Online trading has brought a lot of convenience in our daily lives, as it makes access to the financial markets simple and convenient for everyone. Sure, you need to open an account with a brokerage to get started, but with hundreds or even thousands of options, it doesn’t seem too difficult. However, you have to bear in mind that while some platforms are quite professional, you will also find that there are others that are mediocre and those that are downright scams. Distinguishing between them requires some effort, as this 360tradeHubLimited will show you.
It is understood that no scam broker will advertise itself as one. As a matter of fact, they do the polar opposite and present themselves as professional and reliable platforms to attract more victims. This means that you have to be very thorough when checking out a broker in order to ensure they are what they appear and not a ruse to scam you. Doing this in the case of 360tradeHubLimited can pay off in the long run because you are able to understand why you should not choose this broker.
Advertised as a trusted destination of traders globally, 360tradeHubLimited has put itself forward as one of the leaders in the forex industry. It claims to be regulated in South Africa, Australia and the United Kingdom, along with other major markets. Moreover, it claims to be offering its services to more than a million traders around the world and this sounds very exciting. But, this would have been great only if any of it were true. A closer look at 360tradeHubLimited shows that you are dealing with a scam. How? Let’s find out:
False claims of regulation
The best place to begin looking into a broker is its regulation because it tells you whether you can trust them or not. Regulated and licensed platforms are significantly more trustworthy because they come with a number of protections. Since it claims to be a multi-regulated broker, 360tradeHubLimited attracts a great deal of attention. After all, it has named some very powerful and well-known regulatory authorities.
These include the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA) in the United Kingdom and the Financial Sector Conduct Authority (FSCA) in South Africa. Unfortunately, when you check the online registers of these regulatory authorities for 360tradeHubLimited, you will not find the broker listed.
This indicates that 360tradeHubLimited is a scam broker because not only is it unregulated and unlicensed, which is enough of a red flag on its own, but it actually goes ahead and lies about regulation and this makes it worse.
The fact that you are dealing with an unregulated broker has already given you the warning you need about the legitimacy of 360tradeHubLimited. The worst part is that there are plenty of other issues that you can also find and they only add to the evidence of it being a fraudulent platform. When you go through the information given on the broker’s website, you will find that some key pieces of information are missing.
It appears that the 360tradeHubLimited website is completely anonymous because when you go to their Contact section, where a company usually provides details like address, phone number and corporate background, you will not find anything useful. There is an address for an office in London, United Kingdom, but we know it is not possible for the broker to be based there, as it is not regulated by the FCA.
This means that if it really does have an office in London, it is operating illegally and this doesn’t do any wonders for the platform. Secondly, the other details that 360tradeHubLimited has given on its website are an email address and a contact form. There is no phone number, which is definitely suspicious and there is no company background either. Hence, you don’t really know who you are dealing with.
Unrealistic and guaranteed returns
A glance at 360tradeHubLimited indicates that it is a forex and CFD broker, but it is actually offering a ‘high profit trading plan’ to its clients where they can earn 25% daily profits on a capital investment starting from $500. They have weekly, monthly, quarterly and yearly plans available and they will trade on your behalf to help you make profits.
This means that they are not really offering you any trading services, something that is very typical of scammers. No legitimate brokerage can offer you such a service because it would create a conflict of interest. Their business structure makes 360tradeHubLimited market makers, which means they earn profits when their clients lose a trade.
Hence, it is not possible for any broker to offer to make profits on behalf of their clients because this would mean losses for them. 360tradeHubLimited would deliberately lose all money in order to make profits. Another issue is that they are giving you guarantees for the profits, which is also something no authentic platform would do. The financial markets are known for their volatility and unpredictability, so there is no way for anyone, even the most expert traders, to give any kind of guarantees.
No trading software
The trading software is considered the most important feature that any brokerage can offer to its clients and it has a big role in your experience. The problem with 360tradingHubLimited is that it does not appear to offer a trading platform at all. Sure, they have advertised the MetaTrader 5 (MT5) trading platform, which is the top option that exists in the market.
However, after you complete the registration process on their website, you will be transferred to a funny looking dashboard and there is no option to do any trading at all. In fact, the platform that 360tradeHubLimited offers only has the option to deposit, which shows that they are just in it for the money and nothing else.
Add in the fact that 360tradeHubLimited only asks for payments in Bitcoins, which are final and untraceable, and you can see why you should not choose this brokerage at all.