Social trading review of Trade360 – A unique way to copy trading
History and Background
Trade360 is a unique social trading platform that was founded in 2013 with its headquarters in London. The company is registered under the name of MPF Global Markets Ltd.The firm has been making a lot of news as the world’s first Crowd Trading platform. The firm’s core concept is offering data-drives insights to traders who are buying and selling a range of stocks through crowd trading and copy trading.
The Cyprus Securities Exchange Commission (CySEC) authorizes and regulates the company as a broker and the license number is 202/13. The authorization by CySEC ensures that Trade360 is adheres to the standards of the MiFID (Markets in Financial Instruments Directive). In the European Economic Zone, MiFID enforces safe practice regulations and standards when it comes to financial investment companies.
Trade360’s platform offers a full suite of technology-based analysis tools, stop loss guarantees, customer support, and various bonuses. Some such bonuses includes the “Upto $60” bonus for completing the Practice Mode and a free $50 for verification of phone numbers.
Trade360 Reliability – Is Trade360 a scam?
Being founded only in 2013, Trade360 is considered as a new entrant into the forex trading segment by many. But even though the firm has only operated for about 3 years, most of the traders are confident of the firm’s reliability because of the regulatory instructions imposed by the CYSEC.
With the regulatory standards ensured upon by CySEC, forex trading via the Trade360 platform is secure. So how is this security ensured? Well, when you use the Trade360 platform, you will notice that the platform operates keeping in mind certain guidelines. Some of the standards imposed by the CySEC deal with issues such as ethical business practices, transparency into the processes like the handling of the traders’ funds. When it comes to the funds of the clients or traders, it is mandatory for Trade360 to maintain a segregated bank account for the operational funds and the clients’ funds. There should not be any mix up between the two. This guideline prevents the forex broker from misusing the clients’ money to run their own business operations.
There’s another reason that contributes to the confidence that traders have in the Trade360 forex trading platform. All of the traders money is also protected under the Investor Compensation Fund, a special fund for clients of Cyprus Investment Firms (CIF’s). This means that if in any case the Trade360 platform is not able to deal with or oblige the obligations made in the contract and the terms are deemed by the court as being insolvent, then traders will still have the opportunity to file a claim for compensation for up to a sum of 20,000 pounds, under the scheme.
Copy Trading Platforms
In the recent years we have witnessed a rise in the number of trading platforms. These platforms range from white-labelled social trading platforms to classic trading platforms that are developed in-house. But unlike the majority of the brokers in the forex trading industry, Trade360 has developed an innovative trading platform that operates on the concept of Crowd Trading. They are the first in the market to introduce this concept wherein the platform enables traders to accomplish faster and smarter trading decisions by utilizing the “Wisdom of the Crowd”. This is a new concept of trading is based on a scientific research that has made certain observations that when a group is faced with the same options, they tend to make the same choice, on an average.
The Trade360 forex trading platform uses the ideology of group intelligence and applies the same to Online Trading. They monitor the trading positions and the buying and selling activities of numerous Traders segments. The observations are then presented in an aggregated approach for new traders to understand. When you open a trading position via the Trade360 platform, you will get the chance to examine the crowd’s movements beforehand. This ensures that the traders on the Trade360 platform are able to make confident and well-informed trading decisions all by themselves thus, reducing the risks. Due to less risks, the platform is also well suited for day traders to accomplish forex day trading. Also, the hours of trading varies depending on the market liquidity of the concerned forex currencies.
There is another advantage that comes while trading via the Trade360 platform. Trade360 ensures that new and potential traders are not burdened by the need to utilize or deposit a large sum of money initially in order to open a forex trading account. When it comes to initial deposit requirement, Trade360’s deposit requirements are considered to be one of the lowest in the forex trading industry.
Trade360 offers an online social trading platform, with a live feed and intuitive interface; a mobile trading platform, an app perfect fro Crowd Traders to trade anywhere and at anytime; and a MetaTrader 4 Platform, designed for experienced traders where they can combine the benefits of Trade360’s crowd trading strategy and MT4’s customizability.
So looking into the regulatory standards, the trader money protection, and their innovative trading concept, we give the verdict that the platform is not a scam and is completely safe to use.
Trade cryptocurrencies on Trade360
Trade360 has severals of cryptocurrencies you can day trade, the most know coins is Bitcoin, Ripple, Etherreum, Bitcoin cash, Dash, zCash and the upcoming Iota coin.
Here is a list over which cryptocurrencies, you can day trade on Trade360:
Iota – Ripple – Bitcoin – EOS – Aventus – Bitcoin Gold – Bitcoin Cash – Ethereum Classic – Ethereum – OmiseGo – Litecoin – DASH – Neo – Monero – QTUM – Zcash
The leverage on cryptocurrencies is 1:4
Deposits and Withdrawals
Like we have mentioned above, when it comes to initial deposit, Trade360’s is one of the lowest in the industry. You just require a minimum of $100 for your first deposit. You will be able to set up a “practice trading” account wherein the broker (Trade360 platform) will offer money back on every trade you make with the initial $100 deposit. Moreover, the higher the initial deposit you make, the more will be the cashback that your receive from Trade360. This is a great way when it comes to incentivizing new and potential traders.
The platform accepts credit card deposits. The platform is compatible with Visa, Maestro, MasterCard, DinersClub, JCB, and American Express. Also, you are offered the flexibility to use bank wire transfers, Skrill and Neteller, to fund the trading accounts whenever you wish to buy more stocks. Also, as a trader, you are not charged any fees for the deposits that you make on the Trade360 platform.
Next comes the withdrawals. It usually takes from 3 to 10 business days for the withdrawal. If you have made some money by selling your stocks, then you will definitely want to withdraw the funds. To do so, you will need to first log into your Trade360 account. Next, select the “withdraw funds” option. You will find this option in the dropdown menu located in the upper right corner of your account. Enter the information that will be requested by the platform.
To verify your withdrawal, you will need to submit either a copy of a valid driver’s license, passport or any other identification issued by the government, upon Trade360’s request to do so. Also, keep handy a utility bill that is not older than 3 months. Make sure your full name and home address are printed on it. You will also need to provide a clear image of the front and back portions of the credit or debit card so that the appropriate account can be credited. Make sure you hide most of the card information. Just keep your name and the last 4 digits of your card number only visible for security purposes.
Beginners’ and Customer Support
Whenever you start using a new service,the first thing that you require is good customer support. Now with companies utilizing a customer-centric approach, good customer support is easy to find. Same is the case with Trade360. Their customer service department is open throughout the financial trading week, 24 hours a day. Support can be requested through email, live chat, or telephonic communication. The Trade360 staff is eager to give out information on crowd trading as it is a very new concept and not known to many traders.
When you sign up to the Trade360 platform, you will receive system generated trading signals. These signals play a very important role in helping you determine developing trends in the market. Once you get yourself familiar with crowd trading methods, you can use these signals and incorporate them into your trading plans. In addition the Trade360 website offers a plethora of educational materials that include training e-books for people new in the forex crowd trading game.
Like we mentioned earlier, the CySEC standards ensures complete safety when it comes to the traders. All of the customer information is kept secured. They utilize an advanced Verisign SSL security technology for the purposes of user authentication and data transfers. The platform utilizes 2 layers of firewall protection, one at the server level and the other at the application level. This ensures that there are no unauthorized access attempts.
With just 3 years in operation, Trade360 has added to its name a number of awards and accolades. Recently, they have been honoured with two prestigious industry awards. Best Forex Innovator of the Year 2015 from AtoZ Forex and Most Promising Broker 2015 from FX Empire are the titles held by Trade360.
To conclude, Trade360 is a very unique type of regulated broker. They offer a social trading service which has turned out to be quite beneficial for numerous new and potential traders.
Trade360’s proprietary online Crowd Trading concept is quite easy to use and also minimizes risks when it comes to new traders. But it has been observed that it is a little bit difficult to navigate through the platform as compared to platforms by other brokers. The the unique social trading concept makes up for this difficulty. The platform offers valuable and timely market information to traders based on what majority of traders are doing in the market. Also available as Android and iOS apps.
Yet, there is still a big disadvantage in the form of lack of support for the Metatrader trading platform and the withdrawal process is a bit cumbersome. Moreover, trading spreads seem to be wider as compared to other brokers. This has the potential to affect the profitability of traders.
Risk Disclaimer: Trading options involves a substantial risk of loss and every investor should be aware of this before investing. The valuation of stocks may fluctuate, and, as a result, traders may lose more money that the initial/original investment they have made.