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365-FX Review - is it scam or safe?

365-FX Review - is 365-fx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz 365-FX
365-FX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Mini N/A N/A Fixed at 4 pips*
Silver N/A N/A N/A
Gold N/A N/A N/A
Platinum N/A N/A N/A

 

*We saw this spread on EUR/USD on the broker’s platform.

 

It appears that 365-FX is one of the many binary options brokers who have changed their focus to forex due to the regulatory pressure on the binary options sector. However, it has not updated the Account types section of its website, and therefore we could not fill the table above with the respective trading conditions.

 

Actually, 365-FX does a rather poor job at presenting its offer, and we weren’t able to register an account with the company either, so a part of this review goes into hypothetical reasoning. Read on to get all the details about this broker.

 

 

365-FX Advantages

 

A lot of cryptocurrencies offered

Actually, there aren’t many positive sides of 365-FX. One of the few we could think of is its diversified product portfolio. The list of asset classes covered by this broker includes forex (around 30 currency pairs), commodities (oil) and precious metals, as well as cryptocurrencies. The latter are very popular lately and that is why we consider their availability in a broker’s offering as an advantage. More specifically, 365-FX offers trading in Bitcoin, Ethereum, Ripple, Litecoin, Dash, Monero, and Augur. Coins are traded against one another and for USD.

 

Nonetheless, we would advise those of you interested in cryptocurrencies to sign up with a major and reliable crypt exchange or select a forex brokers that offers crypto CFDs and is tightly regulated.

 

 

>> Our list of tightly regulated forex brokers offering Bitcoin <<

 

 

365-FX Disadvantages

 

Not regulated

This broker seems to be based in the UK and also claims to have offices in New Zealand, Singapore and South Africa. However, it is not licensed by any other governmental agency, which, of course is its biggest disadvantage.

 

365-FX (365BinaryOption previously) is allegedly owned and operated by Fintech Software Inc., a company registered offshore, in the Marshall Islands. In the Terms and conditions uploaded on their website, we found the name of another company, Oproserv Limited, which is registered in the UK, but is not authorized by the Financial Conduct Authority, as required by law for all financial intermediaries.

 

No info on trading conditions

365-FX doesn’t specify any trading conditions on their website. As it does not offer free demo accounts either, we don’t know essential parts of its offer such as the leverage available with this broker, nor the minimum deposit required. This is unacceptable and additionally lowers the credibility level of 365-FX.

 

Poor web platform, MT4 not available

This broker offers its services on some strange web-based interface that is reminiscent to binary options platform. It is very simple, lacking any charting tools and advanced features. Most traders will surely prefer the industry leading MetaTrader 4 (MT4).

 

 

The MT4 platform hardly needs a presentation. This is the most widely used forex trading software that has proved its reliability over the years. Many traders praise it for its ease of use and advanced features, such as top-notch charting, automated strategies a.k.a. expert advisors, and the MQL marketplace, among other features.

 

 

>> A list of MT4 brokers <<

 

 

High fixed spreads 

As anyone is able to take a look at 365-FX’s platform without logging in, we saw the spreads on EUR/USD are fixed at 4 pips. This is two times higher than what most fixed-spread brokers offer, and some, like easyMarkets, go even lower.

 

 

>> Compare the spreads of the best forex brokers <<

 

 

Conclusion

 

365-FX is an unregulated forex and CFD broker, which obviously has a number of negative sides. Therefore, we rated it with one star only and do not recommend it for a number of reasons. First and foremost, it is not regulated. Second, there is no clarity about any of its trading condition, but it appears that its spreads are quite high. Third, we don’t like its trading platform and the MT4 is not supported.

 

When trading with an unregulated company, you are taking serious counterparty risk, and what is worse, such companies are often running investment scams, so they may not pay you back, nor return any of your initial investment.

 

In order to tackle this issue, a lot of countries have authorities who monitor the financial services sector. One of the most reliable ones is the UK’s Financial Services Authority (FCA), which we often like to give as an example.

 

 

>> Trade with FCA-regulated brokers <<

 

 

To sum up the above:

 

Pros Cons
A lot of cryptocurrencies available Offshore company, no regulation
  No information on trading conditions
  High fixed spreads
  MetaTrader4 not available

 

Latest news about 365-FX
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Traders` reviews for 365-FX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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