Pwfx System (pwfxsystem.com) is a website purporting to fund “incognito traders”.
The owner is called Phillip W. from Charlotte, North Carolina. There is no way to verify his credentials or his trading background.
For that reason, I am unable to include this service on our favorite list of resources that traders must use for their success.
The vendor is offering virtual trading floor subscription plans and making students believe they can get up to 1 million dollar in funding.
In fact, pwfxsystem.com even claims that with this kind of subscription, traders can ‘skip the challenge’ and instantly get a “live funded account”.
In addition to this, Mr. Philip W. of pwfxsystem.com is claiming to participate in charity work where he intends to raise $5,000 to take care of poor families.
He further claims that he will use the $5,000 to build a fund that will be “transparently tracked by donors”.
Pwfx System’s website does not provide in-depth information concerning their products and services.
The vendor is forcing visitors to his website to create an account in order to get basic details about his purported account management and trader funding services.
Nevertheless, the vendor also wants traders to know that “automated trading is their only constant”.
To get automated trading, investors have to sign up for the vendor’s account management service.
On their Telegram channel, Pwfx System claims that trading accounts of their customers are managed using algorithms that have been strength-tested and optimized for performance.
Due to the controversies that are surrounding pwfxsystem.com currently, I advise the community to take precautions.
What we know about pwfxsystem.com
While the website has a professional touch, everything that is posted there cannot be read unless you create an account.
This is time-consuming and disgusting for visitors who only want to get the info as quickly.
It also appears that to learn how the incognito trader funding works and how to get started, one has to contact the vendor first.
There’s zero information here.
With lack of transparency, one wonders what Philip W. of PWFXSystem LLC could possibly be hiding.
I believe that a short paragraph should explain all of the services that are offered here.
He should probably let us choose whether we want to contact him or not thereafter.
Why PWFX System is possibly a scam
Over the years, I’ve learned that shady vendors promise all kinds of exciting stuff but offer none.
Trader funding is a tricky business, and usually the trader will lose money to the person promising to fund them.
PWFXSystem LLC does not actually fund traders of any kind in as much as they announce it everywhere on their website.
There’s no evidence of funding and secondly, their website does not have terms and conditions that address who can be funded and who cannot be funded.
The promotion material on the PWFX System is simply too good to be true because it creates the impression that everybody will be funded.
The truth is that nobody will be funded. Initiating contact with the vendor (as their website encourages it with every click of the mouse) will just lead to persuasion to pay a subscription fee.
You are paying a subscription fee to get nothing in exchange. The most you can get is a trading experience on a simulator.
The PWFXSystem Telegram Group
The vendor’s Telegram group is an oiled marketing machine.
As you can see, it has over 11k members.
There are many internet marketing services that sell fake Telegram following to shady vendors.
A vendor like PWFXSystem will just purchase a package and boom, he has thousands of followers.
He can use this profile to sell any kind of financial snake oil.
A quick look into the Telegram Group reveals that PWFX System is only posting “profitable” trades and not losses.
The results are obviously fabricated because the vendor does not provide a means to verify or authenticate the performance.
In short, this is where Mr. Philip W. uses marketing to lure unsuspecting victims into his dubious managed accounts.
It is reported that PWFX System is actually a website that does not fund traders.
Secondly, Philip W. is a poor, pathetic trader that will hit stop loss multiple times before a huge drawdown can ensue.
Thirdly, he does not have a verifiable track record of trading, only a website with fancy bells and whistles.
In short, these complaints are not in vain. Do not take them lightly as there’s no smoke without fire.
PWFX System is just one of the many notorious websites masquerading as legit prop trading firms.
I’m unable to confirm the algorithm which Philip W. is talking about. But reports have indicated that this is a money-losing algorithm that blows clients’ managed accounts in less than a week.
Mr. Philip W. is also charging weekly subscription fees because he knows his algorithm can’t go long.