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Poseidon Tradings Review - is it scam or safe?

Poseidon Tradings review - Is poseidontradings.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Poseidon Tradings
Poseidon Tradings is an offshore broker. Your money is not safe.

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Poseidon Tradings says to be a broker that offers binary options, as well as CFDs on currencies, shares, commodities and indexes with a web based platform and welcome bonuses of between 40% and 70%.

 

Account type Min. deposit Max. leverage Spreads

Mini Account

$200 n/a n/a
Silver Account $1000 n/a n/a
Gold Account $5000 n/a n/a
Platinum Account $10 000 n/a n/a

 

The broker also says to be based in the UK, to be regulated in Australia, and quotes a company history dating back to 1965.

 

In reality however, this is just an anonymous website - we are not even sure about the name of the company that runs it - and as it turned out they are not regulated by the Australian Securities and Investment Commission (ASIC). For more information about the scam please read the following review.

 

Poseidon Tradings Advantages:

 

We usually try to come up with some positive sides about the broker we review, but in this case clearly there are non, except perhaps for the minimum deposit requirement – 200 USD, which sounds acceptable.

 

Poseidon Tradings Disadvantages:

 

Anonymous website, no license, falsely claims to be regulated by ASIC

 

As we already noted the Poseidon Tradings website is completely anonymous. Sure they have some addresses in the UK, but apart from that they do not disclose the name of the company behind them, although in their presentation they boost that their corporate history goes back to 1965.

 

 

Also, as we checked the registers both of the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK, there was no trace of  Poseidon Tradings, so basically we talking about an anonymous, unregulated website that deliberately tries to mislead traders in an apparent attempt to scam them.

 

 

So here you may also check our list of brokers regulated in Australia:

 

>>Brokers regulated in Australia<<

 

Managed accounts 

 

This is another scam technique. Poseidon Tradings says to be offering “automatic trading with a binary robot”, while promising monthly returns of up to 45%.

 

 

Bear in mind that most brokers, even legit ones act as market makers, which means that they make money whenever traders lose. So if a market maker like Poseidon Tradings offers to manage your account with “a binary robot”, this means they are in a conflict of interest - they will simply have an incentive to lose your money in their own pockets.

 

Unspecified trading conditions, no demo account

 

We were not offered the option to open a demo account so we can not comment on the trading conditions Poseidon Tradings presumably offers. They only mention to be offering binary options payout as high as 90%, but as we already noted, we can not confirm that. Besides, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Trading bonuses

 

As we already noted Poseidon Tradings offers welcome bonuses of between 40% and 70 %, depending on the account type, and that is not reassuring as well. The basic problem with all trading bonuses is that they always come with strings attached –  some minimum trade volume requirement, which too often is used by scammers as an excuse to cancel your withdraw requests.

 

No information about the payment methods

 

Just bear in mind that most brokers accept payments with major cards like VISA and MasterCard, bank wire and e-wallets like Neteller and Skrill.

 

MetaTrader4 not supported

 

We were not able to see the Poseidon Tradings web based trading platform, so we miss the MetaTrader4 – probably the best known trading platform on the market. MT4 is highly reliable and features over 100 incorporated customizable market indicators and trading robots, with which you can effortlessly run automated trading sessions. And it also has an excellent selection of advanced charting tools so here you may also check our list of brokers, supporting MT4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Poseidon Tradings is an obvious scam. They are completely anonymous, lie about their regulatory status, falsely claiming to be regulated by ASIC in Australia, and offer managed accounts, while acting as market makers, which is a typical scam technique. So our advise as usual is to trade only with brokers, holding legit licenses by a well known financial regulator such as the the FCA in the UK, ASIC in Australia or the Cyprus Securities and Exchange Commission (CySEC).

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Traders` reviews for Poseidon Tradings

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