360FxOption – Can You Trust This Broker?

Website URL: https://www.360fxoption.com/

Founded: 2010 – 2019

Regulations: Unlicensed

Languages: English

Deposit Methods: Bitcoin

Minimum Deposit: $300

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Binary Options, Forex and Cryptocurrencies

Trading Accounts and Conditions

The only information we have about 360FxOption is that there is one trading account – the Standard Account – which has a minimum deposit requirement of $300 and a payout of 91%. There is no mention of any other types of trading accounts, and we also don’t know the leverage ratios offered by this broker.

360FxOption – Advantages

There are no discernible advantages to trading with 360FxOption, so we have left this section of our review empty.

360FxOption – Disadvantages

Here are the many disadvantages you will face if you contract with 360FxOption:

• Anonymous Website

On this broker’s website, there is no mention of a company name, and there are no legal documents available either. On its About Us page, 360FxOption states that they are located in Florida. However, in another section of their website, the broker claims to be situated in Alabama.

What this basically means is that this broker is completely anonymous, and dealing with such an entity is dangerous, since you do not know who is handling your funds.

• Lies About Regulatory Status

360FxOption claims that it is regulated by 3 different financial regulators – the CFTC (Commodity Futures Trading Commission in the US, the CySEC (Cyprus Securities and Exchange Commission) in Europe as well as the IFSC (International Financial Services Commission) in Belize.

There are only a few brokers that are authorized to offer their financial services in the United States. This is because of the seriously stringent regulations in the country, where you not only need to be regulated by the CFTC, but you also need to be a member of the NFA (National Futures Association). Most brokers are unable to meet these conditions, which is why they avoid offering their services in the US.

Therefore, we were not surprised when we found that neither the CFTC not the NFA had 360FxOption listed as a registered broker.

We also checked the online registries of the CySEC and the IFTC, and sure enough, there was no company by the name of 360FxOption listed on these authorities’ websites either.

This broker has clearly lied about its claims of regulation and this is a serious issue, since it means that it is unregulated and willing lie to entrap unsuspecting traders.

• Market Maker Offering Account Management

360FxOption offers to manage your trading account for you, promising that you will get massive returns if you do.

There are two critical points to remember here. First, there is no guarantee any broker can make on returns. In fact, regulated traders are required by law to clearly state what percentage of trader lose money while trading. On average, 70% to 85% of traders lose money on their trades. So, the promise of guaranteed high returns is yet another lie that this broker has told.

Second, 360FxOption, like most brokers, is a market maker, which means that they make money on your losses. So, the question you need to ask is whether you actually want someone who profits from your losses you manage your trading account. This is what is known as a conflict of interest.

• Trading Platform Is Not Functional

The one of the main reasons why traders contract with brokers is to use their trading platform. And not only does 360FxOption not offer the MetaTrader 4 trading interface, the one that it does offer doesn’t seem to function at all!

Most brokers offer the MT4 trading platform because if offers users a wide range of features that make trading easier and more efficient. There are charting options and technical indicators that help with analytics, and there are also trading bots that you can use for automatic trading.

With 360FxOption, on the other hand, all you get when you finish your registration is a strange looking dashboard with no trading option.

• Client Agreement Missing

The Client Agreement, also called the Terms and Conditions, is a critical document that clearly states the relationship between the broker and their customers.

When you sign up with a broker, you will be asked to click on the Agree button to accede to their terms and conditions. This is basically a contract of agreement between you and the broker, so you know what you are getting from the deal and what the broker gets from you.

In 360FxOption’s case, there is no such document available. So, if you do set up an account to trade with this broker, you basic are signing away all your rights as a customer.

• Bitcoin Only Payment Method

This only way you can deposit money or withdraw your funds from your trading account with 360FxOption is via Bitcoins.

Most brokers offer multiple options such as debit and credit cards, usually Visa and MasterCard, bank wires and other e-wallets such as Skrill, Neteller, etc.

With this broker, the only way is Bitcoin. This raises concerns, because cryptocurrency payments are almost completely anonymous, so you won’t know where your money is going. Added to that, payments made through this method are completely irreversible, which means that once you have made a payment, there is absolutely no way that you can get your money back.

Traditional payment methods still have the facility where you can demand a chargeback if you have been scammed, but with Bitcoin, there is nothing you can do.

Conclusion 

Everything we have researched about 360FxOption indicates that this broker is a scam and that it is best if all traders avoid contracting with them. They are anonymous, and they have lied about pretty much everything that makes a broker legitimate.

360FxOption

2.5

User Experience

3.1/10

Payment Options

2.3/10

Security

2.4/10

Support

2.2/10

Reputation

2.5/10

Pros

• None

Cons

• Anonymous Website
• Lies About Regulatory Status
• Trading Platform is Not Functional
• Client Agreement Missing
• Bitcoin Only Payment Method