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365Markets
Rating: Rated with 1 star
Binary Option Programs Award
Min. Deposit
$250
Min. Investment
N/A
Regulated Broker
No

  1. 365Markets

    365Markets is an unregulated forex and CFD broker that has received attention due to a warning released against them by The Financial Services and Markets Authority (FSMA) of Belgium. FSMA has received several complaints from Belgian citizens regarding this broker and suspects 365Markets to be a scam.

    So, what does this mean for South African traders? Can they trust 365Markets or is the company really a scam?

    Read our full review and final conclusion to find out all you need to know.

    The 5 Account Types

    365Markets offers South African traders a choice of five account types, with a starting deposit of $2,500 – which is a surprisingly massive requirement for a “beginner’s account”. On their website, 365Markets mentions the minimum deposit to begin trading is in fact $250, which begs the question of what type of account this deposit will give you. Either way, a $250 deposit is the most common amount required from most brokers in the industry.

    Tip: Trade with IQ Option instead, the best licensed broker for South African traders with a minimum deposit of only $10! 

    As for trading conditions, 365Markets offers South African investors relatively high fixed spreads of 3.0 pips on EUR/USD and maximum leverage of 1:200. An interesting feature here is that the 365Markets platform (explained in the next section) allows South African traders to adjust the leverage level on each trade.

    Check out more details of each account below.

    Bronze Account

    • $2,500 minimum deposit
    • Platform explanation
    • Dedicated account manager
    • Risk management explanation
    • Basic market explanation
    • Education center

    Silver Account

    • $5,000 minimum deposit
    • Platform explanation
    • Dedicated account manager
    • Risk management explanation
    • Basic market explanation
    • Education center
    • Trading alerts (+)

    Gold Account

    • $5,000 minimum deposit
    • Platform explanation
    • Dedicated account manager
    • Risk management explanation
    • Basic market explanation
    • Education center
    • Trading alerts
    • Risk-free trades (+)
    • Advanced training sessions (+)

    Premium Account

    • $5,000 minimum deposit
    • Platform explanation
    • Dedicated account manager
    • Risk management explanation
    • Basic market explanation
    • Education center
    • Trading alerts
    • Risk-free trades
    • Advanced training sessions
    • Financial plan (+)
    • Managed account (+)
    • Higher leverage (+)
    • Rushed and free withdrawal (+)

    Platinum Account

    • $5,000 minimum deposit
    • Platform explanation
    • Dedicated account manager
    • Risk management explanation
    • Basic market explanation
    • Education center
    • Trading alerts
    • Risk-free trades
    • Advanced training sessions
    • Financial plan
    • Managed account
    • Higher leverage
    • Rushed and free withdrawal
    • VIP events (+)
    • Independent contract (+)

    Trading Platform & Assets

    South African users will be able to trade CFDs in forex, over 200 cryptocurrencies, stocks, commodities and indices. The lowest commission available is a fee of 0.85% for each approved position. The broker also mentions that South African traders will be able to get up to a 100% bonus – which should never be taken lightly.

    Warning: Always make sure to carefully read the terms and conditions of each bonus offering before accepting it. In most cases, bonuses are more trouble than they are worth, as brokers can make it increasingly to withdraw them, or attach their withdrawal with impossible conditions.

    Now, regarding the trading platform, 365Markets provides South African traders with an entirely web-based platform that can be accessed directly from the 365Markets website when logging in. This means you will not need to download or install any special software onto your PC or laptop, but only need an internet connection and you will be good to be go.

    365Markets does not have the popular MetaTrader4 (MT4) platform available, which is a big disappointment for South African traders. MT4 is the most recognized and downloaded forex trading platform.

    Customer Support

    South African users will be able to contact the 365Markets customer support team via email. There is no South African phone number available, nor a live chat option.

    If you prefer to not contact the broker directly, you can always check out their FAQ section that is separated into five different sections: deposit, open account, platform, support and trading. Each section covers related questions, so it’s always a good idea to check whether your question is already answered there.

    Company Info & Payment Methods

    365Markets is owned and operated by the company Trustnet Ltd based in Bulgaria. Specifically, they are located at R.A Hadzhi Dimitar bl., 113., en A., fl. 4, app 8, Sofia 1510, Bulgaria.

    The CFD broker accepts several payment methods, including credit card (Visa, MasterCard, Maestro), debit card, wire transfer and alternative methods such as Skrill and Neteller.

    Conclusion: Is 365Markets a Scam?

    After careful review of this forex and CFD broker, our team has reached the conclusion that 365Markets is most likely to be a scam.

    The reasons for this verdict are summarized below:

    • Not licensed under any regulatory agency
    • FSMA has issued a warning statement against them

     

    Instead of wasting your time with another fraudulent company you can’t trust, trade directly with the best, licensed broker for South African investors – IQ Option.  

    You can also check out our lists below.

    Best Forex and CFD Brokers for South African Traders

    Best Automated Trading Robots for South African Traders

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