365Markets (365markets.com) is an unregulated broker who offers Forex and binary options services. This brokerage is situated in Bulgaria and features a wide range of trading instruments and pairs. There has been a lot of confusion around this broker and not to mention the amount of complaints against them on the internet.
When we took thorough look at their platform and the way they operate, it was indeed a little concerning. Read our unbiased review which will help you determine whether this broker suits your need or not.
Company and Support
In general we advice all our traders to hold an account with regulated brokers only because there is a lot of scams perpetrated around the financial markets and the best way to avoid them is by interacting with regulated companies.
365Markets Limited is incorporated in Bulgaria but when we carried out a background check on them, there wasn’t any information about them in the database of Bulgarian. Financial Supervision commission which means they are unregulated keep in mind the fact that not every unregulated broker is a scam but most of them are.
If you have any queries or run into any problem on this platform the support team can be reached via telephone and email.
Address – R A Hadzhi Dinitar bl, 113, sofia 1510, Bulgaria
Charting and Leverage
The Charting on this platform is very basic and lacks may tools which comes standard in many platform. Apart from changing the layout of the chart, there isn’t anything much you can do. If you are going to open an account with this broker then you definitely need a 3rd party charting solution.
It would have been better if they had their own dedicated application instead of being a completely web based system. The traders can choose the amount of leverage but remember leverage can work for you or against you.
So, it is better to stick with low amount of leverage, If you are a beginner, as you become experienced and have total awareness of what you are doing then you can increase it. Leverage amount available on this platform are 1:50, 1:100, 1:150, 1:200.
This brokers provide the clients with free access to a lot of educational materials. From the basic meaning of the commonly used terminologies of the market to advanced topics, everything is discussed and relative information is provided.
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From a trader’s point of view it is always nice to have knowledge about every type of trading approach, after all learning is a never ending process.
A position size calculator is provided on their website which helps beginner traders to know what amount they are risking and how much a pip is worth depending upon the lot size. Always make sure you have enough balance in your account before opening a trade to avoid getting margin calls or worse, your order will may never get filled because of insufficient amount.
At a single glance the traders can get all the information about the latest happenings in the market and keep track of new, events as all these tools are embedded in the platform itself. During high impact news releases like GDP, NFP announcements, volatility will be huge and spreads increase, so it is good to know all the scheduled events in order to manage your portfolios accordingly.
On the homepage of this website, there are a few testimonials from happy clients but the problem with that is they are all too favorable towards them and there really is no way to verify or trace thee identity of the users which means we do not trust them.
On many popular forums like Trustpilot.com, people have complained about them. Here what the actual users of their service are saying about them:
I was just about to make an investment but fortunately before making a payment I looked at the reviews for 365markets. However, whilst doing this I received a phone call from “someone” (first language not English) from 365markets stating they were my personal advisor. This person then began to ask me some unrelated personal questions and kept asking me to make a deposit of $250. I told him that I had reconsidered what I was doing and was not going to proceed. However, since yesterday I have now had 6 phone calls from different (foreign) people desperate for me to pay the $250. Each time I told the person I was not going to proceed and to not call me, I still had numerous calls. This whole experience has left me feeling as though this is a SCAM. So, my advice would be DO NOT invest anything with 365markets.
Deposit and Withdrawals
The minimum balance required to open an account is $250, the minimum payout depends on the withdrawal method but it is usually around $100 if you use e-wallets. The payment methods this platform supports are VISA, Mastercard, Maestro, Skrill, Webmoney, Qiwi, giropay and wire transfer.
Transaction fees may be applicable on withdrawals, so for exact details about fees contact support team. The time taken for processing withdrawals are not specified.
According to whois.com this domain was registered on 06/08/2013 and it expires on 06/08/2019. From the details we gathered on alexa.com we know that this website ranks 52,693 in Malaysia which is also where the majority of the traffic to their site is coming from and has a global rank of 4,278,561.
365Markets Review Conclusion
365Markets offers huge number of trading assets and provides leverage of 1:200 which should be enough for most of the traders. They do miss out on providing MT4 program which more than 80% retail traders use. On the flip side this brokers reputation is heavily damaged on the internet and the amount of complaints against them are too many.
After considering all the facts the disadvantages over-weigh the benefits. Our best advice for our readers is to trade using fully regulated and licensed brokers only. Even their spreads are higher then most brokers, so why should you stick with them while you have so many legit choices available.
Have you tried 365Markets? How would you describe them, let us know by leaving a comment below.
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