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Trade360 CrowdTrading is based in Cyprus, and like all brokers based in the country, they are regulated by CySec which is an abbreviation for the Cyprus Securities and Exchange Commission. The company is also regulated by MiFID. So, the broker is apparently always under review and scrutiny.
Types Of Accounts Offered
To start with Trade360 has a demo account as well as offer real money trading accounts. The company has set the minimum deposit at $250 which is pretty much the standard in this industry. Traders can then start trading a couple of stocks right away. Trade360 offers a 400:1 leverage on commodities as well as for Forex trading, a 50:1 on CFDs and indices and 20:1 on stocks.
The leverage is significant regardless of how you look at it. Though traders are not forced to use this leverage mainly because the smallest position sizes are cheap, i.e., they are sold in micro lots for Forex currency pairs.
The array of assets that are offered to traders are much more compared to many other brokers out there. It goes without saying that providing traders with many options ensures that they have a better chance of making good trades. Also, the Forex pairs offered are extensive, so experienced traders will be able to expand their portfolio considerably.
Then comes the spreads which in our experience is competitive. However, these are not the tightest spread we’ve seen in this industry. Yes, they are competitive for traders who want to use a very high leverage but have a low deposit.
We also liked the fact that setting up an account is quick and easy. All that’s required is to send copies of the documents required via email. Then the account can be funded via Bank Wire, Debit or credit card or even a popular eWallet options. The withdrawals take anywhere from 3 to 10 business days. Though the payouts are sent via the source of the original deposit.
The only drawback is that US Citizens cannot open a trading account with Trade360 owing to American trade regulations.
The one standout feature of Trade360 is their CrowdTradingTM. The mobile application and the trading platform itself allows you as a trader to receive alerts to whatever is happening across the network like:
- Sudden upticks or downticks in trends like when a significant amount of a commodity or currency pair is sold or purchased
- Sharp changes in overall trading volumes
- Percentages of traders in real time who have a significant short or long trading instrument
- Quick surges in closing, opening and shorting of trading positions
- Strong movements in the market
This is a very rare feature and based upon solid scientific research it will help give you an intelligent trading option which effectively means that you have an edge.
Features Of The Service
The crowd trading style is perhaps it’s most unique feature which can be accessed via its web-based interface. That means that you don’t need to download or maintain anything. All you need is to access it via your mobile device or install the application via Google Play Store or Apple App Store.
Trade360 was mainly developed to make Crowd Trading easier for traders. Research suggests that when a large number of people are faced with the very same choices at the same time, the majority will make the same decision on average.
So, the platform works by monitoring all the trading positions across the platform. Traders in every segment are monitored and in turn, they are presented with an aggregated approach making it easy to understand. So, by examining the movement of the crowd traders are able to make well informed, and confident trading decisions.
Traders have the option to customize the layout of the platform by choosing which assets they want to see in the ticker. The ticker along with the overall design is clean and clear. So, it’s hard to miss the prevailing offer prices.
Also at the bottom of the ticker, you will see the percentage of traders who have chosen a position either short or long for that asset in real time. The information makes it easy for a trader to see what the crowd attitude is towards that asset or instrument and then consider trading it accordingly.
We took a glance at the default screen just to get a feel for how good it was. During our look, it seems as though the highest crowd sentiment was in favor of the S&P 500 Index. Almost 67% of traders had opened long positions. The sentiment matches up with the news that the market now has a prevailing bullish trend, which is exactly as what the crowd thinks.
The sentiment of the overall crowd is further augmented by a long-running ticker across the right side of the screen in the default layout. It also shows breaking news especially if the crowd sentiment suddenly changes.
So, traders don’t have to continuously scan through all of the trading instruments every minute to know what the crowd is choosing to do. The sentiment shifts also come accompanied with a bit of commentary which merely explains how quick these changes are taking place.
The instrument ”lookups” have been ranked in terms of their popularity, daily change in percentage value and volatility. So, each time you choose a particular instrument, it will open a new view showing the overall number of traders who have taken a long and short position in your country and even globally.
The view will also present the information in charts which we think happen to be slightly limited. There are very few indicators in addition to technical studies which can be accessed. Also, the time frames are capped at 5 minutes, an hour, daily and then tick charts.
The good news though is that traders can pick from several languages. Which makes for a better experience for non-English speakers.
Number of Trading Platforms
The company’s own Web Trader
Trade360 has a single trading platform, which is based on its own proprietary trading algorithm. The platform resides in the cloud making it effectively web-based. So, traders don’t need to download and install anything.
The platform boasts of built-in and complex charting packages and features single click trading. We found the interface to be intuitive and because of that its a joy to use. So, we are sure that people will have no problem finding their way around it.
As mentioned above the platform revolves around a social trading element. So, traders can see where the crowd is moving to. Traders can learn from everyone else and exploit the so-called wisdom of the crowd.
The Mobile Platform
The mobile platform too is based on the same proprietary algorithm and is free to use 24 hours a day and 7 days a week on any mobile device. It gives traders charts, the latest market news, live prices and even analysis. Plus, the best feature is the ability to trade on the go. So, it has all the functionality of the web-based trading platform.
The Social Element
Traders can link their Google+, and Facebook accounts to the trading account. This allows for them to add yet another social dimension to their trading.
Bonuses offered by Trade360
The broker provides a $50 cash bonus to anyone who opens a real trading account. Plus, there is a $60 bonus for those who want to participate in the demo or practice area as it is called. Traders also benefit from a cashback per trade.
The Service’s Customer Service
The broker offers traders an array of support methods. The service falls short of offering managed accounts or any type of investment advice:
- Market Analysis: The broker provides both technical as well as fundamental analysis which makes understanding market trends easier.
- A thorough platform guide: The broker gives traders a free eBook which explains how the platform works outlining all its features.
- Tech Support: Traders will receive assistance for any and all technical issues they face.
- Account Support: You will receive support for all general issues associated with your account.
- Help with withdrawing and depositing money: Failed deposits and problems with withdrawals are all handled.
- Issues with closing and opening an account: The service assists traders with these issues.
- The only feature missing in their support is live chat. Though traders can get support via email and over the phone.
One of the most significant benefits of using Trade360 is their very low minimum deposit of $250. Then traders benefit from the so-called crowd sentiment, not to mention the fact that they have access to a vast array of assets via the intuitive and easy to use platform.