typically provide a wide variety of additional payment options, including e-wallets and payment through PayPal. However, none of that is provided to you at this location.
Fees If there is no trading activity on your account for a period of thirty days, this broker will charge you a fee of fifty dollars for account inactivity. When it comes to imposing inactivity costs, this period is relatively minimal. When a user has been inactive for a regulated broker’s platform for a period of six months or a whole year, the broker is likely to levy an inactivity fee.
In addition to this, the fee amount of $50 is quite excessive in comparison to the standards of the sector.
Is Buy4Power a Fraud Organization? Yes!
I have a strong suspicion that Buy4Power is a fraudulent broker due to the fact that the company does not own a license and maintains an extremely high minimum deposit limit. There are a variety of methods that are used in forex scams.
fraudsters sometimes use bonus offers to entice individuals to their platform, and once those people make a deposit, the fraudsters then attempt to take advantage of them by using unjust terms and conditions. In addition, Buy4Power is the renamed version of a company called TerratradeX, which is renowned for stealing the money of its customers and has even been cautioned by the Financial Conduct Authority (FCA). The accumulation of these indicators strongly suggests that Buy4Power is, in fact, a fraudulent enterprise.
The Final Thoughts Regarding Buy4Power
Buy4Power is a rebranded version of a shady broker, operates from an offshore location, does not own a license, and has a very high minimum deposit limit. In addition, the minimum deposit required is unusually high. I believe that the presence of these characteristics is sufficient evidence to draw the conclusion that the organization in question is unscrupulous and that you should avoid doing business with it.
I really hope that you found some value in what I had to say about Buy4Power. You are welcome to leave comments below in which you can share any negative experiences you’ve had dealing with forex brokers.
