Trade360 Broker Review
Despite a huge number of platforms offered in recent years, Trade360 Forex broker seems to be offering the users something new. The broker seems to be a providing absolutely new and innovative concept, that focuses mainly on the principle called “wisdom of the crowd”, which gives users an opportunity to view the market sentiment before opening a position. The promises this company makes are great. After all, understanding the market sentiment before you make this trade allows you to make a trade that actually benefits you to the fullest. How does the company do this? We are not entirely sure, but we know several things. The first thing is that this is not a trait unique to the website, as there are indicators that provide the same service, across all brokers and platforms. The second point we would like to make is that despite the things the company is offering, it does not seem to be all it seems.
The broker claims that it is licensed and regulated, which would set it apart from many other companies, but we still have a problem with the broker. There are many Trade360 reviews and most of the focus on one specific aspect – that the broker is not everything that it seems. Unlike other brokers that focus on the provision of the MT4 platform, this broker claims to lets the traders benefit from the ideas of the crowd, while also providing a service that is inferior and many have said is nothing more than a straight-up scam.
Trade360 Review: Signals
Trade360 FX brokerage is able to present the trader with accurate signals based on the collective thinking of various trade groups. The process is very easy to understand. For each asset, the platform displays tickers, showing bid and ask prices and the percentage of traders that have opened either a long or a short position at a time on the particular instrument. For example, at a specific moment, the percentage of traders with opened long positions on the S&P 500 in comparison to those with short positions are 67% to 23%.
Traders can monitor the crowd’s sentiment before making a trade, which gives them a huge advantage over those using alternative trading platforms. It allows traders to understand what the most appropriate next step in their trading will be. Although this seems to be a little bit of a counterproductive option for trading. If the market sentiment is constantly on display, people will try to either follow it or go against it, which will cause the market sentiment to become more volatile. In reality, if all users see the same data, they will act the same way on it, reinforcing a trend that might have gone differently and result in many traders to lose money once the rest of the market decides to not follow the trend anymore.
Besides this feature, which allows users to examine the market participants’ opinion on a certain instrument, the platform offers one more important feature. An indicator that is displayed on the right side of the screen, it shows unexpected movements in crowd sentiment and the speed of these swings for all the instruments. While such a feature is useful, it needs to work accordingly, but here it simply is used by the broker to work against the traders and make the Trade360 scam actually viable.
Trade360.com Review: Indicators
As mentioned above, a feature like this would make the broker more convenient to work with, only if the broker was trustworthy enough in what it provided. In essence, an indicator such as this makes the trading process more convenient, as the trader does not have to look up every instrument to be kept informed of the crowd sentiment. But when used for nefarious purposes, it results in the broker being able to more or less control the expectations of the trader and to use these expectations in order to benefit themselves, by trading against the traders.
In addition to the “crowd trading” feature, the Trade360 scam broker provides its users with access to a simple trading web-based platform, which requires no download. This is a suspicious feature simply because it signifies the broker’s reluctance in investing in their products. If they were, they would be able to provide their traders with a high quality, highly functional trading platform which would allow them the use of a diverse set of indicators and charting tools. Such a trading platform would also be safer from being modified for the benefit of the broker. As it stands, the broker is seemingly providing the bare minimum. We also suspect that the broker has manipulated the Webtrader platform in a way that would allow them to manipulate the traders and benefit from lying the users.
Applications for both iOS and Android devices are also available. This broker offers has a simple account opening procedure, which allows users to set up their accounts momentarily. Both funding of the account and withdrawing money can be done using a Credit or Debit Card, eWallet, or Bank Wire, with processing time ranging from 3 to 10 business days. Although it seems like Trade460 withdrawal of funds is never fully possible, as the broker has a large number of limitations imposed upon the withdrawal process.
Trade360 Opinion: Account types
Traders are offered the opportunity of opening both demo and real money accounts with an extremely low minimum deposit requirement of $25, and high leverage, such as 200:1 on commodities, 20:1 on stocks, 50:1 on indices and CFDs, and 400:1 on FX. Moreover, traders, who have verified their phone numbers, are offered a $50 cash bonus when opening a real account.
For opening a new demo account, users are offered a bonus of $60. Trade360 has the following starting spreads on trading instruments: 1.8 pips on FX pairs, 5 pips on commodities and stocks, and 0.8 pips on market indices.
Is Trade360 legit? The verdict
Now let’s do a quick summary of everything the broker has to offer. The broker offers a low initial deposit and high leverage for trading, the spreads on trade instruments are also minimal, and while not the tightest in the market, they are highly reasonable. Opening accounts by US citizens is prohibited. All of this would be great if it did not seem like a way to attract new customers to take advantage of.
What scares us most is the unique feature of “crowd sentiment”, which is used by the scam broker in order to manipulate the traders into trading the way the broker wants them to and the way the broker would benefit from the most. While the platform is rather easy and intuitive, it is also programmed to act against traders, which would be pretty hard to do if Trade360 MT4 was an option. All of these details as to the nature of the broker mean that we have a hard time believing the broker is trustworthy. We think theirs is a scam service designed to steal your money from you, which is why we recommend staying away from them.