Overview:
360CapitalFM is a forex and CFD broker that claims to offer trading on various assets, such as currencies, commodities, indices, stocks, and cryptocurrencies. The broker also claims to provide educational resources, market analysis, trading signals, and account management services. However, 360CapitalFM is not regulated by any reputable authority and has been warned by the ASIC as a potential scam. The ASIC advises investors to avoid dealing with 360CapitalFM and to report any suspicious activity.
Regulation and Compliance:
One of the most important factors to consider when choosing a broker is regulation and compliance. A regulated broker is subject to strict rules and oversight by a reputable authority, such as the ASIC in Australia, the FCA in the UK, or the CySEC in Cyprus. A regulated broker must adhere to high standards of security, transparency, fairness, and customer protection. A regulated broker also keeps client funds in segregated accounts, participates in compensation schemes, and undergoes regular audits.
360CapitalFM is not regulated by any of these authorities and does not have a valid license to operate in any jurisdiction. The broker does not disclose any information about its legal entity, registration number, address, or contact details. The broker also does not provide any terms and conditions, privacy policy, or risk disclosure on its website. This means that 360CapitalFM is operating illegally and can manipulate prices, refuse withdrawals, or disappear with your money at any time.
Customer Reviews:
Another way to assess the credibility of a broker is to look at customer reviews. A reputable broker should have positive feedback from satisfied clients who can attest to its reliability, professionalism, and performance. A scam broker, on the other hand, will have negative reviews from angry customers who have been cheated, lied to, or mistreated.
360CapitalFM has very few customer reviews online, and most of them are negative. Customers complain about being pressured to deposit more money, being unable to withdraw their funds, being ignored by customer service, and being scammed by account managers. Some customers even report losing their entire savings to 360CapitalFM. There are also no positive reviews or testimonials from verified clients on the broker’s website or social media platforms.
Products and Services:
A good broker should offer a wide range of products and services that suit the needs and preferences of different traders. A good broker should also provide competitive trading conditions, such as low spreads, high leverage, fast execution, and no hidden fees. A good broker should also support various trading platforms, payment methods, and languages.
360CapitalFM claims to offer trading on over 200 assets across five categories: forex, commodities, indices, stocks, and cryptocurrencies. However, the broker does not provide any details about the trading conditions or specifications of these assets. The broker also does not mention what trading platforms it supports or what payment methods it accepts. The only information available on the website is that the minimum deposit is $250 and that there are four types of accounts: Basic ($250-$999), Silver ($1k-$4k), Gold ($5k-$14k), and Platinum ($15k+). The broker also claims to offer various bonuses and incentives for each account type, but these are likely to come with unrealistic conditions and restrictions.
Location:
The location of a broker can indicate its level of regulation and compliance. A broker that is based in a reputable jurisdiction is more likely to be regulated by a credible authority and follow strict rules and standards. A broker that is based in an offshore or unregulated jurisdiction is more likely to be unregulated or poorly regulated and operate with less transparency and accountability.
360CapitalFM does not disclose its location or address on its website or anywhere else. The only clue is that the website domain name was registered in Panama in June 2020. Panama is known as a tax haven and a hotspot for shady businesses and financial crimes. It is also not a member of any international regulatory bodies or cooperation agreements. This means that 360CapitalFM is likely based in Panama or another offshore location where it can avoid regulation and scrutiny.
Customer Service:
Customer service is an essential aspect of any business relationship. A good broker should provide responsive, helpful, and courteous customer service that can assist clients with any issues or queries they may have. A good broker should also have multiple channels of communication available for clients to reach them easily.
360CapitalFM does not provide any customer service information on its website or anywhere else. The only way to contact the broker is through a web form or an email address. There is no phone number, live chat, or social media presence. The broker also does not have a FAQ section or a support center on its website. This means that 360CapitalFM is not interested in providing any customer service or support to its clients.
Is Your Money Safe in an unregulated company?
The answer is no. Your money is not safe in an unregulated company like 360CapitalFM. An unregulated company can do whatever it wants with your money without any consequences. It can use your money for its purposes, such as paying other clients, covering its losses, or funding its operations. It can also refuse to process your withdrawal requests, impose unfair fees or charges, or simply disappear with your money.
An unregulated company also does not protect your money in case of insolvency, bankruptcy, or fraud. It does not keep your money in segregated accounts that are separate from its funds. It does not participate in any compensation schemes that can reimburse you in case of default. It does not undergo any audits or verification by independent third parties. It does not have any insurance or guarantees that can cover your losses.
Defensive Measures Against Fraudulent Brokers
If you are looking for a reliable and trustworthy broker, you should avoid unregulated companies like 360CapitalFM at all costs. You should also take some defensive measures against fraudulent brokers, such as:
– Do your research before choosing a broker. Check the broker’s regulations, reputation, reviews, products, services, location, and customer service.
– Verify the broker’s license and registration number with the relevant authority. Beware of fake or expired licenses and cloned websites.
– Read the broker’s terms and conditions, privacy policy, and risk disclosure carefully. Understand the fees, charges, commissions, spreads, leverage, margin requirements, withdrawal conditions, and bonus policies.
– Test the broker’s trading platform and customer service before opening an account. Check the functionality, speed, security, and usability of the platform. Contact the customer service and see how they respond to your questions and concerns.
– Start with a small deposit and a low-risk strategy. Do not invest more than you can afford to lose. Do not accept any bonuses or incentives that may lock your funds or limit your withdrawal options.
– Monitor your account activity and statements regularly. Look for any signs of unauthorized transactions, manipulation, errors, or discrepancies.
– Withdraw your profits as soon as possible and keep them in a safe place. Do not leave your money idle in your account for too long.
– Report any suspicious or fraudulent activity to the relevant authority and seek legal advice if necessary.
Conclusion:
360CapitalFM is a forex and CFD broker that has been flagged by the ASIC as a potential scam. The broker is not regulated by any reputable authority and does not provide any information about its legal entity, location, or contact details. The broker also does not disclose any details about its trading conditions, products, services, or payment methods. The broker has very few customer reviews online, and most of them are negative. Customers complain about being scammed, pressured, ignored, and unable to withdraw their funds.
Based on this information, we conclude that 360CapitalFM is a scam broker that should be avoided at all costs. If you are looking for a reliable and trustworthy broker, you should choose one that is regulated by a credible authority and has a good reputation among traders. You should also follow some defensive measures against fraudulent brokers to protect yourself and your money.
