Trade360 Review

The Forex industry is adopting innovations such as social trading and binary options.

A team of creative professionals at Trader360 has taken a new approach in Forex Trading. They rely on the “Wisdom of the Crowd” phenomenon or Crowd Trading.

The idea is to use big data and share information with their traders. This is in contrast to traditional online trading where success depends on the individual’s ability to pick the winning trades.

Who is Trade360?

Founded in 2013, Trade360 is an online Forex and Contracts for Difference (CFDs) trading platform with headquarters in Limassol, Cyprus. It’s the brand name of a Cyprus Investment Firm (CIF) called MFP Global Markets Ltd.

Regulatory Oversight

The Cyprus Securities and Exchange Commission (CySEC) issued the Cypriot broker’s license 202/13. Regulatory bodies further sanction it across the British Isles and Europe. When doing a comparison of Forex Brokers always verify the broker has an active license. Many scam brokers online don’t have a license and neither are they regulated.

Brokers licensed in Cyprus have membership in the Investor Compensation Fund. It covers investors to a maximum of 20,000 Euros in case the broker becomes insolvent. Trade360 is required to maintain separate bank accounts for its operational funds and the client’s funds. This is to prevent the broker from misusing their clients’ funds.

What is Crowd trading?

Crowd trading is the buying and selling of financial investments while using the collective knowledge of a group of traders to your advantage. It involves following and observing how other traders perform in the market and taking lessons from their mistakes. This kind of social trading enables less experienced traders to learn from the history and experience of seasoned traders.

A crowd trader is aware of the direction of the crowd – how many traders are buying the asset in comparison to sellers. Crowd traders can make wiser decisions as they are privy to more realistic insights and information.

Accounts

Trade360 has a demo account and real money account. The demo account helps traders to test their trading skills and gauge how well or bad they will perform in the real markets. There are six different accounts types. They are Mini, Standard, Gold, Platinum, VIP, and the Islamic360. The minimum initial deposit to open an account (mini account) is $250 while the highest (VIP) is $50,000. If you don’t like the process of registering – worry not as you can sign-up using Google+ or Facebook.

Trading Instruments

Trading instruments consist of Forex, stocks, indices and commodities. Available leverage ranges from maximums of 400:1 on commodities, 20:1 on stocks, 50:1 on indices and CFDs and 400:1 of Forex currency pairs. Expect to leverage up to 200:1 non-currency pairs, oil, gold, and silver.

Margin Calls and Spread Deductions

Be on the lookout for margin calls and items that may expire for a period of 60 to 90 days. A spread deduction may reflect on your account once a position is established. Such deductions depend on the asset selected and leverage employed. You can opt out of a position whenever you wish before the expiration date.

The idea of displaying the crowd trading data is to make changes instantly along with open positions. The broker’s initial spreads on trading instruments are 0.8 pips on market indices, 5 pips on commodities and 1.8 pips on FX pairs.

Deposits and Withdrawals

You can fund your Trades360 trading account using credit, debit cards, eWallet, or wire transfer. Withdrawals can only be made through the same platform used to fund your account. The processing time takes 3 to 10 business days.

The broker offers money back on every trade made starting with the minimal initial deposit of $250. Traders are encouraged to trade consistently as the higher the deposit, the more Cashback rewards Trade360 will pay out.

Trading Software

Trade360 offers its clients a trading platform called CrowdTrader. It doesn’t need downloads or maintenance. It’s accessible on any web browser while the mobile app can run on Android devices, iPhones, iPods, and iPads. Some of the advantages of using CrowdTrader include:

• Alerts that inform traders of possible market trend developments
• The system can detect trend reversals that become crowd sentiment shifts
• A trader can place trades and track positions in many trading instruments
• A live feed that shows market trends as they happen in real-time.
• Alliance provides the trading signals on the live feeds.

Customer Support Services

Except for any kind of managed account or investment advice, customer support services include:

• General market analysis to help the trader understand the market through technical and fundamental analysis
• Platform walk-through with a complimentary eBook guide
• Technical support
• Account support for general account issues
• Help to open and close positions
• Help with deposit or withdrawal problems
• Live chat support and Whatsapp in English customer support

Security

An advanced Verisign SSL for authenticating users and data transfers secures customer information. Trade360 uses two layers of firewall protection – one at the server level, the other at the application level. This protects against unauthorized access attempts.

The broker has also synchronized server farms in separate locations. The farms are under 24/7 protection by armed guards. Also, advanced SSL encryption ensures all customer data remains secure.

Here is a breakdown of Trade360 platform strengths:

• Bilingual support
• High leverage ratio
• Innovative trading platform
• Regulated broker
• Cashback rewards program

No platform is perfect. Some of the cons include:

• Higher than average spreads
• No charity package
• No scalping allowed
• Website interface is simplistic
• No support for Metatrader trading platform
• The mobile app crashes on some devices

Trade360 “crowd trading” concept is a welcome innovation, especially for beginner traders. Relying on the collective wisdom of the trading crowd assures beginners their trading decisions will lead to the correct outcome. Traders are advised to read the terms and conditions to avoid disappointments later.

CFD

Forex

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