Beware! Mtrade360 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Mtrade360 is the next in a long line of offshore brokers that are not worth your time or money – and here is why:
Mtrade360 regulation and safety of funds
Mtrade360 is not regulated whatsoever – the company does not hold a license anywhere. Not that it claims to, but there is such an abundance of scammers nowadays that there is simply no reason to invest with a company that is not under anyone’s oversight. Being supervised by a legitimate regulatory body is the only way to ensure that the broker is not one of said scammers!
What’s more, trading with a licensed broker will provide certain perks, depending on the regulatory body that oversees it – for example, brokers in the EU have to participate in guarantee funds that pay out 20 000 euro to each affected trader should the broker go under. If you would like to know more about EU regulation, this list of top rated brokers, regulated by Union regulatory bodies is the best place to start!
Mtrade360 trading software
Mtrade360 provides access to a web-based trading platform. It’s barren interface and limited features do not hold up when compared to industry standard Metatrader 5 – notably, there is no automated trading anywhere to be seen on Mtrade360’s platform. Still, here is what it looks like:
The spreads are alright, moving under the accepted maximum of 1 pip for common FX pairs like the EURUSD, but the leverage Mtrade360 provides is too much – it goes up to 1:300! This is much more than what most responsible regulators have deemed appropriate for retail traders – and yet, companies like Mtrade360 provide it to them, in a bid to attract more clients. Beware of high leverage, as nine out of ten brokers that offer it are not licensed!
Mtrade360 deposit and withdrawal methods and fees
Mtrade360 accepts deposits via credit cards and Bitcoin – the latter is not refundable in any capacity, so be careful when using it to invest, be it with Mtrade360 or any other company!
As for withdrawals, they are burdened by unfair conditions – check out the broker’s Bonus policy:
To withdraw a meager $100 bonus you need to achieve a turnover of $2 million! At least Mtrade360 allows the withdrawal of funds before that, but at the cost of the bonus – so it is using it in a pretty predatory way to get people to keep their money with the broker. There is also a completely unacceptable fee on dormant accounts, which you can see here:
Such fees are not uncommon, but legitimate brokers never charge as much for dormancy!
How does the scam work?
Unfortunately, it seems rather clear by now – Mtrade360 is a scam. The scheme it follows is one we are quite familial with at this point – here is how it usually plays out:
First off, someone stumbles upon the website the scammers run from – usually following up on ads on social media promising incredible returns on deposits and so on. Once on the website, they are prompted to leave a phone number as they are making an account – that number will then be used to bombard them with calls – the scammers will call all day long and demand money – more and more. There is no limit to the greed of the scammers and they are excellent manipulators – so do not underestimate them!
Should the victim try and get a withdrawal, or realize what’s going on and stop depositing, the scammers will cut them off without a second thought and move on to other targets.
What to do when scammed?
So, you have been scammed by Mtrade360 – here is what you need to do to limit further losses:
First off, you need to restore your privacy – make a list of all sensitive documents like IDs and credit cards the scammers have access to and get new ones issued ASAP. Also, remove all desktop sharing software from your PC – scammers often use Team Viewer to snoop around, often taking personal information hostage.
Once that is done, you should think about getting your money back – the best way to do that is by contacting your bank and explaining your predicament to them. Have the teller walk you through your available options. However, if you get contacted by a recovery agency, do not pay any form of advance fee – these agencies are simply another scam that prays on people who were scammed before!
Finally, do not hesitate to share your experience – by doing so you will be helping raise awareness of the scam, which is, by far, the most efficient way to combat it – so leave a comment below and tell us your thoughts on Mtrade360!
Rich Snippet Data