Social trading has witnessed a lot of innovations over the past few years with new and different concepts being introduced to the market by various online brokerage firms. However there was one that I actually found to be quite interesting and this is from Trade360. This company is based in Cyprus and already has regulatory compliance with the Cyprus Securities and Exchange Commission (CySEC) which means that the firm adheres to the strictest guidelines that were set by this trusted regulator.
Trade360 features CrowdTrading which is an entirely new concept of social trading. In layman’s terms, this platform allows me to rely on the wisdom of the trading crowd by examining their actions before opening a position. According to Trade360, research shows that decisions of a majority usually tend to be more accurate and produce better results and based on my personal experience with their platform, I was actually able to make better trades! You may continue reading to know more.
Demo Account: Preloaded with $10,000 virtual money
There’s a practice mode that can be used for fully testing the platform without the need to risk money. It comes with $10,000 virtual money which is more than enough to get accustomed to the social trading environment.
Bonuses: A selection of rewards
They offer a generous selection of rewards to newly signed-up members. There’s a possibility to get a $60 reward for simply using the practice area and using the demo account. An immediate $50 bonus can also be earned for entering a valid phone number on the platform. Lastly they offer a bonus of up to $4,000!
Platform: Secured with innovative tools
The proprietary online platform provides an innovative set of trading tools with an interface that is very easy to get used to. It’s so easy to see potential trends as the crowd popularity and live feeds are displayed prominently on the screen. I’ve read the finer details about their platform and was able to determine that all personal and trading sessions are encrypted using the 128-bit SSL technology which means all transactions are secured. They have platforms for online access, mobile access and the standard MT4.
Mobile Trading: Markets are accessible at all times
Trading on the move is possible thanks to the mobile apps that are compatible with various Android and iOS devices. It practically has all the same features of the desktop version but comes with superior content streaming and an optimized interface for smartphones and tablets.
Minimum Lot Size: Ideal for efficient risk management
Similar to other brokers, they also allow a minimum lot size of 0.01 which is ideal for managing the risks since I can set an investment amount that I am more comfortable with.
Maximum Leverage: Volume of capital considerably increased
The maximum allowed leverage are also promising. For stocks, it can be set to 1:20 while commodities and currencies can be placed to 1:200.
Spreads: Favorable trading conditions
Trading with fixed spreads is possible with this broker. The lowest spread for stocks is 10 while currencies can go for as low as 1.8 including the EUR/USD currency pair.
Social Network Integration: Login with Facebook or Google+
It’s possible to sign-up for an account using your Facebook or Google+ account. This currently is the only social network integration that they have done but it won’t be surprising to see them introduce more connections in the future like friend feeds or trade sharing on these popular social networking sites.
Automated Trade Copying: Not available but…
Since this is a new concept where the trades will be based according to the wisdom of the crowd, placing automated copy trades are not applicable but on the other hand, there is an option to place a Stop Loss (S/L) to protect the trades in the event that it goes the other way around particularly when market conditions a highly volatile. There’s also an option to place a Take Profit (T/P) which closes an open position in case it is able to reach the value that was set.
Traders Allowed to Copy: The trading decisions of the crowd
Crowd trading is a different technique so basically there are no specific traders to copy. Basically the technique here is to observe the decisions of a larger sample of people which are often more accurate compared to a minority or an individual’s judgment.
Deposit and Withdrawal
Minimum Deposit: More affordable
Trade360 only necessitates a minimum deposit of $100. This amount is certainly a lot more affordable compared to the requirements of other social trading sites.
Deposit Methods: All the known payment schemes
The supported funding methods include credit cards, debit cards, pre-paid cards, eWallet, Online Bank Transfer and Local Bank Transfer.
Withdrawal Methods: Same as the deposit method
Withdrawals are only transferred via the payment method that was used initially to place the deposit. Transfers via credit cards only allow a maximum amount that is equal to the initial deposit while the exceeding amounts will be deposited via bank wire.
Withdrawal Processing Time: Within 24 hours
These withdrawals are processed in a matter of 1 day while the waiting time for the receiving of funds will be dependent on the selected payment method. In my experience, it only took around 3 days to receive the money back on my credit card.
Channels: Phone, email and live chat
There are different was to reach the helpdesk. They can be reached by telephone, email and live chat.
Availability: Mostly on major trading hours
Phone and live chat support are available during major trading hours while email inquiries are usually answered in less than 24 hours.
Supported Languages: English only
As of this writing, the site is only available in English but according to their helpdesk, they will support other languages in the future.
User Reviews score: 9.5 stars
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Customizable Interface
Browsing the web-based platform is plain easy thanks to the customizable interface. It shows a real-time feed of trading ideas while selected instruments come with useful information like charts, spread, margin and rates.
Support: Responsive and helpful
Their phone support agents are very friendly and are ready to assist their clients. All of my questions were answered properly and professionally.
Reputation: A regulated broker with a new and innovative concept
One of the reasons why I am assured that Trade360 is safe is that it is authorized and regulated by the Cyprus Securities and Exchange Commission and the Markets in Financial Instruments Directive (MiFID) but other than this advantage, they have a platform that has an entirely new and different concept which I personally believe to be very promising.
Editor’s Score: 93
Trade360 has further simplified and reformed the domain of social trading with a concept that streamlines the learning curve and the decision-making process thanks to their extensive crowd sentiment feature that can be accessed directly from their intuitive web-based platform. If you’re a novice who’s looking for ways to make more informed and wiser trading decisions then Trade360 should be your top choice.