Trade360 Broker Review – Is it trustworthy?
One of the first things any trader should realize before entering a financial market, whether it’s Forex, stocks, or just about anything else, is that they need a credible broker, someone they can trust. As you may already know, brokers are your partners in trading: they connect you with liquidity providers that basically give you the trading assets, they also provide various tools, features, and indicators that help you reap as many profits as possible.
Unfortunately, the internet is full of fraudulent brokers whose only goal is to trick new clients into their Ponzi scheme and steal their money. And it is not as easy to distinguish scammers from the real brokers these days. Fraudsters have learned how they can turn a mediocre trading platform into an attractive one, offering huge leverage ratios, incredibly shallow spreads, and features like that.
All that being said, it’s still not impossible to find a credible brokerage. It just takes some time and effort to do so. On our part, we’d like to help you in the selection process, that’s why we offer this Trade360 review where we’ll take a look at the broker’s website, licensing, trading terms and conditions, and other important aspects.
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 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 one thing for sure: this is not a trait unique to the website, as there are indicators that provide the same service, across all brokers and platforms. However, it certainly doesn’t mean that the broker should be criticized for doing something that’s already been done. Instead, we have to commend it for taking a service and offering its own version of it.
The broker claims that it is licensed and regulated, which would set it apart from many other companies, and once we actually see the license, there’s pretty much nothing to discuss here: Trade360 Forex broker has a CySEC license that guarantees there’s no scam or fraud going on. Unfortunately, the internet seems to not to be convinced about the credibility of Trade360. There are many Trade360 reviews and most of the focus on one specific aspect – that the broker is not everything that it seems.
However, upon reading those reviews in person, we weren’t able to find out exactly which part about the broker seems fraudulent or inferior. We’re suspicious that those reviews are what’s called “anti-promotional” pieces that work to denigrate the broker intentionally.
Starting off, let’s talk about the website – its design and informative aspect. As for the interface, it looks quite streamlined and modern. Although there are some visual effects and decorations that would be better if omitted completely, they don’t turn the website into a mess by any stretch of the imagination.
As for the informative aspect, virtually every detail that a trader would want to know about the broker is disclosed on the platform. There are 13 different thematic sections that include information about crowdtrading, trading platforms, terms and conditions, and much more. So, if you want to find out what the leverage ratios or spread levels are, or want to see which instruments you can use in trading, you can simply go to the drop-down menu and find an appropriate section.
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 is 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.
For this reason, the broker advises its customers to treat this feature very carefully. They may think that the tool gives them an accurate prediction of the future price movement but the next thing they know, the whole trading community takes exactly the same step. And again, since the broker is warning its clients of this pitfall, our Trade360 opinion jumps to a whole new height.
Besides this feature, which allows users to examine the market participants’ opinions 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. This way, traders can be ahead of the curve and be ready to jump at the opportunity once it’s there.
Trade360.com Review: Indicators
As mentioned above, a feature like this makes the broker more convenient to work with, if, obviously, the broker is trustworthy enough in what it provides. 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 broker provides its users with access to a simple trading web-based platform, which requires no download. This feature alone would be suspicious simply because it signifies the broker’s reluctance in investing in their products. Besides, a WebTrader platform is much more prone to fraudulent financial schemes than the more universal ones like MT4, MT5, and cTrader.
Fortunately, the Trade360 MT5 is also available on the website. Alongside it comes a horde of different trading tools and indicators, economic calendars, and many more, making sure that the experience on Trade360 is as top-notch as it can get.
Applications for both iOS and Android devices are also available. This broker offers a simple account opening procedure, which allows users to set up their accounts momentarily. Both the funding of the account and withdrawing money can be done using a Credit or Debit Card, eWallet, or Bank Wire, with processing time revolving around three business days. Judging from the financial platforms available on the platform, we can safely say that Trade360 withdrawals and deposits are done with the most stable and trustworthy platforms you can find in today’s financial world. And even though we’d be thrilled to see some other platforms like PayPal and Bitcoin, we’re still impressed by the variety of existing platforms anyway.
Trade360 Opinion: Account types
Traders are offered the opportunity of opening both demo and real money accounts with a reasonable minimum deposit requirement of $500, 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.
Trading terms and conditions
Last, but certainly not least, let’s talk about trading terms and conditions and how they stack up against their market average counterparts. Let’s start with leverage. As noted above, Trade360 offers a maximum of 400:1 leverage ratio, which is really useful for many traders, both novice and experienced. Here’s how it works:
Say you want to open a trade for one lot (100,000 currency units). Usually, you’d need to deposit all that money from your own pocket, which is obviously a serious financial toll to anyone. And we’re not even mentioning the fact that there are more chances of losing that money than making it generate more profit.
But you could refrain from spending your own money and instead, use the leverage. With this feature, a trader can borrow money from their broker and put it in an actual trade. With the 400:1 leverage offered by the Trade 360 FX brokerage, you could open the same position for one lot but deposit just a fraction of it from your pocket: 100,000/400=250 currency units. And what’s more, you can expect the profits that are 400 times more than what you’d get with your $250 account balance.
As for spreads, the broker doesn’t go too overboard with this feature as it needs a stable source of income for funding its platform. Currently, the lowest spreads you get on Trade360 can be found within the Diamond account package for Forex pairs like EUR/USD, GBP/USD, USD/JPY, etc. But what does it mean the broker needs a source of income?
Well, there are two main sources of income for the majority of brokers: commissions and spreads. With Trade360 Forex broker, there are no commissions on transactions or trades, therefore, the only real income can come from spreads. And here’s how they work: when a trader buys an asset, say, EUR/USD pair at a 1.2345 exchange rate, they cannot sell it for the same price. If they want to sell the pair at exactly the same time without the price change, the broker will give them a lower price, something around 1.2343. This way, a trader will get fewer US dollars for selling their euros. The difference between the bid and ask prices is what constitutes spreads and what brings income to the broker.
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 very reasonable, and while not the tightest in the market, they are nonetheless quite acceptable. Opening accounts by US citizens is prohibited. All of this wouldn’t mean anything if the broker didn’t have any regulatory material that limited its actions.
Yet we were able to find a stable CySEC license that works in the European Union and represents one of the highest-quality financial materials in the industry. With this license, the suspicions about the Trade360 scam are just suspicions and nothing else.
What would potentially scare us most is the unique feature of “crowd sentiment”, which could be used by the 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. However, Trade360 itself warns its potential and existing clients that trading with this tool is pretty dangerous and they should tread carefully if they decide to use it.
All of these above-mentioned offerings and trading conditions constitute a trading service that is decent at least and impressive without overstating things. We believe that Trade360 is a trustworthy broker and it deserves to be treated as such!