Is 365 Binary Option a scam broker?
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365 Binary Options is owned and operated by Fintech Software Inc through Oproserv Ltd. It is registered in London UK and established in 2015. It is not a regulated broker. One can communicate through phone, live chat, and email. They offer their services in UK, Ireland, Australia, and South Africa. Surprisingly none of the regulators welcome them. Fintech Software Inc’s headquarter is at Vanuatu and registered at Majuru Marshall Islands. They are regulated by Vanuatu Financial Services Commission (VFSC) which is subjected to very little regulation. And 365 Binary Options scams innocent investors.
The trading platform is Techfinancials. They have worked hard to “look” like legitimate brokers. But the numbers of complaints say the other story. They are using the same old tricks to get investors money and will not give you back anything.
They are not regulated and are still operating in countries where regulators do not want them to operate and they are not getting good comments either.
The trading platform offers a vast variety of expiry choices. The payout percentage offered is high and for VIP accounts there is an additional higher payout, that is one has to win fewer trades in order to remain profitable.
There are totally 117 assets on offer, 25 indices, 31 currencies (including bitcoin/USD) 11 commodities, and 50 stocks. Expiry times are 60, 120 and 300 seconds for short term. For high/low expiry time is every 5 minutes to end of the day, week and month. Boundary and touch are also available.
Deposits and withdrawal are available through credit cards and wire transfer. Withdrawals can only be made if your trading volume is 40 times the bonus generated. But if your bonus is around 5K and 10K then you need to generate 60 to 80 times your deposit. In short, you will never ever able to withdraw your money.
365 Binary Options is a scam broker because it has closed down its site. When you open .365binaryoption.com a virtual similar named site 360FX opens up. The broker is been shut down because of numerous complaints and security issues. There are many online fraud companies that are still open and doing business.
The bonus structure (40 times and 60 to 80 times) is so high that it is virtually impossible to fulfill and hence no withdrawals. For their forex dealings, available accounts are Mini, Silver, Gold, and Platinum. They have affiliate and master affiliate programs too.
One of the authors Linda wrote on a known site .scambroker.com wrote her story. She says that company operates a team of scammers who are deadly skillful and heartless manipulators. They first check how wealthy you are and accordingly offer the best account manager who can manipulate you. They keep on changing the account manager depending on the situation. The managers will make you believe that they are making a lot of money for you. They will make you invest more and more in a hope of gaining, but practically you will be losing trades. She feels that the company fiddles with the platform. 365 Binary Options scam you in 10 minutes of all your money, she says. Once they get an indication that you do not have more money to invest they will leave you.365 Binary Options is a scam broker and if you are one of the victims like Linda you can contact MyChargeBack to retrieve your money. For withdrawal always email the compliance department and customer service department. Avoid verbal promises made by accounts managers as they keep changing. Whenever accepting a bonus from the brokers do read in between lines of broker bonus policy. You may have to trade 40 times trade volumes before you can withdraw your bonus and this is how investors are scammed online.