Published on May 29th, 2018 | by John Kane0
Broker Review: 360BinaryOption
Today I’m looking at a relatively unknown brokerage that claims to make the dreams of traders come true, 360BinaryOption. Considering this is a brokerage, I’m not sure how they plan on making anyone’s dreams come true, but it’s likely in compliance with some sort of account management program they recommend to their clients. Every single account plan comes with either a junior or executive broker, so I don’t believe that this is a far-fetched assumption at all.
The brokerage is located at Cambridge Mercantile Corp. 1776 I St NW #900. I’m not exactly sure where this is, due to the amount of short forms provided. That being said, traders can contact support via phone at +16282252408 or email [email protected].
There are quite a few other brokers and binary options products with similar names, but 360BinaryOption is not to be confused with Binary Options 360, Trade360, or BinaryRobot365. These are all separate entities, which need to be treated separately. In this case, the brokerages is focused on providing a “premium platform packed with tool designed with you, the trader in mind.” They want the community to judge their services based on the winners, and not the losers. I’m not exactly sure what that means, and I’m not impressed by the fact that they are spelling losers wrong.
There are 4 main aspects to the service, that the sales page highlights. They tell us that they provide a quick payout, that their platform is easy to trade with, that they have multiple payment platforms and 24/7 customer support.
Outside of these few bullet points, with a couple sentences to go along with each, the brokerage provides us with very little information at all. They don’t give us information about their payouts, their asset index, or any of the other normal features that all brokerages provide to the public. I’m not sure if withholding this information is some sort of marketing tactic, or just an oversight by the people who put together the sales page. This is not in line with my other recent broker reviews, OptionField, UltimateOptions24 and Binary Online.
- Type: Options Broker
- Founded: 2017
- Location: NW (clarify if you can)
- Platform: Web-based
- Payouts: Undisclosed
Sadly, the 360BinaryOption team does not provide us with a lot of information about the brokerage. This, in conjunction with the fact that there are no client reviews available anywhere, makes this a riskier broker to sign up with. It’s my hope that the people behind this brokerage read my review, and see that they have to add much more information to their website, in order for the community to to develop some trustworthiness.
There are 4 360BinaryOption account types available, based on how much the trader is looking to deposit initially, classic, bronze, silver and gold. The smallest deposit available is $500, which entitles traders to the classic account which comes with a 25% welcome bonus, a junior broker, risk-free trades and one-on-one training. The next account requires a deposit of $1000, which is the bronze account, that comes with a 35% welcome bonus, an executive broker, risk-free trades and one-on-one training. The 3rd account, the silver, requires a deposit of $3500, comes with a 50% welcome bonus, an executive broker, 3 risk-free trades and advanced one-on-one training. Lastly, the gold account requires a $15,000 deposit, comes with a 75% welcome bonus, an executive broker with an additional analysts, 5 risk-free trades and an unlimited one-on-one analysts session.
The first thing I’m skeptical about in the account plans is the welcome bonuses. A welcome bonus of 75% on $15,000 is $11,250, which means the broker is almost doubling a traders initial deposit. Honestly, I don’t see how a broker could be offering welcome bonuses this large, without going under. These type of welcome bonuses must come with elaborate strings attached, to ensure that the brokerage isn’t liable for major losses.
The broker also looks to be pushing binary options managed accounts, which I never recommend.
While there are some positive aspects, I don’t see myself in a position to recommend the 360BinaryOption brokerage at this point in time. I would like much more detail when it comes to payouts, assets, and every other basic aspect the binary options brokers provide. I would also like to see some client feedback, and proof that these welcome bonuses are not just flashy signs trying to pull us in from the street.
If there’s anything you would like to add to this review, please leave your questions and comments below the article now.
Summary: This new brokerage is getting some attention, but needs to do quite a bit more before they are ready for the marketplace.
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