Trade360 Review – Is Trade360 a good forex broker?

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General Company Information

Founded in 2013 by a group of trading entrepreneurs and technology experts, Trade360 is the trading name of MPF Global Markets Limited, a Cypriot Investment Firm incorporated and registered under the laws of the Republic of Cyprus.

Trade360 has established a new niche product in the world of online trading: Crowd trading.

Though it shares some common features with Trading signals, it is in fact a different thing. You don’t copy the trades of a certain signals provider, but instead follow a whole market trend, formed by a group (crowd) of traders at a certain time. It builds on the Wisdom of the Crowd concept – a belief that collective knowledge of a large group of individuals tends to be more accurate than that of a single expert.

Trade360 is the first company to introduce Crowd trading approach and has revolutionized the world of trading and the way traders think. Trade360’s CrowdTrading Algorithm consists of a number of tools that identify patterns in traders’ activity and shows users sharp changes on specific assets, thus helping them make an informed trading decision.

Trade360 offers trading in wide range of financial instruments: more than 40 currency pairs (bitcoin included), CFDs on commodities, indices, stocks, and ETFs. They are all available for trade on the company’s proprietary trading platform, which is entirely web-based, so you can trade from wherever you happen to be in the world, and what is more, you can log with your Facebook or google account.

Regulation & Safety

As we have already mentioned, the company behind the Trade360 brand is based in Cyprus and it is duly authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).

The Cypriot financial watchdog has imposed a set of requirements on financial providers within its jurisdiction, in order to protect consumers and to ensure a certain level of security. All Cypriot Investment Firms are required to hold at least €730 000 as a proof of their financial stability, much like UK-based brokers. Besides, Client funds must be held in segregated accounts and regulated entities must regularly report to the Commission.

What is more, clients of all CySEC-regulated firms are covered by the local compensation scheme. The Investor Compensation Fund is able to provide compensations to a maximum of 20,000 EUR per person in the event that a broker becomes insolvent or ceases trading.

As Cyprus is within the European Union, this also means that all companies, regulated by CySEC,are also permitted to offer their services anywhere within the EU (according to MiFID regulations).

Trading Conditions

Overall, the conditions offered by Trade360 are pretty good. Despite the unique service this broker is offering, Here are the other highlights of their trading conditions:

• the minimum initial deposit is $100;
• there are no commission fees, just the spread;
• leverage up to 1:400, which is considered a high ratio;
• trading in micro lots available;
• No-Dealing-Desk execution.

 Spreads & Commissions

As is the case with most fixed-spread brokers, Trade360 charges no commissions, relying on spreads for its income instead.

As regards the spread, it amounts to 1.8 pips on EUR/USD, which is a low value for a fixed spread. Most broker offer fixed spreads of 2 pips and more for this currency pair. Not to mention that Trade360 offers a unique trading service.

Trading Accounts

Trade 360 provides a single standard account type which offers fixed spreads, commission-free trading, leverage up to 1:400 and NDD execution model on an easy to use web platform. In order to sign up, clients are required to deposit $100.

What is more, there is an option for a free practice account where one can earn up to $60. After switching over to Real Mode and registering, the bonus earnings will be added to the live account.

Trading Platform

Unlike most brokers, this one does not offer the universal MT4 platform. However, its in-house platform is entirely web-based and therefore can be accessed with any web browser from any device: PC, tablet, mobile phone.

Trade360’s platform is one of the simplest trading platforms that we have come across. The trading screen is presented as one large viewing window and the assets are displayed in the form of rectangular boxes (indicating the daily percentage change, high/low prices, spread, margin, contract size and the buy/sell sentiment). Each of boxes is also equipped with a chart, which pops out with a single click. The trading charts come with various tools and indicators.

One of the advantages of the platform is the Wisdom of the Crowd feature which simply says on a given currency pair something “55% say sell – 55% say buy” (and this is all in real time).

On the right side of the trading screen, users will find the live feed of trading ideas for various instruments. This is actually the essence of Trade360’s crowdtrading platform. It displays the type of asset, market conditions, such as “Growth in trading”, “Surge in Openings”, “moving fast”, etc., as well as the recommended actions for each trading instrument, which is as simple as SELL or BUY.

Both market and pending orders are available on Trade360’s platform, as well as Buy/Sell limit, Stop loss & take profit.

Trading ideas via the CrowdTrading Live Feed are also ooffered by SMS text alerts, provided by UK leading signal provider Alliance

Promotions

Apart from the free practice account with the option to earn $60 in real money (mentioned above), Trade360 offers a $50 welcome bonus. It is available to clients who register their correct telephone number and trade a minimum of US$1,000,000.

Besides, the broker provides another Bonus program to welcome new clients, based on the amount of their first deposit.

Methods of Payment

The following deposit and withdrawal options are available to clients of Trade 360: Debit/Credit Card, Online & Local Bank Transfer, as well as popular eWallets Skrill & NETELLER.

The broker charges no deposit & withdrawal fees.

Conclusion

Trade360 is a reputable forex broker that focuses on innovation and ease of use. Its unique service is undoubtedly attractive to inexperienced traders, as they don’t need any special knowledge to be successful – all they have to do is look at live-stream on the right side of the screen and act accordingly.

Besides, if you don’t have the time to stare at charts and analyze figures – or you just don’t want to – then this could very well be the ideal broker for you: simply do as everyone else and it is very likely that you will be successful.

Advantages:                                                                                                      

• Well-regulated
• Unique trading service offered: Crowd trading
• No commission or withdrawal fees
• Competitive fixed spreads
• High leverage levels
• User friendly web based platform
• Attractive promotions available

Disadvantages:

• No option to open multiple accounts
• No account management services
• No choice of account types/trading platforms
• Fixed spread only

If you are not out-of-the-box thinker, or you simply enjoy good old MetaTrader 4 platform, looking at charts and analyzing news and figures to make your own trading decisions, Trade360 is clearly isn’t the broker for you.