Beware! 360BullFXTrading is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
360BullFXTrading is a suspicious broker that does not offer too much in order to fool us. The broker is quite the mess and for this reason we cannot give you any trading conditions. More on what to expect, below.
360BULLFXTRADING REGULATION AND SAFETY OF FUNDS
The only hint at a regulation is found in one of the legal documents. It clams the following confusing thing:
In no way does thins piece of information convey any important detail on a regualation. There is nothing here to reveal that the broker is regulated; the snap above is part giberrish, part true but it does not connote that 360BullFXTrading is a license holder. Furthermore, there is no other piece of info in the website to suggest a license. We can safely onclude that the broker is competely UNREGULATED, and therefor a real risk to any deposit one makes with it.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
360BULLFXTRADING TRADING SOFTWARE
We very easily registered, without providing any ID verification documents, which is alwasy a big no. After we logged in, we were presented with a very sloppy and almost broken dashboard that offers two chart types, both of which are immediatelly seen as completely broken, offering no trading conditions.
360BullFXTrading, we can deduct, seems to offer some random trading softwares, none of which seem connected to the actual broker. Readers should be adviced that this is a clear sign that this broker is only after their deposit. As you can see from the pic above, the broker has given almost no effort in creating a decent ground for trading.
360BULLFXTRADING DEPOSIT/WITHDRAWAL METHODS AND FEES
The dashboard reveals that user scan deposit by means of Bitcoin, MoneyGram, PerfectMoney, Skrill, and Western Union. After we proceeded with the deposit process, it was shown to us that the broker cannot actually give us a minimum deposit straght from the dashboard. Rather, users have to either send an email with a request, or directly pay via crypto to a bitcoin wallet. We doubt that the broker would allow users to actually deposit via anything else that crypto, for crypto fundings cannot be traced. There seem to be no depositing fees.
As for withdrawals, once we clicked on the withdrawal button in the client area we were redirected to a blank page, completely confirming the fact that this broker will not return any investment.
We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.