3.70
Accepts UK Clients. Average spread EUR/USD 4 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & CrowdTrading platforms supported. Trade360 is regulated by ASIC & CySEC. 69.7% of traders lose money with this provider.
Pros
- Good range of accounts
- Wide range of assets
Cons
- Wide spreads
- Limited education
- Limited market analysis
- High minimum deposit
Is Trade360 Safe?
Trade360 is owned by Crowd Tech Ltd, a Cypriot investment firm founded in 2013, strictly regulated under ESMA’s Markets in Financial Instruments Directive II (MiFID II). It is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investment Commission (ASIC), and is registered in the Marshall Islands. See below for details:
- Trade 360 Europe is operated by Crowd Tech Ltd and is authorised and regulated by CySEC license: 202/13.
- Trade360 Australia is operated by Sirius Financial Markets Ltd (ABN # 36 142 189 384) with regulation by the Australian Securities & Investments Commission (ASIC) under licence no. 439907 (AFSL).
- Trade360.finance is owned by ST Services LTD, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
UK residents will be trading under the subsidiary, Trade 360 Europe, which is authorised and regulated by their local regulator, CySEC, based in the EU. Under this subsidiary, traders are afforded negative balance protection, have their funds held with Bank of Cyprus Public Company Ltd in segregated accounts, and are protected by the Investor Compensation Fund, up to 20,000 EUR, which is not available under Trade360’s’ other regulatory authorities.
However, under CySEC, leverage is restricted to 30:1, and Trade360 is prevented from offering bonuses and promotions to its traders. Additionally, under CySEC regulation, Trade360 cannot offer trading on cryptocurrencies.
Trade360 is a market maker broker, where the broker is the market and always trades against its client base. There is nothing unsafe about trading with market maker brokers but a conflict of interest can exist between the broker and trader, where one party profits from the other’s loss, which can be unnerving for some.
Trade360 has won numerous awards over the years, including Best Gold Trading Broker 2020 (The European Global Business Awards), and the Most Innovative Social Trading Technology Award 2017, 2020 (European Global Banking & Finance Awards) for its proprietary CrowdTrading system which was recognised as a unique and valuable trading methodology. In 2015, 2016, and 2019 it won the Forex Innovator Award (AtoZ Forex.com Broker Awards) for its dedication to the development of the most innovative trading tools.
Overall because of the long track record of responsible behaviour, strong international regulation, and wide industry acclaim, we consider Trade360 a trustworthy and safe broker.
Trading Fees
Trade360’s trading fees are significantly higher than other similar brokers.
Trade360 is unusual amongst brokers in that it offers six different account types, where most brokers will offer three or fewer. Trading costs will vary depending on the account type chosen by a trader (for more detail on Trade360’s account types, click here).
Despite the variation, overall trading costs are higher than average across all six accounts, though the accounts themselves do offer more benefits linked to higher minimum deposits. Minimum deposits are higher than average across all the account types too, with the entry-level account requiring 250 USD to open. Most entry-level accounts at other similar brokers will have a 100 USD minimum deposit if they have any requirement at all.
Trade360’s accounts were assessed to compare the costs to those of other brokers. When making this calculation, we use one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread. Unfortunately, Trade360 does not publish the average spreads for each account, so these calculations were based on the minimum spreads.
Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD):
As you can see from the table above, Trade360’s trading costs are built into the spread, which is variable and gets wider or tighter depending on trade volume and market volatility.
Spreads are significantly wider than average at Trade360. The average cost for trading one lot of EUR/USD among similar brokers is about 9 USD per lot. As you can see from the table above, this is not achievable on any of Trade 360’s accounts. Additionally, the minimum deposit requirements on most accounts are prohibitively expensive. For more on Trade360’s account types, click here.
Swap Fees
The other main trading cost to consider is the overnight swap fee. This is charged on trades held open overnight and is derived from the difference between the interest rates of the two currencies being traded. Trade360’s swap rates are published on its website for each financial instrument. Trade360 charges swap fees of 3.75 USD on the EUR/USD for a long position, and 0.036 USD for a short position.
Compared to other similar brokers, Trade360’s initial and ongoing costs are high. The minimum deposit on the entry-level account is higher than at other brokers and spreads are wider than average across all the account types.
Non-trading Fees
Trade360’s non-trading fees are average compared to other similar brokers.
Some of the most overlooked trading costs are the non-trading fees that are charged by brokers. These fees can significantly affect your profitability and so should be carefully scrutinised.
However, at Trade360 no fees are charged for deposits or withdrawals, but it charges high inactivity fees on dormant accounts. Trade360 will close open positions after 90 days of inactivity, and charge a 0.10% administration fee for hedged positions. After a further 21 days, hedged positions will be closed without further notice. For inactive accounts with a balance above 100 USD, a fixed fee of 100 USD will be charged every 45 days.
Overall, although Trade360 does not charge fees for deposits or withdrawals, it charges relatively high inactivity fees.
Account Opening
Trade360’s account-opening process is easy and accounts are available for trading immediately.
UK residents can open an account at Trade360, but need to meet the minimum deposit requirements of each account to do so:
- Mini Account: 250 USD/EUR/GBP
- Standard Account: 1000 USD/EUR/GBP
- Gold Account: 5000 USD/EUR/GBP
- Platinum Account: 10,000 USD/EUR/GBP
- Diamond Account: 50,000 USD/EUR/GBP
- VIP Account: 100,000 USD/EUR/GBP
Trade360 offers both corporate and individual accounts, but we will outline the process for opening an individual account:
- Register an account. This can be done by clicking on the “Register Now” button. Traders are required to fill in their personal information (name, email address), and create a password.
- Traders will then be taken on a tour of Trade360’s Crowdtrading platform.
- The next step is to make a deposit (click here for more on deposits and withdrawals).
- Once a deposit has been made, clients will have to take an Appropriateness test. This is a responsible move on the part of the broker in an industry that is often accused of an irresponsible approach to consumer safety.
- Once the trader passes the Appropriateness Test, they are able to choose their account type, leverage, and preferred platform.
- The next step is to confirm your identity. Trade360 will need two documents from you:
- A photo ID (passport, driver’s license, or national ID card) and;
- A secondary ID (a bank or utility statement with your full name and address dated in the last three months).
We advise you to read Trade360’s risk disclosure, customer agreement, and terms of business before you start trading.
Overall, Trade360’s account-opening process is quick, efficient, and accounts are generally ready for trading immediately.
Trade360 Account Types
While Trade360 offers more account types than most brokers, they have both high minimum deposits and high trading costs – making them unsuitable for beginner traders and unappealing to experienced traders.
A market maker with six commission-free instant execution accounts, Trade360 offers trading on multiple assets, including Forex, commodities, indices, ETFs, and stocks. For more on Trade360’s trading assets, click here.
Trade360 offers a wide variety of account options, with tighter spreads linked to higher minimum deposits. While this is relatively normal for a broker, it is strange to see an account referred to as the ‘Mini Account’ that still requires a 250 USD minimum deposit. Additionally, spreads start at 4 pips on the EUR/USD, which is much wider than the industry average. Most other brokers will offer an average spread of 1 pip (EUR/USD) and a minimum deposit of 100 USD or less on their entry-level accounts. We assume that Trade360 aims to cater to professional traders with a larger capital base.
Support is offered for the MT5 platform and its proprietary CrowdTrading Feed platform, which monitors all trader activity and computes the data instantaneously to provide inspiration for trading strategies. British traders can access maximum leverage of up to 400:1, and minimum trading volumes are at 0.01 lots. Lastly, Trade360 allows hedging and scalping, and offers Islamic accounts.
Mini Account
The Mini Account is Trade360’s entry-level account with a minimum deposit of 250 USD and extremely wide spreads starting at 4 pips on the EUR/USD. The Mini Account does not support MT5, but it does give you access to the live CrowdTrading feed, customer support, and trading signals.
Standard Account
The Standard account requires a minimum deposit of 1,000 USD. Variable spreads are extremely wide compared to other market makers, starting at 3 pips on the EUR/USD. Support is offered for the MT5 platform and the live CrowdTrading Feed.
Gold Account
With a minimum deposit of 5,000 USD, spreads tighten to 2 pips on the EUR/USD (which is still much wider than the industry average), and clients can trade on the MT5 and Crowdfeed platforms and receive access to trade signals and exclusive market updates.
Platinum Account
The Platinum account requires a minimum deposit of 10,000 USD, variable spreads start at 2 pips on the EUR/USD (which is no different from the Gold Account), and clients can trade on the MT5 and CrowdTrading platforms. As with the Gold account, traders receive personal push and SMS notifications and exclusive market updates.
Diamond Account
Trading conditions are the same as the Gold and Platinum Accounts (spreads start at 2 pips on the EUR/USD), but a 50,000 USD minimum deposit is required on this account. However, spreads are tighter on other assets (including commodities, indices, and stocks).
VIP Account
The VIP account requires a minimum deposit of 100,000 USD, and spreads for this account are still wide – at 1.8 pips (EUR/USD). The spreads on the top-tier commission-free accounts at other good brokers tend to be around 0.7 pips (EUR/USD). In addition to the account as mentioned above benefits, traders will receive access to a personal account manager.
Demo Account
At Trade360, prospective clients can register for a demo account to try out the platform. The demo account does not require a deposit, and clients receive a virtual bankroll to explore the different trading products available.
Deposits and Withdrawals
In line with Anti-Money Laundering policies, Trade360 does not accept payments from third parties and only accepts funds received directly from the named trading account holder.
It offers a range of payment methods, including credit cards or debit cards (Visa or Mastercard), bank wire transfers, b-wallets, and e-wallets (such as Skrill and Neteller) and requires a minimum deposit of 250 GBP to open an account. Trade360 does not charge deposit or withdrawal fees, and while deposits are generally instant, withdrawals are only processed within three business days and can take up to 14 days to reach your bank account, depending on the withdrawal method.
Unfortunately, there is not much information regarding deposits and withdrawals on Trade 360’s website, which is not consumer-friendly. For example, it doesn’t specify details about any of the payment methods.
Base Currencies (Trading Account Currencies)
Trade360 offers three base currencies, which is limited compared to other brokers.
At Trade360, traders can only choose from three base currencies: USD, GBP, and EUR. This is limited compared to most other international brokers, who sometimes have accounts denominated in up to 10 base currencies.
While most UK residents will want to have their trading accounts denominated in GBP, some traders may want to have multiple accounts with different base currencies so as not to pay conversion fees when trading, which is not possible at Trade360.
Overall, Trade350 offers fewer base currencies than most other large international brokers and does not allow traders to open multiple accounts.
Trading Platforms
Trade360’s platform support is average compared to most other brokers.
Trade360 uses its own online proprietary trading platform, which supports its CrowdTrading Tools – this is available online and as a downloadable app for iOS and Android.
Support for MT5 is also offered, though it is not available on the Mini Account – so it will be out of reach of many beginner traders.
CrowdTrading Platform
Trade360’s CrowdTrading environment is comprised of two main elements: CrowdFeed, a live, real-time feed of market events, and a sentiment indicator that shows how the masses of online traders are reacting. The platform remains at the core of Trade360’s unique offering.
CrowdFeed is a live feed showing major market events and ongoing asset-related trends. Each event includes buy/sell percentages for an asset plus information comparing the current market action with the norm. Irregularities are highlighted, enabling the trader to immediately see the event and evaluate its cause and outcome. Additionally, the unique CrowdTrading Sentiment Indicator appears alongside each asset, gauging the buys and sells in the system at any given moment.
CrowdFeed essentially attempts to capitalize on cognitive research, exploring the possibility that a crowd will make better choices than individual experts. Although this may be an advantage for beginner traders who may be learning the ropes of CFD trading, traders should be aware that 67.83% of traders still lose money with this broker, which is essentially on par with well-established brokerages that deliver in-house research by seasoned professionals.
Metatrader 5
Continuing its predecessor’s reputation (MT4), the MT5 platform provides traders with everything they need to trade the financial markets. It incorporates all of the key features of MT4 and an optimised environment for EA trading. Features include 38+ preinstalled technical indicators, 44 analytical charting tools, three chart types, 21 timeframes, additional pending order types, detachable charts, trailing stop, Depth of Market, and an integrated Economic Calendar.
The benefit of Trade360 offering a third-party platform such as MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker. Additionally, there are thousands of plugins and tools available for the MetaTrader platforms.
Mobile Trading
Trade360’s mobile trading support is average compared to other brokers.
Like most other brokers, Trade 360 offers mobile versions of both its platforms – the CrowdTrading platform and MT5.
The award-winning CrowdTrading app is available for Android and iOS and provides all the same features as the desktop version. Clients can change leverage, check out an asset’s volatility, and access various technical analysis tools, including Trading Central. It also has a live chat feature and a position simulator. Overall, clients find this mobile app easy to use and understand.
MT5 is also available on Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platform, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.
Trading Tools
Trade360’s trading tools are severely limited compared to other brokers.
Trading Central is provided free to all account holders at Trade360. Trading Central amalgamates automated AI analytics with the investment advice of registered expert analysts worldwide who maintain a watchful eye over fundamental, technical, news, and sentiment developments. The company maintains 24-hour global coverage so as to place the next set of signals within a holistic framework, thus providing the best of all possible worlds. Overall, Trading Central is an excellent analysis tool, and Trade360 does well to offer this to its clients.
Trading Instruments
Trade360’s range of financial instruments to trade is limited compared to most other brokers.
Trade360 offers tradable assets across five categories, including Forex, commodities, indices, shares, and ETFs:
- Forex: Trade360 offers 48 Forex pairs for trading, an average range compared to most other brokers. These include majors, minors, and exotics. Maximum leverage is up to 1:30 for major pairs.
- Commodities: Trade360 only offers trading on four commodities, which is limited compared to most brokers. Commodities include gold, silver, oil, and natural gas. Leverage is up to 1:20 on commodities.
- Indices: Trade360 offers trading on 8 indices, again limited compared to most other brokers. Leverage is up to 1:20 on indices.
- Share CFDs: Trade360 offers trading on over 500 share CFDs, which is a broader selection than most other brokers. These include some of the major US and European shares on the market. Leverage on share CFDs is up to 1:5.
- ETFs: Trade360 has an impressive range of ETFs. There are over 42 ETFs for trading, including the VIXY. Leverage is up to 1:5 on ETFs.
Apart from the wide selection of Shares and decent Forex offering, Trade360 has a disappointing range of CFDs.
Trade360 for Beginners
Trade360 is not the best broker for beginners for a number of reasons:
- Minimum deposit requirements are high on all account types.
- Educational and market analysis materials are essentially non-existent; and
- The CrowdTrading platform can be confusing for new traders.
Educational Materials
The educational materials available at Trade360are virtually non-existent, making it a poor choice for beginner traders.
The educational content at Trade360 is limited to a glossary of terms.
Market Analysis
Compared to other large international brokers, Trade360’s market analysis materials are severely limited.
Trade360’s market analysis materials consist of two sections: The Financial Market News (which is only updated once a week) and a Daily Market Report. The Daily Market Report content is provided by Trading Central, a third-party research provider.
Customer Support
Customer support is available 24/5 via telephone, email, live chat, a contact form, and fax in 13 different languages.
For the purposes of this review, we found the customer support responsive and knowledgeable.
Evaluation Method
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Trade360 offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trade360 Risk Statement
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Trade360 would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.7% of retail investor accounts lose money when trading CFDs with Trade360. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Overall
Trade360 is a well-regulated market maker broker offering a unique approach to Forex trading through its CrowdTradingTM technology, allowing users to make decisions based on those of other traders. Although Trade360 offers a wide range of trading accounts, trading costs and minimum deposits are extremely high, it offers virtually no educational or market analysis materials, and has a limited product offering for experienced traders.
