Trade360 has been recently put in the limelight for being a potential scam. Trade360 is a CFD and forex broker that has established branches in Cyprus and Australia. The company specializes in crowd trading. Even though there was a surge of reviews framing it to be a scam, our investigations reports suggest otherwise. Do you also think that Trade360 is a scam?
In this review, we will be going through all the important prospects that one must look for while researching for a broker. Read on to find why we think Trade360 is legit.
Trade360 is owned and operated by another parent company by the name of Crowd Tech Ltd. This parent company is a Cypriot investment firm that was started in 2013. Trade360 offers services in a variety of tradable instruments such as forex, indices, shares, commodities, CFDs, ETFs, etc. Trade360 has also gained social media fame by collaborating with Steve Smith, a famous Australian cricket player. If it was a Trade360 scam like all the allegations, the company would not want the fame.
The regulation is the most important that one should look for while researching for a brokerage firm to trade with. If the brokerage firm has a license from the relevant regulations, that means that the company is under the supervision of that regulation. This indirectly implies that your money is safe with the brokerage firms. However, one major point that you must check is whether the brokerage firm that you are interested in is regulated by the regulation of your jurisdiction. In our case, Trade360 is regulated by one of the major regulations of the financial market – the Cyprus Securities and Exchange Commission which is commonly called CySEC. This is the first green flag issued for Trade360.
Most of the legitimate brokers use either MetaTrader 4, which is commonly known as MT4 or MetaTrader 5, which is abbreviated to MT5. The reason behind this is both MT4 and MT5 are two of the industry’s leading trading software. In our case, Trade360 uses MetaTrader 5 as their trading software. This yet again proves that the whole hoax about the Trade360 scam might have been a false alarm.
Another important factor to look at while researching about a broker is the leverage that they offer. As the leverage is capped at 1:30 and 1:50 in certain countries, most legitimate brokers try to stick to this and offer leverage on similar lines. In our case, this alleged Trade360 scam offers their customers leverage of 1:30. This raises yet another green flag for Trade360.
A demo account is vital for the traders as it helps them gain an insight into how the company is working. This is also helpful for the ones who are new to the industry. The scam brokers do not provide a demo account in order to shun the possibility of people identifying the scam. In our case, Trade360 does offer a demo account to its customers. This eliminates the chance of a Trade360 scam.
To sum up, all that has been stated above, we can safely say that Trade360 is a legitimate brokerage firm. If you have been gripped in the claws of a scammer, we can help you out. All you have to do is file a complaint and our team will get back to you!