de | cn | ru

360 SmartFx Review - is it scam or safe?

360 SmartFx review - Is 360smartfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz 360 SmartFx
360 SmartFx is not regulated. We cannot guarantee your money is safe.
Scammed by 360 SmartFx? Click here!

360 SmartFx is an offshore broker that is currently under investigation by the Italian Commissione Nazionale per le Società e la Borsa (CONSOB), which accuses them of targeting Italian customers without authorization.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:200 1,6 pips
Classic Account $2500 1:200 n/a
Gold Account $20 000 1:200 n/a
Premium Account $50 000 1:200 n/a

 

360 SmartFx Advantages:

 

Many currency pairs and CFDs on various asset classes, including crypto coins

 

Talking about advantages, the most obvious one with 360 SmartFx is the large selection of forex pairs – well over sixty with many exotic currencies like the Philippine Peso, Czech Krona, South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Ruble, Polish Zloty, Norwegian Krone, Mexican Peso, Hungarian Forint, Hong Kong Dollar and Danish Krone.

 

And the list of CFDs include indices, stocks, commodities, spot metals like gold, silver, platinum and palladium, oil, natural gas, and even crypto coins – namely Stellar, Bitcoin, Ethereum, Litecoin, Monero, Ripple, Zcahs, Dash and IOTA. However, if you are interested in trading crypto assets you may also check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

You can trade with leverage as high as 1:200

 

And this sounds like another advantage, although you should remember that leverage comes on the price of higher risk and professional traders quite rarely use leverage exceeding 1:00 or even 1:50. Also, have in mind that since last year regulators through out Europe restricted the maximum leverage allowed with forex trade to 1:30, following similar steps by the authorities in the US and Japan.

 

That basically leaves Australia, the only major regulatory hub, where you can still enjoy higher leverage. Here you may check our list of brokers, regulated in Australia:

 

>>Brokers regulated in Australia<<

 

You can open an account with 250 USD

 

That sounds fine as well. Actually with most brokers you can start trading with about 250 USD, but with some well known names like FBS and IG you can start trading with just 5 USD or even less.

 

360 SmartFx Advantages:

 

Warning by the Italian CONSOB, no license

 

The warning by the Italian Commissione Nazionale per le Società e la Borsa is not only about 360 SmartFx, but also about several other brokers, including SmartProFX, FirstFXClub, CryptoClubFX and GameBtcFx, all of which are owned and operated by Game Capital Ads Limited, a company based on  St. Vincent and the Grenadines, which is unregulated and does not have permission to provide financial services on regulated markets such as the European Union, the USA, Japan or Australia.

 

Have in mind that trading with unregulated brokers has always been extremely risky, because most of those entities are involved in scam.

 

Trading with brokers regulated by respectable institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the the Australian Securities and Investments Commission (ASIC) on the other hand is safe, as they are all subject to strict regulatory oversight.

 

Besides, if you trade with a broker, regulated by FCA, your funds will be insured up to 50 000 GBP, while under a similar client compensation scheme, with all CySEC brokers your insurance will cover 20 000 EUR. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unrealistic spreads, MT4 provided by a different company 

 

Generally the presence of MetaTrader4 is a good news as this is basically the most popular trading platform with user friendly interface, excellent charting tools and many customizable features. Here, however the platform is branded with the logo of another company - West Media Group and the spreads are simply unrealistic – 0,1 pips, without trading commission. Besides, here you may check our list of brokers, supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Trading bonuses with unusual withdraw conditions

 

On their website 360 SmartFx says to be offering a 30% welcoming bonus and additional trading incentives. That, however comes with a price. If you accept a trading bonus you will not be able to withdraw until you reach a trade volume of at least 3,3 standard lots for every 10 USD bonus you have accepted. With a 300 USD bonus that translates into 10 000 000 USD, which might prove quite challenging even for a professional trader.

 

360 SmartFx does not accept payments with Skrill

 

This is notable, because recently Skrill adopted a new anti -scam policy, according which all brokers that use its services with EU customers should prove they hold a legit license. As we noted, 360 SmartFx is a unregulated broker. 

 

Otherwise they accept payments with VISA, MasterCard, Neteller, AstroPay and bitcoins. Actually, if you like the idea of paying with bitcoins, you can always check our list of brokers, also accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

360 SmartFx is one of a series of unregulated brokers run by Game Capital Ads Limited, which has been flagged by CONSOB in Italy for targeting EU citizens without a license. Unfortunately most unregulated brokers are involved in scam and that makes trading with such websites unreasonably risky.

Latest news about 360 SmartFx
No news about 360 SmartFx. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

Traders` reviews for 360 SmartFx

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru