Beware! 365TradingFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
365TradingFX doesn’t really stand in the crowd, nor does it wish to be. Its one and only purpose basically puts it in a situation where it does not wish too much exposure. For if too many people come to it, all of them at some point will be scammed by it, meaning that no one will come over to it ever again. And one thing we have learned from illicit brokers is that they wish to stay on the low. Read the review to find out all that matters to 365TradingFX.
Registering was a breeze, and in seconds we were introduced to the user area, which seemed slick enough to gather some attention, but the more time we spend in it the more we learned how limited it really was. For example, the web trader was not really that useful although it did look very good. We will dig more into this later.
The EUR/USD spread that we read from the web trader was 0.8 pips, which is a superb value. The web trader does reveal the available financial instruments, which are forex currency pairs, stocks, indices, cryptocurrencies, and commodities. Our leverage was capped at 1:100.
The website of the broker is only available in English.
365TRADINGFX REGULATION AND SAFETY OF FUNDS
The closest we get to any helpful information that would guide us through a potential license is found deep in the terms and conditions, where we read that the governing law – the relationship between user and broker- is interpreted in accordance with the laws of Saint Vincent and the Grenadines.
Saint Vincent and the Grenadines is one of those locations that is synonymous with unregulated brokers, and the country is filled with them. The nation does not have an FX regulator, meaning that none of the brokers located there are licensed. As for the governing law part, a single claim is not nearly enough to take anything seriously. And anyway, 365TradingFX is not licensed in the small Caribbean nation, so it really does not matter if the assertion in the legal documents is false or not.
Aside from this, we get a couple of phone numbers from the UK, Australia, and Canada. We assure our readers that none of these countries regulate the broker. 365TradingFX might be located there, but it surely is not legitimized to offer FX services there!
365TradingFX is another UNLICENSED broker and is, therefore, a risk to all investors!
We always say that investing in unregulated brokers is a sure way to lose money. The first and foremost thing to do when picking a broker to invest in is to look for a license. Preferably look for FCA or CySEC regulated brokers, or other European watchdogs, or US ones. All legit regulators have long lists of rules and prerequisites that all brokers must abide by. Not doing so, will lead to penalties or foreclosure! Furthermore, many regulators have in-store financial compensation schemes for all users under licensed brokerages. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
365TRADINGFX TRADING SOFTWARE
The trading software used by the broker is a pretty one, no doubt, but we found that it offers very little in terms of functions.
Stop-loss, take-profit, and some chart customization options were the only real helpful things we found there. This isn’t the first time we come across a trading software that relies on visuals, and it won’t be the last.
365TRADINGFX DEPOSIT/WITHDRAW METHODS AND FEES
There was no way for us to gain any payment info from the user area because deposits can only happen if users contact the support team. The only thing we gather from the withdrawal section is that the minimum allowed amount to take out is €100.
According to the Withdrawal, Refund & Cancellation Policy, the payment methods are credit/debit card, bank transfer, and a bitcoin wallet. The minimum BTC withdrawal is $250.Withdrawal requests can take up to 10 days to process. There is a 1% fee for withdrawals, with a minimum charge of $30. According to the account type page, the minimum deposit is €250, which is a typical minimum investment requirement.
Of course, we cannot fully trust any of this information for obvious reasons. Remember first and foremost that 365TradingFX is without a license, and is thus a risk to all investments. Do not invest here!
How does the scam work?
Online ads are the gateway to most investment scams. Ads that seem extravagant with quite impossible promises are most certainly the entry point into a scam. Gibing into one of these ads is the first step to being scammed.
The second step is to deposit. Once users click on the ad, they will be redirected to a scammer broker site or an intermediary website. What follows is a registration, where users will be asked to provide a phone number or a phone number.
Next, the scammer will directly contact those that have fallen for it. The first calls are made by the first level of fraudsters, the rookies. Their one and only goal is to compel users to deposit for the first time. Once a deposit is made, the user is hooked onto the scam.
The second wave of scammers, the core of the fraud, sometimes called “account managers”, will try to keep you invested in the shame for as long as possible. They might even pay some profits, just to keep you invested. The user will deposit an additional 2-3 times, which is actually the perfect scenario for these criminals. At some point, the user will realize he or she is in the middle of a scam
There are no more steps to the scam. The user has deposited as much as he or she did, and the fraudster have disappeared. The money is gone, and users cannot withdraw.
What to do if scammed?
If money was lost through a credit or debit card, the good news is that most credit card companies have an easy way of recovering money. Furthermore, MasterCard and VISA have a chargeback period of 540 days.
Wire transfer frauds, that is broker/investment scams, are harder to recuperate, but not impossible. The crucial thing to do is to change your bank account username and password! Aside from that, we advise users to contact their banks, because most banking institutions might have a plan on how to deal with money lost to investment scams!
Never invest in unregulated brokers through any sort of cryptocurrency wallet, no matter how good the returns sound! Crypto deposits are untraceable!
The last scam that users might stumble upon is in fact most of the time one that has nothing to do with the investment scam, although a potential relationship between the two is not excluded. We are talking about the so-called recovery agents or agencies. These will claim to be able to recover lost funds in return for a fee. After users pay this charge, they can kiss their money goodbye!
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