Trade360 Review Of The Broker’s Innovative Forex Products And Safety Of Client Capital
Most Forex brokers offer a standard set of trading products that differ only in spreads, leverage, commission, and the type of account deposits. Some brokers even offer attractive bonus schemes and other account privileges to gain an edge over its competitors in the highly competitive retail Forex trading market. Trade360, on the contrary, has developed an innovative Social trading platform that allows traders to invest in the market according to the public consensus. Social trading is one of the latest features in the Forex market that has taken the market by storm. Social trading not only allows successful traders to offer their trading services to investors and amateur traders, but social trading has also spawned an entirely new industry that lets traders enjoy consistent trading results. Trade360 has developed its own concept of a social trading platform, called the CrowdTrading platform, which allows traders to take a peek into the market sentiment and the overall trend in the market. The CrowdTrading platform enables traders to follow the general consensus, or make an informed decision after analyzing the buy/sell dynamics according to the strength of the traders in the market. To help our readers to take advantage of the CrowdTrading feature, we have developed a comprehensive Trade360 broker review to offer you a brief insight into the broker’s services portfolio.
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- Website: www.trade360.com
- Support: +44-203-695-8525
- MPF Global Markets Ltd
- 116 Gladstonos Str
- Michael Kyprianou House, 3rd and 4th Floors
- 3032, Limassol
Trade360 Broker Location & Regulation
Trade360 is owned and operated by a company that is located in the Marshall Islands. ST Services Ltd, the parent company behind Trade360, has its allied businesses in different industries, but primarily concentrates its efforts on the Forex market through its branch office in Limassol, Cyprus. Naturally, Trade360 regulation and all licenses are issued by the Cyprus Securities and Exchange Commission, which is a popular regulatory organization responsible for brokers domiciled in the EU. The ECB further supervises the CySEC in accordance with the Markets in Financial Instruments Derivatives (MiFID), which outlines a detailed framework of operations for all non-banking financial companies operating in the EU. Trade360 benefits from the Cyprus’s association with the EU, which sees the European Economic Area (EEA) agreement allowing Trade360 to operate in all European member nations without any country-specific license. Trade360 clients are also protected by the Investor Compensation Fund (ICF), which grants protection for funds up to €20,000 if the broker winds up its business without notice. European regulatory protection is indeed one of the key aspects behind traders’ top priority to choose Forex brokers from the EU, and Trade360 is guaranteed to offer the best protection to its customers under the watchful eyes of the CySEC and other leading regulators in the EU.
Trade360 Account Information
Trade360 has one of the most confusing account lineups in its portfolio, as the broker only provides the basic market maker account through 5 different account options. We are sincerely disappointed that a leading Forex brokerage in Cyprus only offers the market maker account to its traders when it could have easily partnered up with major liquidity providers to offer ECN/STP accounts that have no conflict of interest with its clients. Trade360 also seems to have the resources and the market caliber to offer Direct Market Access trading, but as of now, traders can only choose an automated dealing desk trading account from the broker. Due to the market maker nature of the trading account, Trade360 spreads start at 1.8 pips, which is not too bad for a regular dealing desk trading account. Regardless, the broker offers a maximum Trade360 leverage of 1:400, which may be changed for the different financial instruments. Trade360 offers the maximum leverage option for its Forex currency pairs, while commodities, indices, CFDs, and ETFs are only eligible for a maximum leverage of 1:50. Share trading also sees a further reduction in leverage of up to a maximum of 1:20, which is in line with the global leverage offerings provided by leading stock brokers and global banks. The minimum amount required for a Trade360 account is $250 for the Mini Account, while higher trading accounts such as the Standard360, the Gold, the Platinum, and the VIP accounts have a minimum capital requirement of $1000, $5000, $10,000, and $50,000, respectively. Trade360 has specified a higher amount of trading capital for its comparatively average trading products, as $10,000 can get you an institutional ECN account at a similarly regulated Forex brokerage. There aren’t any drastic differences between the 5 different accounts either, as higher account holders only receive access to trading signals and a few other VIP account benefits. Islamic traders can open an Islamic360 account for complete SWAP-free trading for a minimum deposit amount of $10,000, which is once again significantly higher than the average SWAP-free account. It does seem that the broker targets the wealthy and affluent traders from major financial markets, in a bid to improve its bottom line. We can’t help but wonder the implications of a market maker account, which allows a broker to open trades against their clients’ position. It is also common among dealing desk brokers to offer unfavorable trading conditions, which are usually associated with a significant conflict of interest. Nevertheless, we do anticipate the CySEC and other EU regulatory agencies to step in to monitor the broker’s activities and prevent any instances of broker frauds.
Making A Deposit, Withdrawal, & Trading The Markets
Making a deposit or withdrawal is easy, as Trade360 does support a wide assortment of payment options. For instant deposits, traders can choose credit/debit card payments, Skrill, Neteller, or postepay, while larger account payments may require a conventional bank wire. Trade360 does specify a minimum period for processing withdrawals according to the company’s payment policies, which should be at the back of your mind while initiating a withdrawal request. Trading the markets is accomplished through two different Trade360 platforms, the MT4 terminal and the proprietary CrowdTrader platform. The MT4 trading is the leading platform offered for all account holders, except the Mini Account, while the CrowdTrader can be accessed through the web-based interface to trade using the broker’s CrowdTrading feature. It is also imperative for traders to realize that the CrowdTrading feature is a trademark product of Trade360, which cannot be accessed through the MetaTrader4 terminal. Trade360 mobile trading can be accomplished through the MT4 mobile apps or through the CrowdTrader web interface, which can be accessed on smartphones, as well as tablet devices. Trade360’s primary advantage is the CrowdTrading platform, but there are a few disadvantages of trading with the broker that may require you to consider the different broker alternatives before investing in the Forex market.