365Markets Review (2023)

Is 365Markets a scam or a legit broker?

According to our research, 365Markets is a total scam. The broker is not regulated and has no legal right to provide financial services to public. Moreover, 365Markets has been suspected in fraud, when pretending to be another company with a better reputation.

365Markets is a brokerage company that offers trading with Forex, CFDs on commodities, indices, precious metals, stocks and wide range of cryprocurrency pairs. The company is owned and operated by Trustnet Ltd., based in Sofia, Bulgaria. They claim to be registered in Bulgaria, however, they are not regulated by the Bulgarian Financial Supervision Commission, which means the information on the website doesn’t correspond reality.
Moreover, in August this year the UK’s regulator Financial Conduct Authority has issued a warning against 365Markets:

“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

In the warning regulator mentioned one more company behind the brand – it was Maximus Global Ltd., an offshore based company (the Marshall Islands), but the information about this company is no longer available on the website. Most probably, it was removed in order to hide an offshore origin of the broker.

Conclusion

As we usually warn, offshore-regulated companies are not the best options to trade with, because of the high risk of losing invested funds. They don’t guarantee and/or provide any protection for their customers. The UK’s FCA, on the contrary, provides the Financial Services Compensation Scheme (FSCS), which guarantees accounts protection in case the broker goes bankrupt. Check the list of the FCA-regulated brokers here.