Precision Trade Review: Is It a SCAM or Not?

Precision Trade offers to “Skyrocket your trading skills and maximize your profit.” However, hold on before jumping on this rocket. It might just take you to Mars, where, by the way, there’s no atmosphere. What we mean is, it’s better for you to read our review and find out whether it’s a scam or not before funding your account with this broker.

Precision Trade General Information

Registration and Client Portal Review

Precision Trade has managed to design a visually pleasing official website, with an attractive color scheme catching the eye. However, beyond the superficial appeal, the website disappoints. Content-wise, it falls short, offering minimal information about the company itself. Instead of transparency, the site is inundated with excessive self-promotion, which does little to instill trust. Despite its multilingual functionality, the lack of substantive content raises concerns.

The registration process with the broker is designed to be incredibly straightforward. All it requires is filling out a brief form where you provide your basic details such as your name, surname, contact information, address, and selecting your preferred account currency. However, what’s concerning is the absence of an additional layer of security like two-factor authentication. Without 2FA, user accounts are more susceptible to unauthorized access and potential security breaches, leaving sensitive personal and financial information vulnerable to exploitation by malicious actors.

Precision Trade provides access to its Client Portal, albeit with significant limitations. The portal offers basic functionalities such as account balance tracking, transaction history viewing, and perhaps some rudimentary trading tools. However, the overall functionality of the Dashboard is notably lacking in comparison to industry standards. Users may find themselves frustrated by the lack of advanced features or tools that could enhance their trading experience.

Precision Trade Trading Conditions

It’s time to check out what interesting offerings the broker has for its clients. If memory serves, they mentioned something about being able to skyrocket your potential. Well, let’s delve into it and see what they have.

Account Types Review

The trading accounts at Precision Trade left us astounded, but not in a good way. Simply put, the broker offers nothing special. Firstly, there’s no demo account. Imagine learning to swim without water — that’s the kind of challenge they’re offering. The lack of a demo account limits traders’ ability to gain confidence and experience. It’s leading to avoidable losses in real trading scenarios.

Precision Trade offers three account types to choose from: Standard, Super, and Ultra. The minimum deposits for each are $250, $5,000, and $10,000, respectively. Interestingly, despite the disparity in deposit requirements, these accounts offer virtually indistinguishable features. Specifically, all accounts provide access to cryptocurrency trading, free account setup, account management, and 24/5 support. The only notable difference is that the entry-level account lacks educational resources and live sessions.

These services are quite limited in reality. Additionally, the broker fails to provide detailed information about spreads and leverage. The account descriptions are also lacking in detail, further highlighting the inadequacies of the offerings.

Trading Platform

Precision Trade’s platform disappoints on multiple fronts, showcasing various shortcomings. Firstly, the platform’s user interface lacks sophistication and appears rudimentary, failing to impress traders with its design.

The terminal’s functionality is limited, offering only basic features and tools for trading. Clients may find themselves constrained by the lack of advanced charting options, technical analysis tools, and customization capabilities.

Additionally, users frequently encounter technical glitches and performance issues. The absence of comprehensive educational resources and research tools further diminishes the platform’s appeal.

Precision Trade — Deposit and Withdrawal of Funds

Precision Trade offers various methods for depositing and withdrawing funds, including credit or debit cards, bank transfers, and cryptocurrencies. Withdrawals can be made using the same payment methods, with the processing time depending on the chosen payment system, ranging from 2 to 14 days. Similarly, withdrawal fees vary accordingly. Additionally, there is a minimum withdrawal amount, set at $250 for bank transfers and only $100 for other methods.

Verification

Precision Trade requires users to undergo a verification process to comply with regulatory standards. The verification process typically involves the following steps.

Users are required to submit certain documents for verification, which may include government-issued identification (such as a passport or driver’s license), proof of address (such as a utility bill or bank statement), and potentially additional documents. Once the documents are submitted, the Precision Trade team reviews them to ensure they meet the verification criteria. This process may take some time, depending on the volume of verification requests and the complexity of the documents submitted.

Upon successful verification, users are notified, and their accounts are approved for trading. They may also receive additional information or instructions regarding their verified status and any applicable trading limits or privileges.

Additional Options

Precision Trade provides limited educational resources and access to live webinars, but disappointingly, there is a lack of clarity regarding the functionality of these services within the client portal. Users cannot find any published forecasts from the platform’s analysts, nor any reference to past webinars or seminars. This absence of concrete information raises doubts about the credibility and effectiveness of the educational offerings provided by the company.

Is Precision Trade a Scam?

The broker tends to exaggerate its offerings. However, we are still not impressed. Now, let’s take a look at another crucial aspect.

Legal Information and License

Precision Trade offers very little legal information for review. In fact, there is virtually none to speak of. The documents lack any mention of the managing company’s name. The contact details only include a phone number with a UK code. We checked the registry of this country and found no records of this broker. What’s even more intriguing, the terms of service state that all matters with traders will be resolved according to Estonian laws. And guess what? There are no records of Precision Trade in this registry either. Thus, it seems that this company doesn’t officially exist. Furthermore, if it’s not registered, it couldn’t obtain any licenses for operation.

Precisiontrade.io Domain Info

Another strike against this scam is its short period of operation. We checked this domain using the Whois service and found out that it was registered only in September 2023. This means that in reality, Precision Trade has been operating for just a few months. A newly established entity may lack the necessary experience, infrastructure, and regulatory oversight to provide adequate services and protect the interests of its clients.

Contacts Review

The broker provides a contact phone number and email for communication. However, there is no office address listed. This is not surprising, as we have already determined that Precision Trade is not officially registered anywhere. Therefore, the absence of any addresses is to be expected.

Pros and Cons

2.7 TOTAL SCORE

Precision Trade Summary

Precision Trade is essentially an unregulated broker, operating without any regulatory oversight. Therefore, depositing funds here is highly risky, and we would not recommend doing so. Moreover, considering the project's short operational history, it's unlikely to stay in the market for long.

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Website information content 3

Client Portal 3

Trading conditions 3

Trading platform 3

Deposit and withdrawal 4

Verification 4

Extra options 2

Licenses and guarantees 1

Work duration 1

Feedback 3

Frequently Asked Questions (FAQ)