360tradehub review – 5 things you should know about 360tradehub.com

360tradehub review – 5 things you should know about 360tradehub.com

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Beware! 360tradehub is an offshore broker! Your investment may be at risk.

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360tradehub makes us doubt that it is a legitimate forex broker even with its name. The reason is that we have come across a couple of scam websites using similar brands – 360tradeHubLimited and 360TradeHubFX. We cannot be sure if there is a connection between 360tradehub and these websites, but fact checking leaves no doubt that 360tradehub is also a fake broker. Let’s look at the signs that this is a genuine financial services provider.

360TRADEHUB REGULATION AND SAFETY OF FUNDS

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

360tradehub claims that the website is run by a company called 360tradehub Limited, based in the UK. The website’s legal documentation states that this company is “registered with the Registrar of Companies for England and Wales”.

But such registration would not authorise a company to operate as the forex and CFD broker which 360tradehub claims to be. For this purpose, the legal entity must hold the appropriate licence from the UK’s Financial Conduct Authority (FCA). There is no authorised broker with this name in the financial regulator’s database.

But on the homepage of the website we also see the logo of another regulatory institution, the  National Futures Association (NFA) of the United States.

To operate as a forex broker in the United States, a company must be registered as a futures commission merchant and foreign exchange dealer with the Commodity Futures Trading Commission (CFTC) and to be a member of the NFA. The NFA register shows that although there is a company called 360tradehub Limited it is not a member of the NFA and is not subject to NFA oversight. This company is only registered with exemptions for commodity pool operator and commodity trading advisor, which prevents it from providing financial services in the US. This is a tactic often used by financial fraudsters to simulate credibility.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the FCA or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

360TRADEHUB TRADING SOFTWARE

The false information regarding UK and US licences leaves no doubt that 360tradehub is a scam. However, 360tradehub has more sophisticated trading software than most fake brokers – the MetaTrader 4 (MT4) platform. However, the credentials provided upon account registration to log into a trading server were not valid, so we were not able to verify what the platform parameters were.

The presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers have trading software to fool their victims that their money is being invested.

There are more than enough licensed brokers offering clients the MT4 experience and/or the newer version of the software MT5. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

360TRADEHUB TRADING CONDITIONS

360tradehub claims to offer three types of trading accounts – Classic, Pro and VIP. The descriptions of these accounts provide us with additional clues that this could not be a licensed broker operating in the US or UK.

The first such clue is the leverage offered between 1:200 and 1:400. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

The Terms of Business that you agree to when signing up for an account state that 360tradehub offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. The specific terms of these bonuses are not specified anywhere. The same applies to the specific amount of brokerage fees and commissions mentioned in the legal documentation.

The minimum deposit is 1000 USD. For ten times less, you could open a starter account with almost any licensed broker, including the leading brands in the industry.

The 3360tradehub claims to offer a 2 pip spread, which is not a particularly competitive level. Furthermore, as stated, we are certain that the trade offered by 360tradehub is fictitious.

360TRADEHUB DEPOSIT/WITHDRAW METHODS AND FEES

The homepage of the website claims that 360tradehub accepts credit cards, bank transfer and relatively familiar payment processors such as FasaPay and Help2Pay as payment methods.

But on the deposit menu we see cryptocurrencies and little-known payment processors only available in countries like Vietnam and Malaysia.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including established e-wallets such as PayPal, Skrill or Neteller.

As stated, 360tradehub does not provide specific information regarding fees and commissions. But this does not guarantee that there are no hidden fees and extortionate terms, as is common for shady brokers.

HOW DOES THE SCAM WORK

The idea of passive income is increasingly attractive to more and more people. The Internet gives the impression that making money through investments in the financial markets is more accessible than ever to non-experts. But the online space is full of scammers who lure inexperienced wannabe traders through flashy advertisements and fake testimonials from satisfied clients. However, these fake brokers don’t really invest the money you give them – even though they very confidently assure you that you are generating great profits and should invest even more.

But when you try to withdraw some of your supposed winnings or deposit, it turns out to be impossible. Scammers will tell you that a sudden change in the market has wiped out all your money, or point you to vague clauses in the Terms and Conditions that require a huge minimum volume traded. The victim of such a scam may also be surprised with hidden fees and taxes amounting to tens of percentages of their funds.

Holding fraudsters accountable is difficult because they operate through offshore companies that are uncontrolled and unregulated. In addition, scammers require that you provide them with a copy of your ID and proof of address so that they can claim that all transactions were voluntary and agreed upon by both parties.

WHAT TO DO WHEN SCAMMED

First of all, you should know that there is another kind of scammers who prey on victims of fake brokers. They claim they can refund your money for an upfront fee. The most realistic option to get at least some of your money back is to request a chargeback, but this is only possible if you used a credit or debit card for the transactions. Scammers usually insist on using cryptocurrencies, direct bank transfers or shady online payment platforms where refunds are impossible.

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