Trade360 Forex Broker Broker Review

Justin Freeman

Broker Information

  • Company Name: Trade360
  • Founded: 2013
  • Country: Cyprus

Platform Info

  • Platform: Trade360
  • Dealing Desk: No
  • Web Based: No
  • Mobile Trading: No

Broker Services

  • Regulators: CySEC
  • Minimum Deposit: $100
  • US Clients: No
  • Funding Methods: Wire Transfer, credit/debit card, Moneybookers

Expert Summary

Trade360 is a multi-asset CySEC- regulated CFD broker providing clients with the opportunity to trade in FX, stocks, indices, commodities, and ETFs.

The broker has an office set up in Limassol, Cyprus, from where they offer services to clients in Europe and the UK. If you sign-up with Trader360 from outside Europe or the UK, you would come under the banner of ST Services Ltd, a firm registered in the Marshall Islands.

Founded in 2013 by a team of experienced traders, the tier-I regulated broker is well-known for its proprietary CrowdTrading web and mobile applications.

Besides the several customised analytical tools, the trading terminal displays real-time product-wise positions of the other traders within the broker’s community.

The feature is especially useful for beginners who would do anything to monitor other traders and check if they are bullish or bearish on the markets.

You can either register for the Standard Account with the broker and start trading with a minimum deposit of $250 or set up a demo account to test the platform with virtual cash.

The trading conditions comprising the spread and leverage largely depend on the account type and the asset class. Trade360  offers five account types – Mini, Standard, Gold, Platinum, and Diamond. The spreads are the lowest for Diamond Account holders and rise moderately with the max spread paid by individuals registering for the Mini Account. The leverage, on the other hand, starts at 10:1

To encourage new clients, Trade360 has a few bonuses lined up. If you sign-up with the broker, you will receive $10 to open a new position, $20 to close out a trade and $30 if you earn a profit of more than $30 from a single trade.

For additional info, you can reach out to the 24/5 customer helpdesk team comprising live chat, phone and email support. The website too is accessible in 12-languages.

The USP of the Trade360 broker is the award-winning platform. Although it may not be the best when it comes to the ease of operating the terminal, the CrowdTrading platform is undoubtedly generating interest among the trading community.

Based in Limassol, Cyprus, Trade360 is an online broker that was founded in 2013 and is the registered name of MPF Global Markets Ltd. The company is authorized and regulated as a broker by the Cyprus Securities Exchange Commission (CySEC) with the license number 202/13. Due to its CySEC authorization, Trade360 adheres to the standards of the Markets in Financial Instruments Directive or MiFID.

This European Union legislation enforces safe practice regulations and standards for financial investment companies in the European Economic Area, which includes the UK.

Please take note that Trade360 currently does not accept clients based in the United States.

Trade360’s official website is located at www.trade360.com.

Features

Trade360 is especially noted for its innovative crowd trading platform that is based on research indicating that group behavior patterns can reveal market trends before they appear as exchange rates or prices in the market. The proprietary trading tools employed by Trade360 measure how market sentiment changes in relation to other market indicators. This can result in an above average forecast of future market trends. While the company does not yet provide trading advice, their indicators and signals can be used in making trading decisions.

Through the company’s proprietary CrowdTrading platform, traders can choose from a wide variety of tradable assets. The unique interface offers live data feeds of crowd activity that provide traders interested in the behavior of crowds, with a basis upon which to make a trading decision.

Trade360 has a minimum deposit amount of $100.00 to open a standard live trading account. If a trader is interested in opening a demo account, then Trade360 is currently offering a promotion using a practice account with $10,000 in virtual money. The company also awards the new trader with $10 for opening a position, $20 for closing the position, and $30 if the trader has made a profit of more than $30 on the trade, which makes the bonus worth $60.

Trading Software

Trade360 offers clients their own proprietary crowd trading platform called CrowdTrader. This platform gives clients access to a number of custom built tools that traders find particularly useful. The CrowdTrader platform does not require a download and can be accessed through any current web browser and operating system. Also, a mobile application for the software is available to run on Android mobile devices, and an iOS version is offered for use on Apple iPhones, iPods and iPads.

One of the advantages of using the CrowdTrader platform includes getting alerts that allow the trader to keep ahead of possible market trend developments. The system also detects trend reversals in a timely fashion that become evident as crowd sentiment shifts.

With the CrowdTrader platform, the trader can place trades and monitor position in hundreds of different trading instruments, which include major currency pairs, indexes, commodities, stock and CFDs. Trader’s funds and transactions are secured by 128-bit SSL encryption technology.

A favorite CrowdTrader feature is that it allows the trader to monitor the market through a live feed, showing market trends taking place and changing in real time. This feature gives the trader an edge since they can monitor the so-called “wisdom of the crowd”. Conversely, if the trader uses a contrarian system, they can detect the “lack of wisdom of the crowd”.

The screenshot below shows the basic functionality of Trade360’s CrowdTrading platform and some of the instruments that can be traded through their web interface. The platform gives information on market movements and what the crowd is doing, in addition to execution capabilities.

Deposits and Withdrawals

Trade360 requires a minimum $250 deposit. In addition to the beginner’s “practice trading” account mentioned previously, the broker offers money back on every trade made with the initial $100 deposit. The higher the initial deposit, the more Cashback Trade360 will pay out. Trade360 accepts credit card deposits made with Visa, MasterCard, Maestro, JCB, DinersClub and American Express. In addition, you can use bank wire transfers, Skrill and Neteller to fund trading accounts. Trade360 charges no fees on deposits.

Withdrawals from a Trade360 account usually take between three and ten business days depending on the withdrawal method. To withdraw funds, the user must first log into their Trade360 account, then select the “withdraw funds” option from the dropdown menu in the upper right, followed by entering the information requested by the company.

For withdrawal verification, Trade360 asks for a copy of a valid driver’s license, passport or other government issued identification. In addition, a utility bill no more than three months old with the client’s full name and home address printed on it is required. A clear image of the front and back of the credit or debit card must be included for the withdrawal to credit the appropriate account. For security purposes, most of the card information should be hidden with the exception of the name and the last four digits of the card’s visible number.

Beginners’ and Customer Support

Trade360’s customer service department is open 24 hours a day throughout the financial trading week. The company offers its clients support through email, live chat and telephone lines. The staff seems helpful and gives out valuable information on crowd trading, which is a somewhat unfamiliar subject to many traders.

Trade360 provides its clients with system generated trading signals that can be used to determine developing trends in the market. Traders familiar with crowd trading methods can use these signals and incorporate them into their trading plans. In addition to their expertise in crowd trading, Trade360’s website also provides a wide array of educational materials, which include training e-books for those new to crowd trading.

Safety

In addition to its CySEC oversight, which ensures the broker is duly regulated, Trade360 keeps their customer information secure. The company uses an advanced Verisign SSL for the authentication of users and data transfers. Also, Trade360 uses two layers of firewall protection with one at the server level and one at the application level that ensures that no unauthorized access attempts are made.

The company employs two separate server farms in separate locations, which have to be synchronised, making it impossible to tamper with the broker’s information. The server farms are protected by armed guards 24/7. Also, advanced SSL encryption ensures that all customer data is secure.

Conclusion

Trade360 is a unique type of regulated broker, providing a social trading service that can be extremely useful to many traders. The broker also allows for trading in a wide array of financial instruments.

Their proprietary online CrowdTrading platform is fairly easy to use, although it can be a bit difficult to navigate relative to the platforms supported by other brokers. Still, it uniquely offers traders potentially valuable and timely market information based on what large groups of people are doing in the market. In addition, the platform is available for mobile devices running Android or iOS operating systems.

Nevertheless, a big disadvantage with Trade360 is the lack of support for the Metatrader trading platform and the broker’s somewhat cumbersome fund withdrawal process. Also, trading spreads seem to be wider than those at other brokers, which can adversely affect the profitability of very active traders.

Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.

Justin Freeman

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