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FXCM360 Review - is it scam or safe?

FXCM360 Review - is fxcm360.com scam or good forex broker?

RATING: 1 / 0 REVIEWS FXCM360
FXCM360 is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage  Spread + Commission
Mini  $500 N/A 0.3 pips + $50 
Normal  $5 000 N/A N/A
Silver  $10,000 N/A N/A
Golden  $25,000 N/A N/A

 

FXCM360 presents itself as a Germany-based forex brokerage and offers the account types listed above, as well as Islamic (swap-free) services. Unfortunately, a number of things are not right with this broker, so make sure you read this review prior to investing any money.

 

 

FXCM360 Advantages

 

Decent CFD line-up

In our opinion, the only possible benefit of using this broker`s services is the variety of financial instruments it offers for trade. Its clients are able to deal in world’s currency markets along with the most popular stocks, index and commodity CFDs, as well as Bitcoin.

 

 

FXCM360 Disadvantages

 

Company not licensed, blacklisted by the FCA

Although FXCM360 claims to be based in Munich, Germany, it is not regulated there, nor anywhere else. Instead, the company operating the brand, GLOBAL MARKETING ONLINE LTD., is registered in Dominica.

 

Companies operating out of Dominica are bound by certain international banking regulations, however, forex businesses are not regulated at this time. This means that the broker FXCM360 does not have a legit license to operate on regulated markets like the European Union, the US, or Australia, so basically if this broker is targeting customers on those markets, they are doing so illegally.

 

 

Furthermore, we found out that GLOBAL MARKETING ONLINE LTD. has been blacklisted by the UK’s Financial Conduct Authority (FCA) regarding the operation of another brand of the company, ADS Securities. The latter has been flagged by the regulator as a clone firm.

 

That being said, FXCM360 seems to use the same scam tactic. In our view, this broker tries to mislead investors that that they are part of the  FXCM Group – a major forex and CFD broker regulated in the UK, Australia and South Africa. This is a popular scam tactic also known as a “clone firm”.

 

Trading conditions unclear

Another clear-cut sign of trouble regarding FXCM360 is the lack of any relevant information on trading conditions, other than the initial investment required. Potential clients of this broker don’t know what their trading costs would be, as the broker has not specified any reference spreads, nor what leverage levels are available on its website.

 

Salty commission fees on demo

When we opened a demo account, we found the benchmark EUR/USD spread floating around 0.3 pips, which seems great.

 

Click on the image to view full size.

 

However, a commission fee of $50 applies on each trade, so average trading costs with FXCM360 amount to around 5.3 pips per lot, which is way higher than the average in the sector. |For further information on spreads, check out the below link: 

 



>> Compare the spreads of some top brokers in real time <<

 

 

MT4 not supported

FXCM360 offers its services on a platform called Veta Trader, available as desktop download, web version and mobile apps. It appears similar to the industry leading MetaTrader 4 (MT4), but it is far too unclear who are its developers, which makes it unreliable. Most traders will probably prefer the good old MT4 or its successor, the MetaTrader5.

 

 

>> Trade with the top-rated MT4 broker<<

 

 

$500 minimum deposit

This is not a serious drawback, when compared to the previous ones, but we will mention it nonetheless. The minimum initial deposit required by FXCM360 is higher than those most brokers ask for, including legit and reliable ones. For example, major forex broker FxPro requires $100 from traders as a start for all account types.

 

 

Conclusion

Overall, FXCM360 is an unregulated forex brokerage with limited credibility. Its trading conditions are not clearly presented on the website, and it does not support the popular MT4 platform. Furthermore, its name is certainly misleading, as the broker is not associated in any way with major forex brokerage FXCM, despite the similarity of the two names.

 

As we keep reiterating in our reviews, the most important factor when choosing a forex broker is its legal status. Brokers who are licensed and overseen by reputable governmental agencies are reliable and worth investing in. One of the best examples of such regulation is this in the United Kingdom.

 

 

>> Forex brokers authorized by UK’s FCA <<

 

 

Here are the highlights on our review of FXCM360:

 

Pros Cons
Decent CFD line-up Not regulated, blacklisted by the FCA
  Misleading name
  Spreads not announced, salty fees on demo
  MT4 not available
  $500 minimum deposit

 

 

Latest news about FXCM360
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Traders` reviews for FXCM360

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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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

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