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365-FX is an unregulated CFD and Forex broker.
About company. Fund security
In some sources, we found information that 365-FX used to provide binary options trading under the 365 Binary Option trademark, but switched to Forex due to regular pressure on the binary options sector.
365-FX is owned and operated by Fintech Software Inc, registered offshore in the Marshall Islands. In the legal information, we also found another name for the firm Oproserv Limited, which is based in London. We checked this company with the FCA register and found no information. The companies are not licensed by regulatory bodies. We advise traders to be careful when trading with these brokers. Since, in the event of bankruptcy, unregulated companies often do not return the initial investment and earnings.
365-FX claims to also have offices in New Zealand, Singapore and South Africa.
Trading conditions
365-FX did not take proper care of its clients and did not update the Account Types section on its website, and therefore traders do not know in advance the size of the deposit, leverage and other important information.
One of the few strengths of the company is its diversified product portfolio. Among the assets there are about 30 currency pairs, oil, precious metals and cryptocurrencies. The latter are very popular now, this can undoubtedly be attributed to the advantages of a broker. But if you are interested in cryptocurrencies, then we recommend choosing a licensed and larger broker for trading.
Spreads and commissions
Since anyone, even an unregistered user, can log into the 365-FX trading platform, asset spreads can be seen. So, for the EUR / USD pair, they are fixed at 4 points. This is double what most brokers offer.
Trading platforms
The broker offers its services on a web interface that resembles a binary options platform. The terminal does not have any charting tools and advanced features.
Most traders will undoubtedly prefer MetaTrader4 trading, which needs no introduction. MT4 has proven its reliability over many years of trading.
Education
The 365-FX website has an Education section, which publishes video courses for beginners, ECN traders, social trading, trading tools, CFDs, commodities and futures.
Significant services
Despite the fact that 365-FX teaches social trading, we have not found any information that the broker supports this service.
Support service
Support is available by phone, fax and email. The broker does not offer online chat rooms.
Ways of payment
When withdrawing funds from an account, the broker requires the minimum amount to be 100, however, in what currency is not specified.
All withdrawals are subject to a 3.5% service charge.
Criticism of traders
On the network, there are often traders' reviews that the broker acts in a fraudulent way: it does not withdraw funds from traders. One thing we know for sure is that 365-FX did not care about the comfort of its clients and did not provide full information about the trading conditions.
Pros:
diversified portfolio of assets.
Minuses:
not regulated; high spreads; no MT4; no information on trading conditions.
365FX is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
365FX profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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In order to leave a review about the company, go down page, enter a valid email and Your review with an overall score. Reviews are moderated and tracked by the number of comments from the same IP or email. Tech support may request the actual documents that prove that the user was or is a customer of the broker. This rule applies to negative and positive reviews. We want our portal to be honest and independent.
Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. 365FX received a score of 0.5 of 5 on our resource.
Review company 365FX by Patricia Thomas
10.03.2022
To whom it may concern This is my experience with the fake binary options broker, I traded with 365-fx binary options. I wanted to earn some money to pay for some bills so I invested $56,000, these brokers said I will be able to withdraw about $85,270 to $98,000. The brokers calls me everyday to deposit to invest and make good profits, I told them all my funds are in the trading account and I can't deposit more money anymore. They became so rude and stopped calling and also stopped responding to my messages and finally blocked my account. I wanted to withdraw my money and I couldn't, they denied me my access to withdraw my money, Months went by and I still couldn't withdraw my money.