Is Trade360 a Scam or Legit Broker? Find Out Here
If you are looking for an opportunity to invest online, there are many brokers and investment services to choose from. It is important to investigate carefully to sort out legitimate brokers from the scams. Sometimes, it can be a challenge to distinguish a good broker from a fraudulent one. That is why Trader Defender has taken the time to research Trade360.
Trader Defender has investigated Trade360 and will give you our impressions. Our team has extensive knowledge of the financial industry and is adept at identifying fraudulent and legitimate brokers. It is important to look carefully at a broker before signing a contract and starting to trade with them. This Trader Defender review is intended to make this decision easier.
|Product Types||Forex, ETF CFDs, commodities, stocks, indices|
|Products Offered||40 currency pairs, 40 ETF CFDs, 4 commodities, hundreds of stocks, 7 indices|
Trade360 was founded in 2013 and is owned by Crowd Tech Ltd a Cypriot investment firm. Trade360 holds a license from CySEC or the Cyprus Securities and Exchange Commission, which follows the regulations of the EU. It allows trading on MT5 as well as its proprietary platform and offers a wide variety of trading products, such as Forex pairs, stocks, CFD ETFS commodities, and indices.
Trade360 offers a variety of account types and has automated and live customer service. Its fees tend to be high compared to many other brokers and its spreads are relatively high. There are a number of negative customer reviews, but it seems that many of these are meant to promote other services and competitors, given promotional information in the review text.
Start the Process Today
Trade360 is regulated by CySEC or the Cyprus Securities and Exchange Commission. This regulatory body is subject to regulation by the EU. It is considered to be a reputable regulator, but it is not as highly rated as regulators in the United Kingdom or Germany. Still, a Tier-2 license is respectable but does not guarantee that the broker is not problematic.
It is important to always ensure that any broker you are considering is regulated. Tier 1 and Tier 2 regulators provide oversight and address consumer complaints. Obviously, it is better to work with Tier 1-regulated brokers, but if you find that Trade360 has the services and features you need, there is no need to rule it out even though it is not Tier-1.
Trade360 has a wide variety of investment products, including:
- Forex–40 currency pairs
- 40 ETF CFDs
- 4 commodities including oil and precious metals
- 7 indices including Dow Jones and Dax
It should be noted that CFDs are high-risk vehicles and are not allowed in all areas of the world, including the United States. Forex, though popular, also involves high risks. However, the educational and research tools provided by Trade360 can help clients make informed decisions before making trades. The variety of trading choices is a benefit of Trade360.
Clients have the choice of downloading the popular MetaTrader 5 platform or using Trade360s proprietary platform. MT 5 allows trading forex and stocks and makes it easy to do fundamental and technical analysis. MT5 also allows customizable charting and other features and is ideal for seasoned traders.
Trade360 also lets traders use their web-based platform as well as MT5. This platform focuses on crowd trading, which allows traders to see the number of people trading a certain asset at a given time to help traders make decisions. The platform provides live market feeds and technical analysis.
Accounts and Fees
Trade360 offers different account levels starting with a mini-account at $200 to Diamond at $50,000. Spreads for this broker are larger than average: the USD/EUR is 3 pips and GBP/USD is 5 pips. The broker charged a maintenance fee of $100 every 45 days. It also charges a commission for holding a position open overnight.
These fees tend to be higher than for other brokers. This doesn’t necessarily signal a scam, but those who are looking at this broker should know that there are brokers that offer lower fees. However, some clients may choose Trade360 for other benefits despite the fees.
To withdraw money, clients have to provide ID, credit card information, and proof of residence. The withdrawal usually takes 3 days and is given through the same method that was used for the deposit. Trade360 has a number of security features such as a firewall, encryption, and separate servers for different geographical locations.
What Customers Say about Trade360
Trade360 looks like a reputable broker, but unfortunately, there were many negative customer reviews on review sites. However, most of these negative reviews detailing extremely dramatic stories about losses were accompanied by promotional information that demonstrated that the feedback was provided for other motives, such as to help a competitor, and many of these reviews are likely to be fake.
However, it should be noted that there were not many positive reviews to counteract these negative and probably largely false reviews. For Five-star brokers with top ratings, these fake negative reviews are seen, but they are counterbalanced by positive reviews. Unfortunately, there were not many positive reviews to provide an alternative viewpoint.
Our Verdict on Trade360
Trade360 is a regulated broker from a Tier 2 regulatory body. It provides MT5 and its proprietary platform, a variety of investment products, educational tools, and customer support. However, its fees are much higher than average and it is beset with many negative customer reviews.
Many of these reviews may be fake, but there are not many positive reviews. Taking into account the lack of positive customer reviews, its Tier 2 rating, and high fees cause us to urge caution when working with this broker. Your money may be safe with Trade360, but do some research and consider carefully before making your final decision.
Want to Find out More About a Broker?
If you want to know more about brokers, consult with Trader Defender experts today. We investigate, detect and report fraudulent brokers. Our professionals offer due diligence services and protect clients with our in-depth investigative reports. Schedule a consultation with us and we can guide you on the road to making successful trading decisions.