60op Forex Broker

60op Forex Broker - Complete Information Guide

1. Broker Overview

　　60op is an online trading broker that was established in 2017. The company is owned and operated by Gramin Ltd, which is registered in the Marshall Islands. As an unregulated broker, 60op operates without oversight from any major financial authorities, making it a high-risk option for traders. The primary market for 60op includes retail forex and CFD trading, attracting clients who are looking for various trading instruments.

　　Throughout its operational history, 60op has faced numerous complaints regarding withdrawal issues, lack of transparency, and overall trustworthiness. The broker has been known to target inexperienced traders with promises of high returns, which has led many to label it as a scam. The business model primarily focuses on retail forex trading, offering a range of financial products including currencies, indices, stocks, commodities, and cryptocurrencies.

　　The lack of regulation and oversight is a significant concern for potential investors, as it raises questions about the safety of funds and the reliability of the trading platform. Due to these factors, many experienced traders advise against engaging with the 60op broker.

2. Regulatory and Compliance Information

　　60op operates without any regulatory oversight, which is a critical concern for investors. The broker is not registered with any recognized regulatory bodies, and there are no licensing numbers associated with its operations. The absence of regulation means that clients have no recourse in case of disputes or issues with withdrawals.

　　The lack of a regulatory framework raises significant red flags regarding the safety of client funds. There are no segregated accounts for client deposits, which means that the broker can potentially misuse client funds. Moreover, there is no participation in investor compensation schemes, leaving clients vulnerable in the event of insolvency or fraud.

　　Furthermore, the broker's KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance measures are questionable, as there is no verified information available about their implementation. Overall, the lack of regulatory oversight and compliance measures makes the 60op broker a risky choice for traders.

3. Trading Products and Services

　　60op offers a variety of trading products, including:

• Forex Currency Pairs: The broker provides access to over 5 forex currency pairs, although specific details about the pairs are not disclosed.
• CFDs: 60op offers Contracts for Difference (CFDs) on various assets, including indices, commodities, and cryptocurrencies.
• Cryptocurrencies: Trading in cryptocurrencies is available, but the method of trading is described as unusual, resembling a mix between spot trading and binary options.

　　The broker does not disclose the frequency of product updates or the addition of new trading instruments, which raises concerns about the dynamism of their offerings. Additionally, there is no information available regarding retail trading services or institutional client services, which limits the overall appeal of the broker to a broader market.

4. Trading Platform and Technology

　　60op provides a web-based trading platform that is equipped with various analytical tools and indicators. However, it does not support popular trading platforms like MetaTrader 4 or MetaTrader 5, which are widely recognized for their robustness and user-friendly interfaces.

　　The trading platform is simplistic and may not meet the expectations of more experienced traders who prefer advanced features and functionalities found in dedicated software. The broker claims to offer a decent charting package, but the overall execution model remains unclear, with no specific mention of whether it operates as ECN, STP, or Market Making.

　　As for mobile trading, there is no indication that 60op offers dedicated mobile applications for iOS or Android, limiting accessibility for traders on the go. The broker does not provide information about server locations or the technical infrastructure supporting its trading activities, which is crucial for assessing reliability and execution speed.

5. Account Types and Trading Conditions

　　60op offers a standard account, but specific details regarding minimum deposit requirements, spreads, and commissions are not clearly disclosed. The broker is reported to have a starting deposit requirement of around $500, which is relatively standard in the industry.

　　The trading conditions include:

• Leverage: The maximum leverage offered is 1:100, which is on the lower end compared to other brokers.
• Spreads: The average spread is reported to be around 1.9 pips on major currency pairs, which is not competitive compared to other brokers in the market.
• Minimum Trade Size: Information regarding the minimum trade size is not available.

　　Unfortunately, the broker does not offer demo accounts, which would allow potential clients to test the platform before committing real funds. The absence of a demo account is a significant drawback, particularly for novice traders.

6. Fund Management

　　60op supports a variety of deposit methods, including bank transfers, credit cards, and popular e-wallets such as Skrill and Neteller. However, the broker does not specify the minimum deposit requirements for different account types, which can lead to confusion for potential clients.

• Deposit Processing Time: The processing time for deposits is not explicitly mentioned, adding to the uncertainty surrounding fund management.
• Withdrawal Methods and Restrictions: Withdrawal methods include the same options as deposits, but clients have reported significant issues when attempting to withdraw funds. The broker has been accused of making withdrawal processes difficult and may impose high fees.
• Withdrawal Processing Time: Similar to deposits, the withdrawal processing time is unclear, which raises concerns about the broker's reliability.

　　Furthermore, there is a mention of a $60 inactivity fee charged after six months of no trading activity, which is notably high compared to industry standards.

7. Customer Support and Educational Resources

　　Customer support at 60op is available through various channels, including phone, email, and online chat. However, the effectiveness and responsiveness of their support team have been called into question, with many users reporting poor communication and lack of assistance.

• Service Hours: The specific service hours and time zone coverage are not disclosed, which can be a disadvantage for international clients.
• Multilingual Support: There is no information on whether the support team offers assistance in multiple languages.
• Educational Resources: The broker does not appear to provide substantial educational resources, such as webinars, tutorials, or eBooks, which are essential for traders looking to improve their skills.
• Market Analysis Services: There is no indication that 60op offers daily market analysis, news, or research reports, which are valuable tools for informed trading decisions.
• Trading Tools: The availability of trading tools such as calculators, economic calendars, or signal services is not mentioned.

8. Regional Coverage and Restrictions

　　60op primarily targets clients from various regions, but specific details about its market coverage are not provided. The broker does not disclose the locations of its regional offices, which could be a concern for clients seeking local support.

• Countries Not Accepted: There is no clear list of countries from which clients are not accepted, leading to potential issues for traders unaware of regional restrictions.
• Special Limitations: Information regarding any special limitations imposed on trading activities or client eligibility is not available.

　　In conclusion, the 60op broker presents significant risks due to its unregulated status, lack of transparency, and numerous complaints regarding fund withdrawals. Potential investors are strongly advised to conduct thorough research and consider more reputable alternatives before engaging with this broker.