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- - Are they trying to push you into depositing more money with them even without withdrawing the one you've already put in?
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If you are actually trading with Buy4Power what we would actually tell you is that this broker can not guarantee the safety of your funds. You might wake up one day and find out that the site has actually been shut down and is no longer available.
Buy4power is a shady broker. Visiting their website, you might not see a difference between the website and all the other forex trading websites. The first thing you need to know about this particular broker is that it has its address registered in Marshall Island. Forex trade this straight away means that this is offshore. Secondly, there is no regulation, and subsequently, the brokerage agency is not a licensed broker.
On our research, it came to our attention that this particular broker was formally known as TerraTradex, and the company changed its name to buy4power due to the bad reviews it was getting on numerous websites.
Our advice to you, you should actually never try to trade with offshore brokers as they can not really guarantee the safety of your investments. Instead, you should invest with brokers that are within the following jurisdiction.
- United State
- United Kingdom
The jurisdiction of the area mentioned above are well established and are usually regulated by the relevant bodies within their jurisdiction. The regulating bodies found in these areas enforce strict measures and ensure that all brokers operating are licensed, making it so hard for brokers with scamming schemes to exist in these areas.
The biggest barrier for these scammers in these areas is for them actually to exist within these jurisdictions. They are supposed to be well-capitalized. For instance, In the United States, the amount of money a broker is supposed to deposit as the starting capital is usually 20 million USD. In a similar instance, Australian brokers are required to deposit an initial amount of 1 million AUD. In these two regions, there are neither compensation schemes nor fundings.
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Compared to other jurisdictions Australia and the United States are the areas where brokers deposit the largest chunks of capital, which has made it fairly hard for scammers to exist in these areas.
The main reason for the high deposits is to ensure that forex brokers in these regions are able to protect their clients’ investments in case something happens to their agency. Investing with reputable brokers in forex trade will guarantee the security of your funds and that you will get your funds back in case the forex trader collapses.
Buy4power Trading Conditions
A client trading with buy4power is subjected to four accounts that they can choose from while trading. These accounts are mini, silver, gold, and VIP accounts. The minimum amount that is supposed to be deposited in these accounts varies from the mini account to the VIP account.
For instance, the minimum amount to be deposited in a mini account is $500, whereas, for the silver account, the minimum amount is $5000, gold goes for $25000, and VIP minimum deposit amount is set at $100000.
In the platform, if an account is not showing any trading activity in a span of 30 days, the account is considered inactive, and the account is charged a $50 fee, which is said to be a monthly fee for dormant accounts.
But let us be realistic at some point. Some brokers allow up to 180 days of inactivity before measures are taken, so a 30 days period of inactivity is relatively short. Another thing is the $50 as the monthly fee is just high. More will be discussed in detail in the next section.
Withdrawal and Deposits
Let us start by talking about the methods of deposits. First buy4power, on their website, talks about the various ways in which you could fund your account. The list of the modes of the deposit is paid through bank wires, credit cards, and Upay cards.
The method mentioned above as you can see they do not actually leave the client with much of a choice for instance wire transfers as we all know once payment is initialize and transfers are done funds are usually not refundable.
The amounts deposited as described in the previous section, the minimum amount that a client who wishes to create an account and trade with this broker is 500 dollars. However, this amount is actually five times higher than the amount required as the first deposit in relation to the regulated brokers.
Furthermore, as we have seen, the broker has divided the accounts into four main categories. That is the Mini account, Silver, Gold, and the VIP accounts where the initial deposits in these accounts are described in the latter section Trade and conditions.
We will not talk about dormant accounts and what happens to them because we have already talked about them in the previous section. So, let us talk about the bonuses this broker has to offer. From the accounts section in their website where they talk about the four different accounts, Information on how bonuses are awarded are mentioned in the details describing that particular account.
For instance, mini account holders are subject to a 30% bonus, a 50% bonus for silver account holders, 80% for all accounts that belong to the gold category, and a 100% bonus for the VIP.
Bonuses are not a walk in the park, and the deal must sound too sweet but remember it might seem as if you are actually gaining more on the outside, but on the inside, you will have to face conditions that you will need to fulfill before the bonuses are actually awarded to you and at times this might mess up with your withdrawal options or even your funds.
For you to be entitled to a bonus from buy4power, you are required to have executed a trading volume that is equal to your leverage amount, which depends on the account type times the bonus amount. Such a condition is not that easy to fulfill, even for the most experienced traders. Something you should know, Brokers that are regulated and licensed DO NOT offer bonuses.
Regulation and Registration
The first thing our readers need to know that pertains to this entity is that the entity has its address in Marshall Island. That information alone to the experienced traders is already a red flag. This is because it simply means that this is an offshore entity, elaborating more that actually means that the entity/company is not in any of the areas where brokers are regulated and henceforth, safe to say that the broker is not licensed.
If you happen to choose to work with such a broker, the only guarantee you have is that your funds are never safe with them. Secondly, at some point, some of their agents will reach out to you personally with promises of you making more from their platform if you keep on depositing more funds to your account. In the long run, you will end up losing all your funds to these scammers.
Buy4power Contact Details
From their website, they talk about their physical address being Trust Company Complex, Ajeltake, Road. Ajeltake Island Majuro, Marshall Island MH 96960.
We cannot actually confirm they are really located at the physical address they have provided, but from a personal opinion and from what we know about these offshore brokers, the company might not be at the physical address that they have provided. Most of these offshore companies are non-existence since they are entities that are run by scammers.
Our advice to all our readers who would wish to venture into forex trading, trade with the best forex trading broker that is within areas with strict regulation rules for the safety of your funds and your own sanity.