365GCC Forex Broker

365gcc Forex Broker - Complete Information Guide

1. Broker Overview

　　365gcc is an offshore broker that specializes in forex trading and cryptocurrencies, primarily targeting Muslim investors. Founded in 2019, the company claims to be headquartered at 23, rue du puits romain, Bour Micht, 8070 Bertrange, Luxembourg. However, it has come under scrutiny for its operations and lack of transparency. The company is privately held, and its ownership details remain obscured, raising red flags regarding its legitimacy.

　　The broker aims to provide a platform for retail forex trading, offering a variety of trading instruments, including over 50 forex pairs and various CFDs. Despite its self-proclaimed status as a reputable trading platform, multiple regulatory bodies have issued warnings about its operations, indicating that it operates without proper licensing.

　　The development of 365gcc has been marked by claims of high returns and attractive trading conditions, which have drawn in numerous investors. However, its lack of regulatory oversight and transparency in ownership has led to concerns about its business practices. The broker's business model appears to focus on attracting clients through promises of high returns, but the reality of its operations has led to serious doubts about its reliability and trustworthiness.

2. Regulatory and Compliance Information

　　365gcc is not registered with any recognized financial regulatory body, including the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, which is responsible for overseeing financial markets and protecting investors. The CSSF has issued warnings about 365gcc, stating that it operates illegally and without proper licensing.

　　Additionally, warnings have been issued by the Danish Financial Supervisory Authority (DFSA) and the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy, highlighting the risks associated with investing through this broker. The absence of a regulatory license means that 365gcc does not have the legal right to offer its services in regulated markets, making it a high-risk option for potential investors.

　　The broker has not disclosed any information about customer fund segregation policies or participation in investor compensation schemes. Furthermore, it lacks robust KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance measures, which are essential for protecting clients and ensuring the integrity of financial transactions.

3. Trading Products and Services

　　365gcc offers a diverse range of trading products, including:

• Forex Pairs: The broker claims to provide access to over 50 currency pairs, including major, minor, and exotic pairs.
• CFDs: A wide selection of CFDs is available, covering assets such as indices, commodities, stocks, and cryptocurrencies. Notable cryptocurrencies include Bitcoin, Ethereum, and Litecoin.
• Unique Products: While the broker claims to offer unique trading instruments, the specifics remain vague, and no substantial evidence supports these claims.

　　The frequency of product updates and the introduction of new trading instruments are not clearly communicated, leaving potential clients in the dark about the broker's offerings. Retail trading services seem to be the primary focus, with little indication of institutional services or white-label solutions being available.

4. Trading Platforms and Technology

　　365gcc provides two trading platform options:

• MetaTrader 4 (MT4): This widely used platform is known for its robust features, including advanced charting tools and algorithmic trading capabilities. However, it is worth noting that the MT4 platform is provided by Gel Ko Partners Ltd, an offshore company based in the Marshall Islands, raising concerns about the reliability of the service.
• Web-Based Platform: The broker also offers an unknown online trading platform, which lacks essential trading tools and is not available for download. This platform's reliability is questionable, as it does not meet the standards typically expected from established trading platforms.

　　The broker claims to support mobile trading applications for iOS and Android, but details about their functionality and user experience are not provided. Additionally, the execution model employed by 365gcc is unclear, which can significantly impact trading performance and client satisfaction.

5. Account Types and Trading Conditions

　　365gcc offers several account types, each with varying minimum deposit requirements and trading conditions:

• Classic Account: Requires a minimum deposit of $2,000 with fixed spreads starting at 3 pips but lacks clarity on leverage.
• Silver Account: Minimum deposit of $5,000, with unspecified trading conditions and promises of bonuses.
• Gold Account: Requires a hefty deposit of $10,000, but offers no significant advantages over lower-tier accounts.
• Platinum Account: A minimum deposit of $30,000 is required, with limited services provided.
• VIP Account: The highest account type, demanding a minimum deposit of $100,000, but offers no unique features compared to other accounts.

　　The lack of differentiation in spreads and leverage between account types raises concerns among traders, as they may not receive the benefits typically associated with higher-tier accounts. The broker's policies regarding overnight fees and minimum trade lot sizes are also not disclosed, adding to the uncertainty surrounding its trading conditions.

6. Fund Management

　　365gcc supports various deposit methods, including bank transfers, credit cards, and cryptocurrencies. However, the absence of popular e-wallets like Skrill is notable, as Skrill has a policy of not partnering with unregulated brokers.

• Minimum Deposit Requirements: The minimum deposit varies by account type, starting at $2,000 for the Classic Account.
• Deposit Processing Time: The broker claims to process deposits within a week, which is significantly longer than the industry standard.
• Deposit Fees: Fees associated with deposits are not clearly outlined, leading to potential hidden costs for traders.
• Withdrawal Methods: Withdrawals can be made via e-wallets or bank transfers, but the broker imposes high withdrawal fees, starting at $25 for e-wallets and $50 for bank transfers. Additionally, a 10% fee is charged on withdrawals if the trader has not executed at least 200 trades.
• Withdrawal Processing Time: The broker states that withdrawal requests can take 4 to 7 business days to process, which is considerably longer than the typical 24 to 48 hours offered by regulated brokers.
• Withdrawal Fees Structure: The fee structure for withdrawals is high compared to industry standards, with a minimum withdrawal limit set at $100, increasing to $250 based on the withdrawal method.

7. Customer Support and Educational Resources

　　365gcc provides limited customer support options, which include:

• Support Channels: Available support channels include email, a single UK-based phone number, and social media. However, there is no live chat option, which is typically preferred by traders for immediate assistance.
• Service Hours: The support team is only available five days a week, which can be inconvenient for traders operating in different time zones.
• Multilingual Support: The broker's language support is unclear, raising concerns about accessibility for non-English speaking clients.
• Educational Resources: There is no indication of available educational resources such as webinars, tutorials, or e-books, which are essential for both new and experienced traders.
• Market Analysis Services: The lack of market analysis services, including daily insights, news, and research reports, limits traders' ability to make informed decisions.
• Trading Tools: Basic trading tools such as calculators and economic calendars are not mentioned, which are typically offered by more reputable brokers.

8. Regional Coverage and Restrictions

　　365gcc primarily targets markets in Europe and the Middle East, particularly focusing on Muslim investors. However, its operations are not legally recognized in many jurisdictions due to a lack of regulatory approval.

• Main Service Markets: The broker claims to serve clients in various regions, but specific details about its operational reach are vague.
• Regional Offices: There is no information available regarding regional offices or local representatives, which can be a significant drawback for potential clients.
• Countries with Restrictions: The broker is likely restricted from accepting clients from regions with stringent regulatory requirements, such as the United States, Canada, and Australia.
• Special Limitations: Due to its unregulated status, clients may face challenges in recovering funds or seeking legal recourse in case of disputes.

　　In conclusion, 365gcc is an unregulated offshore broker with significant red flags concerning its operations, regulatory compliance, and customer support. Potential investors are strongly advised to conduct thorough research and consider more reputable brokers with established regulatory oversight.