Want to Trade Using the Wisdom of the Crowd? Read our Trade360 Broker Review
The world of market trading is an ever changing industry. More innovative ways of trading are introduced on a regular basis. It wasn’t too long ago, that nobody had heard of binary options or social trading. The latest innovation has been introduced by a company called MPF Global Markets Ltd, using the brand name Trade360. Authorised and regulated by CySEC, it has its main headquarters in Limassol, Cyprus. But it also has offices in the UK, and is authorised to offer its services in the UK by the FCA (Financial Conduct Authority). The innovation we’ll be looking at here in this Trade360 review is “CrowdTrading”.
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What is CrowdTrading?
Taking the trading of currency pairs and CFDs to a whole new level, CrowdTrading is a way of capitalising on the wisdom of the crowd to better assess the state of the markets. Social trading has become a very popular way of trading, because it helps less experienced traders to emulate the trades of more experienced traders. CrowdTrading is slightly different, and is actually based on scientific research. It has been found that the collective experience and knowledge of a group of people is more accurate when compared with that of one expert. This concept forms the basis of this new way of trading, and Trade360 are hoping it will help traders to make more informed trading decisions. And of course it is still a relatively new concept, so the jury is still out as to whether it is as effective as Trade360 claims.
Trade360 uses its own proprietary CrowdTrading platform
Trade360’s own trading platform is relatively simple. It can be accessed with any web browser and the trading screen comes up as one large viewing window Everything is displayed neatly in rectangular boxes and includes the daily percentage change, spread, buy/sell preferences of the crowd, and high/low prices. When you click on a particular box more details and charts pop up in a separate window. If a trader wants, they also get to see a range of tools and indicators that can be applied onto the charts. Also included on the trading screen is a live feed of trading ideas for a number of different instruments. On offer for trading are hundreds of currency pairs, equities, market indices, CFDs and commodities.
Signing up with Trade360 is easy
And yes it really is easy. You can register via Facebook or Google + and there is a $50 bonus. If you want to take it one step further and register for a live account there is a $60 real money bonus if you provide your mobile number. And even better than that, you don’t need to make a deposit to earn this fantastic bonus. Minimum deposit when you want to start trading is just $25. The spread being offered depends on the asset being traded, but to give you an idea, the minimum spread for Forex pairs starts from 1.8 pips. Trading commodities and stocks has a bigger spread, currently starting from 5 pips. Market indices have the lowest spread and start at 0.8 pips.
What are the features of Trade360 that make it attractive?
- Minimum deposit is $25, but you can practise for free, and earn a bonus for nothing
- Trading platform is online with no time consuming download required
- Mobile trading is possible via the Trade360 app
- Spreads and leverage vary but up to 200:1 is offered for currency pairs, gold, silver, and crude oil
- Scalping is allowed
- Traders are provided with general market analysis, trading ideas, a platform training guide, free ebook, and the help of a technical support team
- Traders are alerted to trading opportunities in real time
- Customer support is bi-lingual and the website is available in a number of different languages
Trade360 have a team of helpful support staff
As CrowdTrading is a relatively new concept there are bound to be plenty of questions, and the customer service is there to help. There are also heaps of training books for beginners, market commentary and analysis, as well as trading ideas that are generated by the system.
A number of payment methods are supported including all the major credit and debit cards, bank wire transfers, ewallet services, and a number of other local payment methods. And provided you have submitted all the necessary identity information there should be no problems or delays when you request a withdrawal.
After spending some time negotiating the website we are pretty certain there are a few of us here who will be trying out all that is on offer for longer than we normally do when doing our research. It is a very interesting concept, and we’re looking forward to seeing how well it all works out. If you want to see what it’s all about then we wouldn’t blame you.