The 365 Markets website immediately feels showy in its look, the first picture you are met with is one of a well suited man looking at his gold watch while on the phone, I feel it is trying to give off a luxurious vibe and not long after that I am met with another picture of gold bullion to really try and hammer home the possible riches of trading.
Also to note is the fact that the website doesn’t seem to have been well designed with sections frequently overlapping meaning they are unreadable at points giving off a vibe off an amateurish website.
There doesn’t seem to be any option to switch between languages.
365 Markets is owned by a company based in Bulgaria called Trustnet Ltd as stated on their website but after some research I found on the FCA website that they work in conjunction with Maximus Global Ltd which is a company based in the Marshall Islands, although they put a UK contact number and seem to target UK clients, if you scroll to the bottom of the site you will see that their registered address is in fact Sofia, Bulgaria.
In Bulgaria trading brokerages such as this one need to be licensed by the local financial authority but after a short amount of digging online it seems that 365 Markets is not and this means that anyone depositing money into this broker is putting their finances at risk.
I would be very hesitant before depositing money into this broker as the fact they are not regulated at all is a massive red flag and they are breaching the rules in Bulgaria by operating without registering with their financial authority. I would urge people reading this not to deposit any money into this broker purely based on the above facts.
IMPORTANT WARNING – On the FCA (financial conduct authority website) they provide a warning about 365 markets stating “This firm is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization”.
Their Platform And Technical Information
From what I can find the company offers five different account types, bronze, silver, gold, premium and platinum with each requiring a larger deposit the higher you go. The minimum deposit is $2500 for a bronze account and there are a number of different assets with the main focus being crypto’s but they do offer forex and CFD’s to trade.
One thing that did catch my eye is that gold premium and platinum account holders are stated as having risk free trades on their account, this sounds all too farfetched to me, have you ever heard of risk free trades? No me either.
In regard to the platform I can only seem to find that they have a web based platform that seems fairly basic and easy to navigate from the pictures but there seems to be no app and it is unable to work in conjunction with the MT4 platform.
A couple of more red flags to add to the growing list are that firstly there are withdrawal fees and inactivity fees, although it is fairly easy to deposit using Visa, MasterCard, Maestro, Skrill, WebMoney, QIWI, Giropay, and wire transfer. Withdrawals via debit or credit cards are charged 5%, bank transfers are charged $10 and the fees for the other withdrawal methods are a whopping $25, while accounts that are inactive for more than three months are charged at 5% every month after.
The final red flag I have for you if the above isn’t enough is that the spreads on nearly every asset that can be traded are very wide at a minimum of 4 pips for forex pairs.
The website does have an education section on the site that doesn’t offer too much other then weekly market review videos if you have an account with them, they also have an e-book section that does not seem to load on the website which may be lucky.
There is a direct number clearly available on the website and also an email address provided although there is no mention of the hours in which customers or clients are able to contact them which is not very helpful.
So How Reliable Are They, What Have Clients Said?
As you can imagine if you have read the above there are some terrible reviews online and I am not surprised, nearly every review mentions the fact that the company are scamming investors and with holding money with some losing thousands of pounds, one review mentioned how she shared her screen with someone working for the company and they took control of her computer and deposited more funds into her account!
On top of that it has also been mentioned that they tend to write fake reviews for themselves on various websites to trick innocent people into falling for their scam.
I won’t go on any longer as I feel you have heard enough.
I think it is clear to everybody reading that this is not a broker that can be trusted, I would urge anyone to please refrain from investing with them as the fact alone that they aren’t regulated should show that they are scamming clients once the money has been deposited with them. You’ve been warned!