365Markets Review

Trust Score
1.0

Min Deposit

$250


Leverage

200:1


Deposit Bonus

100%

Regulation

  • Unregulated

Platform

  • Spot5

365Markets is an unregulated forex broker and for many people that may be a reason to avoid the company. Some do not mind working with unregulated firms as the conditions are usually better, however please note you will not be protected or covered by any external regulator in the case of a dispute. The company is based in Sofia, Bulgaria and is a fairly new contender. They use a tailor-made software available for web.

Introduction

365Markets is a Bulgaria based CFD and spread betting online brokerage company that was established in 2017. The company is registered in Sofia, Bulgaria under company number 20497163. The company is new in the market and so far hasn’t bagged any industry awards. The 365Markets website has a nice interface and is easy to navigate courtesy of the six menus and submenus on the website even though the submenus don’t match the menus tag.

365Markets Products

365Markets offers the following financial instruments to trade; 28 currency pairs, 18 commodities, 17 cryptocurrencies, 7 indices, 24 pairs, and 102 stocks. The company doesn’t offer options trading. The currency pairs consist of major pairs, cross pairs and exotic pairs.

365Markets Trading Conditions

365Market trading platform is reliable and robust. However, since the software is tailor-made, its stability depends on the provider’s accuracy in setup and lack of system bugs. Also, a downtime in 365Markets website will affect the accessibility of the trading platform or might even make the platform slow. 365Markets offers a maximum leverage of 1:200 and has no bonuses.

365Markets Account Types

365Markets has only standard accounts. Traders can place trades of 100,000 lot size. Standard accounts are ideal for experienced traders who have a high capital since a single pip movement has a significant change in the account equity.

365Markets Commissions & Fees

365 Markets uses a variable pricing model for its fees. The spreads keep changing depending on the volatility and the market liquidity. During economic news release and announcements, the spreads will vary depending on the market saturation of orders. Major currency pairs have the lowest spread; for instance, the EUR/USD had an average spread of 3 pips as at writing this review. This leads to the conclusion that 365 markets don’t use ECN protocol since with most ECN providers spreads are as low as 0. To be honest, 365Market spreads aren’t competitive to other forex brokers.

365Market charges a 5% inactivity fee per month for dormant accounts with no activity or accounts with three or less open positions for 30 days.

365Markets Platforms and Tools

365 Markets uses a bespoke trading platform dubbed Spot5. The platform is only accessible from the web. You don’t need to download any software for the software to work.

The platform has interesting features much similar to the standard charting tools available on other trading platforms such as technical indicators tools. The platform limitation is the limited time frame which is only minute, hour and day. The trading platform is available in English, Italian, Arabic, Chinese, Spanish, German, Russian, and French. The web trading platform is easy to use and newbie traders will have an easy time navigating through the account. Veteran traders or those who have used other platforms such as MT4 will find 365Markets platform easy to use, however, limiting in functions.

Is 365Markets Mobile Friendly?

365Markets has a mobile version of the website. The mobile version is accessible from ordinary browsers. The mobile version has similar functions as to the web version and therefore it is possible to place trades from your mobile. For a better experience, it would be better to have a mobile device with a big screen 5.5inch and above, an iPad or a tablet would be ideal.

365Market has no mobile app for the trading platform. All trades have to be executed from the web/mobile browsers.

365Markets Promotions

365 markets has scanty information about their bonus even though they advertise 100% bonus on their website. There is no information as the qualifying account and terms and conditions of the bonus.

365Markets Deposits & Withdrawals

You can make deposit and withdrawals to 365Markets using the following options; Visa, MasterCard, Maestro, wire transfer, Skrill, Neteller, WebMoney, Qiwi, and Giropay. The minimum deposit you can make across all these payment methods is USD 250. The maximum deposit amount depends on the payment method. Credit cards have a limit of USD 5,000, Western Union USD 10,000 and wire transfer has no limit. The minimum withdrawal amount across these payment methods is USD 100. The processing time of the transaction depends on the payment method. E-wallets are known to be instant; however, according to 365Markets website, payment processing takes between 24 hours to 5 business days.

The broker has received a lot of complaints on online forums from traders who complain of not receiving their money after withdrawals. The unregulated nature of the broker is a serious concern and any trader has no security or insurance of the money.

365Markets Customer Support

365Markets operates a 24/5 customer service. The following are the customer service options; email ([email protected]), Phone (+35924912413 or +442039745180) and live chat only when logged in. The support isn’t discriminatory and all account holders can reach out to the customer support representatives. You can reach out for help via alternative such as visiting their physical office; Hadzhi Dimitar bl., 113, Sofia Bulgaria. The customer service experience isn’t that reliable. A personal attempt to contact them ended in vain. There wasn’t any response from the customer support team. This leaves a lot of question as to the credibility of this broker.

365Markets Research and Education

365Markets has an education section even though there lacks any material. You would expect a serious broker to have a market commentary section, but to the least expectation, 365Market doesn’t have one. What’s more worrying is that basic education material and tools such as a forex economic calendar and a glossary are missing. The website submenu lists; eBook, glossary, calendar, and videos under the education menu but none of that is available.

365Market education segment would hardly help a newbie. The content on the broker’s website is insufficient and improperly arranged.

Noteworthy Points to mention for 365Markets

365Market services are basic. The website promises big in its homepage yet delivers very little. The company has no signals, no demo account, no VPS. The broker reputation is on the loose, and it is receiving numerous complains of its services. The company has done little advertisement/marketing and has no affiliate links or referral programs.

The company advertises of offering cryptocurrency trading. At the moment very few FX companies offer cryptocurrency trading, even with the few companies offering crypto trading they are very careful since cryptocurrencies are more volatile compared to currencies and other instruments. The FX companies offering crypto trading have a few cryptocurrencies unlike the 17 offered by 365Markets.

The company adheres to KYC and AML rules and requires traders to provide proof of identity and residence documents. This is mandatory before initiating withdrawals.

Conclusion for 365Markets

365Markets services advertised on the website aren’t exactly what are offered. The company lack of regulation is a let-down to many traders. Their services aren’t transparent and their customer service team aren’t reliable.

This broker isn’t recommended at all to any trader, whether a newbie or advanced traders. The company need to have a serious approach of business and try to match their service to other FX brokers.

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