Despite having some fair reviews, 365TradingFX is still an unregulated broker. And that puts a dagger to what looks like a genuine trading platform. Although the broker offers fair trading conditions, the lack of regulation is suspicious. Trading with a clear conscience is important, especially if you’re trading with a large amount. Why the broker fails to inform users of their regulation status is another problem. Here’s what we found out regarding the non-compliant and unregulated 365 TRADING FX.
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365TradingFX License and Registration
365TradingFX is not a regulated entity and does not hold any license from authorities. We did a thorough check using regulators in areas where they claim to have offices. The Financial Conduct Authority does not have a broker licensed with the above name.
Other regulators such as the IIROC and Australia’s ASIC have not heard of this platform. It shows that the broker is operating without any compliance.
Any broker operating without a license might decide to close down shop at any time. And we believe that this broker has done so as their website history remains hidden. There’s no license number or copies of any documents to support regulation.
The broker wants members to take their word that funds are safe. That will not happen as the broker might shut down, and no one will do anything about it. It’s why you need regulators to protect members from such scenarios.
There’s not much to talk about when it comes to the platform’s history. The broker wants to remain anonymous. There’s no effort on the broker’s behalf in regards to exposing who they are.
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On their contact page, the broker appears to have several offices in different countries. The offices can be found in Australia, Canada, and the UK. They claim to use Fintech expertise to make access to global markets.
Once you land on their homepage, you get a well-designed website with easy navigation. The banner reads ‘Global Markets at your fingertips, ’ which moves viewers to find out more. Just below the banner, the broker claims to use a fully customizable platform.
According to them, this is an award-winning trading platform. Other notable claims on their homepage include being globally trusted and having a robust trading experience.
Are funds safe with 365TradingFX?
Although the broker claims to offer a reliable trading experience, we are not convinced. The fact that they don’t have a valid trading license makes them suspicious. There’s no way we can guarantee that funds are safe with this anonymous broker.
With no actual broker coming out in support of this platform, the security of funds is out of the question. We won’t allow the broker to claim to offer security, yet they hold no valid license.
Assets and trading instruments
365TradingFX claims to offer over 200 instruments, including commodities, crypto, FX, indices, and stocks. Whether a pro or novice, the platform claims to have the answers to fair trading conditions.
We don’t doubt that they offer fair conditions; scam brokers also do the same. A broker might offer a 1:500 leverage which to some is fair trading conditions. The industry has, however, put a cap to maximum leverage of 1:30.
This is where things get dicey as the broker blocks all attempts to reveal the platform’s owner. There has to be someone in charge of this broker or the head of the institution. The platform leaves no names making us question their credibility.
365 Trading FX is another anonymous trading platform. Even their location seems shady as the phone numbers don’t work.
Comments and feedback from investors
When you look at some of the comments on Trustpilot, you will notice a pattern. All the comments are within a month of each other. The comments start from February 2021 to March 2021 as of posting this review.
The broker may be behind all these positive reviews. One user claims to have been a member for the past year. That alone is disputable as the platform lacks a credible online footprint.
Domain insights (365tradingfx.com review)
With domain checker tools available for monitoring websites, we take full advantage. And this is another reason why we doubt the credibility of 365 Trading FX. There’s no way that this broker is over a year old.
The owner has made sure that the website’s details remain hidden. That’s a pointer that we are dealing with anonymous brokers. In our experience, offshore brokers tend to hide their domain background and history.
Features of 365TradingFX
365TradingFX is furnishing members with four accounts. The four accounts include Basic, Silver, Gold, and Platinum. There’s a minimum deposit of $250 for the basic account and 100,000 Euros for the Platinum account.
Most of the features are the same such as claims of lucrative spreads and bonus funds. Private analyst sessions are on offer, with webinars available to everyone except Basic account holders.
Another reason we doubt this broker is the fact that they are offering bonuses to members. The regulators in the jurisdictions they claim to have offices are against it. Most of these brokers will use the bonus to block withdrawals.
We have seen it in more cases than one where brokers leverage withdrawal for bonuses. The broker will insist that you must make a new deposit of the bonus amount. Even if your account has enough funds to cover the bonus amount, you will have to deposit afresh. The brokers dictate terms and demand a new deposit.
Deposit and withdrawal
We did notice that the accounts have a very suspicious feature, prioritized withdrawal process. What this means is that you have to wait for approval from the broker to withdraw. This would not be the case if the broker had a valid trading license. It’s why we don’t recommend the use of 365 Trading FX.
Safety of funds with 365TradingFX
There’s no safety of funds with this trading platform. The fact of the matter is that the broker fails to hold any valid license. We are sure that the broker does not deposit the minimum amount to start a trading service with authorities.
The amount is crucial as regulators use it to ensure deposits enjoy insurance cover. Without it, members are depositing funds to an unknown entity. The broker does not segregate accounts as they probably store all funds in one account.
Scam or Legit 365TradingFX
365TradingFX is a scam that investors should stay away from. Although the broker claims to have fair trading conditions, lacking a valid license throws the claim away. We won’t recommend a broker that puts funds at risk by failing to offer insurance cover.
There’s no point in signing up with a broker who fails to have a valid license. If they claim to reside in the three places, they ought to get a license from regulators.
Stay safe and use credible brokers who have years of trading experience. These are proven and tested experts who have your interest at heart.
We wish you a profitable and safe trading experience.