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Powerwealth
Operating status: SCAM
Website: https://www.powerwealth.ch/
Broker violations and abnormal records
On November 30, 2023, the Swiss Financial Market Supervisory Authority (FINMA) issued a warning against Powerwealth, stating that this broker is not entered in its commercial register. https://www.finma.ch/en/finma-public/warning-list/powerwealth/
On November 30, 2023, the Swiss Financial Market Supervisory Authority (FINMA) issued a warning against Powerwealth, stating that this broker is not entered in its commercial register. https://www.finma.ch/en/finma-public/warning-list/powerwealth/Powerwealth fails to disclose information regarding its regulatory status, which is a significant scam indicator suggesting poor regulatory compliance. Although it claims to be based in Switzerland, there are no indications that it has acquired a license from the Swiss Financial Market Supervisory Authority (FINMA). In fact, FINMA has added Powerwealth to its warning list due to its lack of commercial registration.
Powerwealth only provides a "Contact Us" web form and an email address for investors to reach its team. This means that the initiative in communication is held by Powerwealth. If it chooses to ignore its customers, messages will go unanswered. If it shuts down the website or goes out of business, clients will have no effective way to reach out and recover their funds. Therefore, this lack of transparency is another red flag for a scam.
In essence, Powerwealth is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.
In conclusion, Powerwealth is unequivocally a scam.
Powerwealth fails to disclose information regarding its regulatory status, which is a significant scam indicator suggesting poor regulatory compliance. Although it claims to be based in Switzerland, there are no indications that it has acquired a license from the Swiss Financial Market Supervisory Authority (FINMA). In fact, FINMA has added Powerwealth to its warning list due to its lack of commercial registration.Powerwealth only provides a "Contact Us" web form and an email address for investors to reach its team. This means that the initiative in communication is held by Powerwealth. If it chooses to ignore its customers, messages will go unanswered. If it shuts down the website or goes out of business, clients will have no effective way to reach out and recover their funds. Therefore, this lack of transparency is another red flag for a scam.In essence, Powerwealth is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.In conclusion, Powerwealth is unequivocally a scam.
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