365Markets Review Scam Complaint
365Markets Review – An Introduction
The FX broker 365Markets belongs to the new generation of the broker. It focuses on cryptocurrencies rather than conventional forex pairs. It allows trading for both the currencies (Crypto and Fiat) on the same platform. The broker provides two account types which are standard with the deposition of $250 and premium account with the deposition of $2500. The premium account is provided with extra services like personal account manager, trading education, risk-free trading and many more. All this sounds good but we have several other concerns about this broker we will share these in this scam broker review.
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The most obvious advantage of 365Markets is its variety of trading instruments. The instruments include FX pairs, CFDs on commodities, indexes, metals, shares, ETFs and many crypto pairs. Along with it, it provides trading with binary options.
The trading platform featured by 365Markets is combination of FX and binary trading platforms. It has a promising interface and top-class useful features. It is provided with charts, market indicators, also one can select from different leverage provided for each and every trade.
The clients of 365Markets are provided with several deposit and withdrawal options. These include Wire Transfer, Card, E-wallets like Skrill, Neteller, etc. As previously mentioned, one can choose different leverage options for every trade and can be used as a risk management system. The maximum leverage provided is up to 1:200 which is according to market average and can make a good profit.
The aspect of regulation is considered paramount in online trading. Here, the 365Markets fails. The broker is claimed to be situated in Bulgaria. Sadly, the broker is not regulated by the Bulgarian Financial Authority. This makes the broker untrustworthy. The broker does not feature the MT platform. Which can be treated as one of the disadvantages of the broker.
The minimum deposit of $250 is according to the market average but misses on many features that are provided by regulated brokers. To avail of these features, one has to deposit ten times higher funds. Several other regulated brokers provide all sorts of services including premium ones merely deposition of $100. While testing the platform we came across the spread of 3 pips on euro/dollar FX pair and considered high.
Is 365Markets scam or legit?
The fact of appreciation about 365Market is it provides hybrid trading of forex and binary. Eventually, this alone does not hide the fact of regulation and licensing. The broker is unregulated and poses a severe risk to the investor’s funds. Also, spreads provided increases the cost of trading. In our view, the 365Markets can be a potential scam broker and investments are not in safe hands.