365GCC Review: this is the name of a Forex broker that claims to be located in Luxembourg. Is 365gcc.io a scam Forex broker or a legit one?
We find that the broker claims to be in a European location, Luxembourg, according to its address. However, it does not mention a license of any sort. Further we discovered that the company that provides their trading platform is Gelko Partners Ltd. This is a company in the offshore location of Marshall Islands.
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Offshore locations have proven notorious for been the source of too many scams. Registration of business there can be done without being physically present. Regulations are lax there as well. Forex brokers in the Marshall Islands, Seychelles, St. Vincent and the Grenadines operate without a trustworthy license making it hard for traders to trust them.
The website of 365GCC seems to be broken on mobile and does not look well put together. They claim their mission is to give Muslims access to the largest financial markets for effective investment. They also have an educational center.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Some of the benefits touted on their page are:
Expert training and videos
Support from profit traders and analysts
Free books and webinars
International and analytical support
365GCC Trading Platform
We found that the trading platform used by the 365GCC trading software is the popular MetaTrader 4. It is compatible with most of the auto-trading robots in the Forex market.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 53 currency pairs, CFDS on 250+ commodities including precious metals, energy, oil, and agricultural products. Indices, stocks and cryptocurrencies are also offered. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered is 1:500 while this may seem generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are mentioned to be fixed at 3 pips for the most affordable account.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on 365GCC
The means of making payments and withdrawals are: wire transfer, VISA, MasterCard, Bitcoins, Litecoin, Ethereum, Dash, WellcoinPay, and Orounda. We find that popular e-wallets are not offered and it is discouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $2,000 which is not within the obtainable average of $100 – $250 among brokers. Withdrawal charges are 10% on every request unless the trader have traded their deposit at least 200 times. They also mention that withdrawals can take between 4 to 7 business days.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is 365GCC Regulated?
No. 365GCC is not a licensed or regulated Forex broker. We mentioned earlier that the company providing it trading platform is an offshore based outfit. Trading with unregulated brokers is dangerous and should be avoided.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with the customer support of this broker, clients are directed to email: firstname.lastname@example.org
The lack of license by the 365GCC Forex broker is a red flag. We also found that the spreads are more than the recommended industry spreads. Even the minimum deposit requirement is ten times higher than the average.
Only few things are attractive about this broker: the trading platform and trading instruments. It is possible that some are even misinformation. Withdrawal fees are also deterrents.
COMPARE WITH A TRUSTED BROKER
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