Powell Financial Services has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Phones: (917) 338-5258
Addresses: 1399 Hudson Street 3rd Floor Manhattan NY B99 Hudson Street 3rd Floor Manhattan NY 10013 This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.powellfinancials.com.
I opened an account with Powell Financial Services for the past six months ago. The platform frequently logs you out, orders fail to execute at the stated price, and when you complain they blame your internet connection. I have screenshots proving otherwise.
Pros: Clean UI|Segregated accounts|Real-time alerts
Cons: Minimum deposit could be lower|Wait times can be long during peak hours
The platform itself is okay, but the customer service at Powell Financial Services is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Multi-device support|Clear documentation|Easy withdrawals
Cons: Currency conversion fee exists|Would like more payment methods
The mobile app from Powell Financial Services is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Automated trading options|Dividend tracking
Cons: Withdrawal takes 1-2 business days
The only good thing about Powell Financial Services is that they remind you why regulation matters. I found them based on a colleague's recommendation. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Detailed reporting|Clean UI|Fast deposits|Fast execution
Cons: No phone support on weekends
My withdrawal from Powell Financial Services was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for over three years of being strung along.
Pros: High security standards|Multi-currency support|Transparent fees
Cons: Account statements could be more detailed|Research section could be deeper
I wanted to transfer my portfolio from another broker to Powell Financial Services. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Two-factor authentication|Clean UI
Cons: Limited social trading features
Powell Financial Services changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Instant funding|Good analytical tools
Cons: Limited cryptocurrency options
I lost a significant amount because Powell Financial Services did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.
Pros: Fast deposits|Easy to use platform
Cons: Research section could be deeper
I closed a profitable position at Powell Financial Services and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Social trading features|Comprehensive tools|Easy to use platform|Copy trading available
Cons: Inactivity fee applies after 12 months|Mobile app could be improved