365trading Review 2023 – Is This Binary Broker Trustworthy?
Even though they were operating since 2012 with a valid CySEC license, they are now shut down. They were operating under Fidelisco Capital Markets LTD registered in Cyprus. However, this broker renounced its license in 2019. Due to the ESMA ban on binary trading. Nonetheless, many traders experienced a capital loss after that.
|Unlicensed Scam Brokerage
|Blacklisted as a Scam by:
|Fidelisco Capital Markets Limited
|Types of Assets:
|Forex, Stocks, Indices, Commodities
|Free Demo Account:
|Accepts US clients:
365Trading Is A Regulated Binary Options Broker?
Since their registration in Cyprus, they were working according to regulations. However, they only had CySEC regulations. While binary options were almost like gambling it was very hard to get a Tier 1 Regulator license. For example, such licenses are from FCA, BaFin or ASIC.
Of course, we checked their register, but the research was disappointing since we couldn’t find any information about 365 Trading broker.
Many red flags were leading to closing of the company. The Ban on binary trading by ESMA and many negative reviews about the broker were deal breakers. Check it out.
Reasons for Using a Regulated Broker for Trading
Markedly, with Tier 1 regulated companies, traders are entitled to compensation if the company just gets out of the business. That was not the case with 365Trading trading company. Moreover, transparency is key to success in trading. Therefore, all trading conditions should be presented in the right manner. That way traders know what are they dealing with.
365Trading Software – Platform Tools
Another key point is trading software. For instance, 365Trading broker offered only a web-based trading platform with limited availability of advanced trading tools. In this case, all facts that 365Trading was presenting about their platform were default options with some more reliable software. Important to realize is that binary was only depended on timing, therefore news and events section was an important part of this web trader.
Trader’s Reviews of 365Trading
To point out, if you take a look at any 365Tradign review you will find negative comments. However, we are looking at reliable customer experience websites like Trustpilot. Almost 80% of comments out of 23 are 1-star rated. Not to mention some other platforms where we found similar results.
365Trading’s Trading Assets and Instruments
Surprisingly, this broker didn’t offer cryptocurrencies. However, with their volatility combined with binary trading would be a recipe for a catastrophe. Although they were not reliable they had a solid range of assets. Those are divided into 4 classes:
- Forex USD/JPY, EUR/GBP, EUR/SGD
- Commodities cotton, platinum, natural gas
- Indices DAX30, BE20, AU200
- Shares Amazon, Alibaba, Cisco
365Trading Service Countries
Some countries like Canada and New Zealand were lucky enough not to be a target of this broker. As can be seen in 365Trading reviews they operate in countries like:
Even though many of mentioned countries have very strict regulations, looks like they failed to comply with those. Overall binary options were considered dangerous so it was speculative whether it was about the broker or the trader that was making mistakes.
Account Types Offered by 365Trading
Regardless of other traders’ experiences, everyone had a chance to try it out with a $100 minimum deposit. Every account type provided clients with 1 on 1 session, educational material and support. Otherwise, any other trading conditions are not disclosed as a benefit. Given that, here are the account types:
- Starter $100
- Silver $500
- Gold $1.000
- VIP $5.000
Free Demo Account – Does The Broker Offer It?
Significantly, a big advantage was the availability of a demo account. For the ones that are in touch with binary options for the first time, this is the best way to go. In general, we always suggest opening a micro-trading account. Since this is not available with 365Trading, we can be satisfied with a demo.
365Trading Affiliate Program
Overall affiliate program is designed to reward clients for recommending brokers. However, 365Trading didn’t have enough time to develop this program due to shutting down. Moreover, these programs are often ignored by professional traders. If you have good experience with a broker, you will recommend it anyway.
365Trading Deposit and Withdrawal Policies
Frequently clients experienced some issues with withdrawals according to 365Trading reviews. Nevertheless, the broker disclosed that they don’t charge any withdrawal fees and that the minimum amount for withdrawal was $50. Of course, those could be allowed only after a valid verification. Overall, those verifications are important because of AML laws.
Payment Methods Available
Despite all unclear policies, the available depositing options were credit cards, bank transfers and e-payments. All of the mentioned were provided by trusted third-party merchants like Visa, MasterCard, Skrill, Neteller and many more. The recommended method for an initial deposit is always a card. Ultimately, if you have any troubles with withdrawals you can request a chargeback.
Customer Support – Communication Channels
Point often overlooked is how you can reach your broker. Occasionally brokers have only a website form as a way of reaching out. On the positive side, 365Trading had very good customer support options. Even though those were not so professional, they were available over the phone, live chat and e-mail.
365Trading Terms & Conditions – What You Need to Know
All general T&Cs were disclosed on the broker’s website. Important to realize is that they had a very precise bonus policy. Those are tricky because it’s not allowed by any regulator in the EEA zone where this broker operated. Nevertheless, it can’t hurt you if you read through all legal documents before investing.
Leverage, Spreads and Fees
Since binary trading is not like regular trading those companies don’t have standard leverage and spread. The idea of binary options is just to predict if the price is going to reach a certain amount in a given time. Surely, we were expecting disclosed fees and commissions on the 365Trading website. Given that they are non-existent, we could expect anything.
What Should I Do If I Have A Problem With 365Trading?
Now, since they backed out of business, you can’t do anything. Their regulator is not responsible for their actions anymore. With this in mind, the only thing left is to recover funds if you had any in your trading account. However, our specialized fund recovery team can assist you! Contact us today for a free consultation.
What Is 365Trading?
365Trading was a Cyprus-based binary options trading company. They were operating from 2012 up until 2019 when they shut down.
Is 365Trading a Scam Broker?
Many 365Trading reviews would indicate such a statement. Unfortunately, a broker has renounced its license therefore we can say it was potentially fraudulent.
Is 365Trading Available in the United States or the UK?
As can be seen on 365Trading analysis they were trading with clients from both mentioned countries.
Does 365Trading Offer a Demo Account?
Yes. On the positive side was the availability of a demo account. With the fact in mind that binary is very dangerous, this is a good choice for beginners.