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365TradingFX Review – Reasons to Avoid This Scam Broker
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365TradingFX can be put side by side with hundreds of other offshore brokers we have reviewed here, and the only difference between it and the rest would be the logo, which is quite amateurish.
For if too many people come to it, all of them at some point will be scammed by it, meaning that no one will come over to it ever again. And one thing we have learned from investment scams is that they wish to stay on the low, just like a 365TradingFX broker. And in this honest 365TradingFX broker review, we will tackle all the shady tactics this and many other scam brokers use to make themselves look legit.
|Headquarters||St Vincent and Grenadines|
|Minimum Deposit||250 EUR|
|Broker Type||forex, commodities, indices, stocks, cryptocurrencies|
Is 365TradingFX Legit or Scam? Regulation
The closest we get to any helpful information that would guide us through a potential license is found deep in the terms and conditions, where we read that the governing law, the relationship between user and broker is interpreted in accordance with the laws of Saint Vincent and the Grenadines. Saint Vincent and the Grenadines is one of those locations that is synonymous with unregulated brokers, and the country is filled with them.
The nation does not have an FX regulator, meaning that none of the brokers located there are licensed. As for the governing law part, a single claim is not nearly enough to take anything seriously.
And anyway, 365TradingFX is not licensed in the small Caribbean nation, so it really does not matter if the assertion in the legal documents is false or not. So, no, there is no regulation and funds security.
365TradingFX Trading Software Overview
The trading software used by the broker is a pretty one, no doubt, but we found that it offers very little in terms of functions. Stop-loss, take-profit, and some chart customization options were the only really helpful things we found there. This isn’t the first time we come across trading software that relies on visuals, and it won’t be the last.
And don’t be surprised, these fraudulent brokers are known to manipulate the trading software to make it seem that you are making a profit, while in reality, they are just scamming you for even more.
Account Types Option at 365TradingFX
When it comes to trading accounts, 365TradingFX said they offer the following ones:
- Basic 250 EUR
- Silver 10,000 EUR
- Gold 25,000 EUR
- Platinum 100,000 EUR
As you can see, they are not even subtle when it comes to the amounts they are asking you to deposit. So, just stay away and find a good and regulated broker to work with.
Deposit and Withdrawal Process
On the broker’s website, they have stated the following deposit methods:
- Visa or Master credit or debit
- Wire transfer
We agree this isn’t a clear indication that the firm intends on scamming its investors so that’s why it’s so crucial to do your research. As far as withdrawal is concerned, it seems impossible to withdraw your money from this particular company.
If you have had the misfortune of using 365TradingFX as a means of making your investments, contact us as soon as possible so that we can begin the chargeback process for you. The earlier you contact us, the higher the chances are that we can help you get your money back. This is something that we can do in collaboration with your bank.
365TradingFX Scammed Me – How Can I Recover My Money?
If you have already deposited with 365TradingFX or any other scam broker you are probably wondering whether you could get back your money. You have already opted for a withdrawal many times and all your attempts have been turned down because scam brokers like this one simply don’t process withdrawal requests as a rule.
In this case, your only option would be filing a chargeback and this is possible if you have deposited with a credit card like Visa or MasterCard. This scam broker claims to accept such cards, bank wire transfers, and some of the most popular eWallets. So, hopefully, you’ve paid with a credit card
If you haven’t, though, you just have to accept you have been scammed and watch out for people trying to pass as “recovery agents” and offering to retrieve your money for a fee. Beware, this is just another type of scam!
While conducting this broker review we found that 365TradingFX is an offshore broker that follows no regulations and therefore offers no safety for trader’s funds.
Not only are they unlicenced, but they have been falsely claiming to be. Additionally, they are also claiming to be operating from Australia, but in order for this to be true, they must be regulated by ASIC, which they are not.
The minimum deposit requirement is also set at 250 EUR, which is just too high and almost never seen with a regulated firm. On top of that, their trading platform is just a basic web trader that doesn’t even work properly. Overall, they are not worth your time.
Lastly, the broker doesn’t even offer a demo account for potential traders, which never happens with licensed brokers.
A good rule of thumb is to carefully review as many forex companies as possible before you swipe a card. And also remember to always think twice before investing anywhere and make sure you read the reviews first.
FAQs About 365TradingFX Broker