365GCC
A Make-believe Broker with Shady Operations
365GCC is into forex trading and cryptocurrencies. It aims to be the ground zero for Muslim investors. The company address is believed to be 23, Rue Du Puits Romain, Bourmicht, 8070 Bertrange, Luxembourg. Luxembourg is a small European country.
No Registration with a Regional Financial Body
The Commission de Surveillance du Secteur Financier is the financial licensing body of a Luxembourg. The CSSF is the competent authority for multilateral trading facilities, regulated securities markets, pension funds, investment companies, payment institutions, financial markets, etc.
365GCC is not registered with the CSSF. It is not legally allowed to provide its services in the region.
Warning from CSSF
The CSSF has instead issued a warning about the illegal services of the 365GCC.
Warning from DSFA
The reputed Danish Financial Service Authority has also released a warning against the fraudulent operations of 365 GCC.
Warning by CONSOB
The respectable Commissione Nazionale per le Societa e la Borsa of Italy has issued a red flag opposing the bogus services of 365GCC.
365GCC review found the company as an unregistered, unregulated offshore company that has hidden details of the owners.The various law-abiding regulatory authorities have issued warnings against the company.
Trading Accounts
365GCC review has found some too good to be true marvels are seen in the trading accounts of the company.
98% yielding demo account
The demo account of the company is a scam account. The percentage of profit from traders is as high as 98%. It indicates that the company is using a demo account to attract customers.
High minimum deposit live accounts:
The Company provides 5 types of live trading accounts to the traders.
- Classic Account: It starts with the $2,000 as a minimum initial investment. There is no clarity over the spread and the leverage. The basic account starts with 20 times higher than the minimum initial investment set by the competitors.
- Silver Account: The silver account requires a minimum deposit of $5,000. While the basic trading conditions are not mentioned, bonuses are promised which are again too good to be true.
- Gold Account: The gold account invites a whopping investment of $10,000 as a minimum first deposit. No fruitful change in the services is observed.
- Platinum Account: The “minimum” initial investment has risen to $30,000. All you get is advice from the company’s representative. The credibility and reliability of the skills of the advisor stay undefined.
- VIP Account: It is the most privileged fraud account offered by the company. It requires $100,000 as a minimum deposit account with nothing new to offer.
Thus all of the accounts of the company seem to be separated based on rising minimum investment amounts. It is however found that the spreads and leverage ratio cannot be determined unless you are trading with real money. The gripe of the traders is thus justified due to the lack of difference in leverage and spread for a basic account holder than to a premium account holder of 365GCC.
Trading platform
The company has 2 options for trading platforms. MetaTrader 4 is provided and apart from it unknown online trading software is provided by the Gelko Partners Limited on the behalf of 365GCC. This online trading platform is not available for downloading use. Also, less can be drawn about the reliability of the platform as it lacks the basic tools required. Here is the screenshot of the unreliable and lesser- known online trading platform of the company.
MetaTrader 4 on another hand is simply the all-in-one trading platform. All trading tools, flexible algorithmic trading is at the ease of traders to provide him the best online trading experience. It is available for desktop and mobile downloaded to use as well.
Obscure methods of payments
The company accepts bank wire transfers, credit/debit cards as methods of payments into the trading accounts. The absence of reliable and more options in the payment methods came as no astonishment. The company has not adopted Skrill as a payment partner, which is due to the policy of Skrill that it does not deal with the shady unregulated offshore brokers. Limited methods are further augmented with high deposit and withdrawal fees.
Mongrel deposit and withdrawal fee
365GCC must have forgotten to provide the basic details to its traders but has not forgotten in providing a long list fee charged by the company while the trader tries to deposit or withdraw funds from the trading accounts.
Deposit fee
While depositing the funds through any other currency than the US dollars, the company deducts the exchange rates fees from the credit/debit card used. This is against the universally accepted and globally operational claims of the company.
Withdrawal fee
It starts from $25 for withdrawal by e-wallets and rises to $50 for the bank wire transfer method. It is 5-10 times higher than the genuine fee charged by the broker in case of third party payments. In addition to this, the company charges 10% of the withdrawal amount in case the number of traders executed is not more than 200. So, if a trader is making profits in fewer traders, he will have to pay a part of the profits to the company.
Minimum Withdrawal Amount
The minimum withdrawal amount is set to $100 and raises $250 based on the types of methods used to withdraw the funds. It is again higher than the market standards. For a basic customer using the primary services of the company, there must not be any limits for the minimum withdrawals.
The Slow pace of funds transfer
365GCC has mentioned that it takes “usually” a week in doing the easy work of deposit into the trading account or completing the withdrawal request of the trader. It is 3 times longer than the normal 24 hours to 36 hours duration of time taken by the regulated brokers. The company has failed in understanding the value of time to a trader.
Similar post: Khwezi Trade
365GCC’s adroit policies for funds transfer have cleared the waters about the money-minded approach of the company. The company is charging a trader at every crucial step without providing services in place of the charges.
Website Investigation
The website of the company is https://365gcc.io/.
Its domain of the website is registered in the year 2019. The name of the owners is kept in disguise using the paid services.
365GCC claims to be based out of Luxembourg location but has provided a UK based number on its website. It is a fake number which is only accessible for extracting customers and not to help them.
The social media icons present over the website lead to nothing good but the lately updated accounts if the company. It seems to be an exercise done to fill the checklist but not working on a quality basis.
Hung up Social media
In my 365GCC Review, I found that they have a Facebook Account that is rarely updated. It was last updated 2 months before. The quality of content on the social media giant is very low. The contents are targeted to degrade others. The company should provide quality content to its customers like the current updates about the company, the new offerings in services, etc. The number of followers on Facebook is also less than 200. It is very low then an individual’s account average.
There are no active accounts of the company on Instagram or Twitter. The company must sympathize with the need for social media marketing in building the brand. It has completely failed to provide the element of connectivity and a movable continuous elevation process going on within the organization.
Flaccid Clientele Support
365GCC does not provide any online live chat support to its customers. The company has not provided any regional contact numbers. There is only one UK based number mentioned on the website and a single email-id is provided. The support over the email and phone is also not available round the clock. It is only available for 5 days a week. This adds to the harassment of the customers. The strapped customer support over the deficient modes of contact multiplies the difficulties of the traders.
Read more about: ChoiceTrade
Strong technical support to traders along with the availability of regional linguistic teams helps to gain the confidence of the trader. A broker firm like 365GCC has completely failed to recognize the value extending genuine, reliable, and fast support to the traders. Markets are volatile, but the traders must be given a fair chance to work.
The Takeaway
I have crowned 365GCC as an unregulated offshore broker with no reliable services. Lost owners with no regulation are synonymous with the worst trading experience. It is highly recommended not to trade with 365GCC. You can find way better traders than this one.
References
- https://searchentities.apps.cssf.lu/search-entities/search?&st=advanced&entNames=365GCC
- https://www.cssf.lu/fileadmin/files/Protection_consommateurs/Avertissements/W_365GCC_240120_en.pdfhttps://www.dfsa.dk/News/Advarsler-fra-andre-tilsynsmyndigheder
- https://www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela
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Dr. Henrique Duck, PhD in Media Studies and Critical Theory, specializes in writing detailed critics stories and reviews. He has contributed to prominent newspapers and websites, providing insightful analysis of media content and its effects on society.
Don’t trust this broker. It is a scam.
Their demo account shows nonsense. I didn’t open a live trading account when I saw how fabricated their demo account was.
They keep harassing me. I have received numerous phone calls from 365GCc to open a live trading account. I’m tired of blocking them.