365FX Review Scam Complaint
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The offshore FX broker 365FX provides services in FX, binary options and CFDs. The accounts available to trade by this broker are of four types and namely Mini, Silver, Gold, and Platinum. The information on the trading condition is limited or unavailable. The broker represents its offers very poorly. Also, there were glitches while trying to test its platform. This scam review will shed light on the true character of the 365FX broker. Don’t miss it.
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The broker 365FX is one of the broker who actually offers a diversified trading instrument portfolio. The trading instruments cover about 30 FX pairs, all sorts of commodities, also cryptocurrencies. The cryptocurrencies available to trade are Bitcoin, Ethereum, Ripple, Litecoin, Dash, Monero, and Augur. These cryptocurrencies can be traded against each other and with the US dollars.
The broker claim to be situated in the UK and also has an offshore site in New Zealand, Singapore, and South Africa. Unfortunately, none of the financial authorities around the world has its registration information. The 365FX is also operated under different but similar brand name viz 365-FX, 365BinaryOptions. The owner of all the brands is Fintech Software INC that is registered in the Marshall Islands. While reading through the terms and conditions section of this broker we came across one more firm called Oproserv Limited claim to be registered in the UK. Sadly this firm is also not recognized by FCA, UK.
As mentioned earlier 365FX does not share any information on trading conditions also it refuses to provide a demo account. So we really don’t know anything about maximum leverage, provided spreads, minimum deposit required, cost of trading and commission of this broker. The 365FX offers its client some infamous third-class trading platform. It does not have any advanced features like automated trading, charting, EA and many more present in the MetaTrader platform.
One of the key elements we came across from the trading condition while testing the provided platform was provided spreads. It turns out to be 4 pips on the euro-dollar FX pair. That is higher than what is accepted in regulated markets.
Is 365FX scam or legit?
The conclusion of the above discussion turns out to be negative. The broker is not regulated, changed its brand name several times. The information on the trading conditions is hardly traceable. The provided trading platform is unattractive and hard to use. Therefore we conclude that this broker is a potential scam broker and must be avoided in any circumstances without any hesitation.