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365GCC Review - is it scam or safe?

365GCC review - Is 365gcc.io scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz 365GCC
365GCC is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


365GCC says to be offering a wide variety of forex pairs and other CFDs with a choice of five account types, leverage of up to 1:500 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
Classic Account $2000 1:500 3 pips, fixed
Silver Account $5000 1:500 n/a
Gold Account $10 000 1:500 n/a
Platinum Account $30 000 1:500 n/a
VIP Account $100 000 1:500 n/a

 

Unfortunately the website is not regulated and is virtually anonymous, so if you are considering depositing any funds with them be sure to read the following review.

 

365GCC Advantages:

 

Over 50 forex pairs and a comprehensive selection of CFDs

 

We always start our reviews with any possible advantages a broker might offer its clients and here with  365GCC that might be their selection of trading instruments – 53 currency pairs and over 250 CFDs on various assets like silver, gold, platinum, palladium and copper, oil, natural gas, cocoa, sugar, wheat, 13 indices, stocks and a number of crypto coins, among which Bitcoin, Ethereum, Dash, Litecoin, Ripple, Bitcoin Cash, Bitcoin Gold, Monero., Zcahs, NEO, Cardano, Stellar, Ethereum Classic, Lisk, OmiseGO, Qtum, EOS, NEM and IOTA. But if you are interested in trading crypto coins, here you may also check our list of brokers, trading with bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:500

 

Higher leverage is considered by many traders an advantage, despite the obvious risks. Still, bear in mind that leverage as high as 1:500 is almost never used by professional traders, because if the market turns against you, your funds can be depleted in a matter of seconds. And it was not a surprise when regulators across most major markets, including the U.S., the European Union, (including the UK,) Canada, Japan and now even Australia, capped the maximum leverage allowed with retail forex and CFD trades to levels well below 1:100.

 

MetaTrader4 available

 

365GCC offers a choice between MetaTrader4, the most widely used trading solution on the market and a web based platform, which you may see here.

 

 

We should note however that the MetaTrader4 platform is provided by Gelko Partners Ltd, which is an offshore company based on the Marshall Islands. Still, the presence of MT4 is always welcome. The platform is highly reliable and functional, featuring numerous in build market indicators and trading bots, with the help of which you can easily run automated trading sessions. And on top of that the platform is equipped with an excellent set of advanced charting tools, so here you may also check our list of brokers, supporting the MT4 as well:

 

>>MT4 Brokers<<

 

365GCC Disadvantages:

 

Anonymous website, no license

 

The 365GCC website is pretty anonymous, despite the Luxembourg address they display in their contact details. The problem here is that we are not even sure about the name of the company that runs the broker. This might be Gelko Partners Ltd, which supports their trading platform, but it might be a completely different company as well. Otherwise we should note that we have heard about Gelko Partners Ltd before – it is an offshore company from the Marshal Islands, which is connected to two other low credibility, unregulated, offshore brokers -  TrustFX and S&P Broker.

 

In any case 365GCC is a unregulated broker, which has no legal right to offer any kind of financial services on regulated markets like the European Union, the U.S., Canada, Australia or Japan. 

 

Besides, trading with unregulated brokers has always been extremely risky, as they are completely unaccountable for the way they handle your money and too often are simply involved in scam. 

 

So our advise is to trade only with licensed brokers, regulated by an official financial authority like the Financial Conduct Authority in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

 

And with a FCA broker your funds will even be covered by an insurance of up to 85 000 GBP – here you may check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Unusual withdraw conditions

 

365GCC says they will charge you an additional 10% fee if you request a withdraw before you have traded your deposit at least 200 times. This is highly unusual, see for yourself:

 

 

Trading bonuses

 

We do not like trading bonuses for one simple reason – they always come with strings attached as for example some minimum trade volume requirement, usually used as an excuse to cancel your withdraw requests. And scammers always reserve the right to change their bonus policy on their sole discretion, so you should not be surprised if you are simply not able to reach your minimum trade volume requirement.

 

Unusual withdraw processing time

 

Legit brokers will process your withdraw request within 24 hours, while 365GCC says it will take them 4 to 7 business days, which is simply not serious.

 

High spreads

 

When we opened the 365GCC web based trading platform the spreads we saw were quite disappointing – 3 pips for the bench mark EURUSD pair is at least two time higher than the levels traders would usually find attractive with a standard account. Here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Absurdly high minimum deposit requirement

 

For their opening account 365GCC wants you to deposit at least 2000 USD and this is more than outrageous. Bear in mind that most brokers require a minimum deposit of about 250 USD, while some big players like FBS and IG will let you start trading with just 5 USD or even less.

 

Skrill not accepted as a payment method

 

365GCC says they accept payments with wire transfer, VISA, MasterCard, Bitcoins, Litecoin, Ethereum, Dash, and two obscure e-wallets – WellcoinPay and Orounda. They do not accept Skrill however and this is notable as recently Skrill adopted a new anti scam policy according which they partner only with legit brokers. As we already noted 365GCC is not a legit broker. In any case here you may check our list of brokers, which do accept Skrill payments:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

365GCC is an anonymous website, connected to a shady offshore company. And naturally they are not regulated, which means they are completely unaccountable for the way they handle their clients' money. As usual in such cases our best advise is to trade only with regulated brokers, licensed and authorized by an official financial watchdog, such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia – the three most popular regulators in the forex industry.

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Traders` reviews for 365GCC

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Scammed by 365gcc

After paying the deposit i never heard from them for 5 days so i went to my account and made a withdraw transaction and it says pending for administrative approval then after two days my account completely vanished and the deposit didnt come back to my card , tried explaining to the Certified agent her Name is Reem but she keeps ignoring me and disconnecting my calls

Mohamed Humaudan 12/16/2019
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