360FX Trades Review
360FX Trades is a full-fledged scam, as the website claims to be both a cryptocurrency exchange as well as the powerful multi-asset broker,” through which you can trade in cryptocurrency CFDs. 360FX Trades is a great example of this. At the start, this is a non-starter due to the lack of CFD brokers services offered by renowned cryptocurrency exchanges such as Coinbase, where you may buy and sell cryptocurrencies. However, this is the smallest of 360FX Trades’ flaws. Learn about all the flaws of this scam broker in this 360FX Trades review.
They claim to be “an award-winning, number 1 authorized broker,” but this is just not true — the platform is not authorized anywhere, it looks to be completely anonymous, and it shows all the signs of a hoax, as we’ve already stated.
False Claim Of Regulation
360FX Trades claims to be “a number 1 regulated broker” based in Hollywood, however, this is just not true. To start with, if the brokerage was actually based in the USA, it should have been registered and permitted as FCM and FED by the CFTC, as well as recognized as a part of the National Futures Association, which 360FX Trades certainly is not. We even checked the CFTC and NFA records, but no 360fxtrades LLC or 360FX Trades broker could be discovered.
In reality, all licensed U.S. brokerage firms should have at least $20 million in operational funds – a huge sum that only a few significant brokerage companies can afford.
360FX Trades also pretends to be headquartered in Hollywood, which indicates that the website’s fraudsters have a sense of humor. 360FX Trades also doesn’t have a license, thus there is absolutely no reason to accept anything they say, even their claimed Hollywood address. We’ll refer to the website as “virtually anonymous” from now on.
To put it shortly, if you can’t cross-check the firm’s certifications by comparing them to data in the corresponding official financial authority’s registers, such as the CFTC in the United States, the Financial Conduct Authority in the United Kingdom, or Cyprus-based CySEC, you shouldn’t trade.
Fake Promise Of Zero Risk Trading
360FX Trades guarantees that you will be able to trade with no risk. 360FX Trades claims that it “gives you the liberty to trade cryptocurrencies instruments with zero risk” and that is a false claim as you know crypto is full of risks and high liquid value.”
Please remember that any brokerage that claims to “give you the liberty to trade with 0% risk” is most likely attempting to deceive you. Trading the CFD markets, particularly the high volatility cryptocurrency trading markets, with heavily leveraged assets such as those offered here, carries a high level of risk, and anybody who tries to persuade you differently is clearly trying to deceive you.
In reality, even when trading with completely legitimate brokers, a large percentage of traders lose funds – roughly 70% – a statistic that can be easily verified by visiting the webpage of any legit and fully licensed brokerage firms in the European Union or the United Kingdom, as they are all mandated by the relevant regulatory agencies to write as caution the accurate percent of traders who end up losing funds on their platforms.
Lack of Competent Trading Platform
We were unable to access any trading platform at 360FX Trades, despite the fact that they claim to offer the industry standard MetaTrader4. And that’s still another red flag that we’re dealing with scammers. Remember that all legitimate brokers provide competent platforms such as MetaTrader4, MetaTraderr5, and cTrader and that if no dependable trading software is accessible, the broker is just untrustworthy.
360FX Trades is a broker that promises big and delivers nothing. There are multiple factors that hint at a red flag about this broker. The reason is obvious it is a scam and wants to flee with clients’ funds. So, I suggest you stay away from this broker.