In this 365Crypto review, we will take a look at a relatively new cryptocurrency CFD brokerage that has come onto the scene.
We will examine a number of factors in the review and approach it from the potential client’s perspective by creating an account and putting the broker through our vetting process.
Some of the most important aspects that we will take a look at are the customer support, platform functionality, funding options, and of course the online reputation of the brand.
365Crypto is a broker that was started in June of 2017. Unlike many other CFD brokers, they are exclusively a cryptocurrency brand. Hence, if you are planning on trading any Forex or Equity products then you may want to check out our list of other brokers.
Trading cryptocurrencies such as Bitcoin and Ethereum involves a lot more volatility. This is not really a good or bad thing and depends on how well you as a trader are able to manage your risk. This is compounded by the leverage factor of CFDs.
If you actively trade cryptocurrencies or are interested, then let’s jump into our review of 365Crypto.
|Min Spreads||1 pips|
|Support Features||Email and Telephone|
|Deposit & Withdrawal Methods||Visa, Mastercard, Bank Wire, Cryptocurrencies|
|Account Currencies||EUR, GBP, USD, BTC|
|Jurisdiction||UK, Europe, Asia, Africa and South America|
|Investment Types||BTC, ETH, ZEC, XMR, NEM, LTC, XRP, XLM, ADA, BCH, NEO|
|Additional Features||Trade Copier|
|Mobile Trading||Mobile Optimised Web Trader|
First Impressions of the Site
The first thing that we noticed when landing on the 365crypto landing page is the simplicity of the layout. We were not bombarded with intrusive popups, videos or unnecessary clutter. Everything appeared to be relatively well laid out and we were able to find what we were looking for.
Another thing that we found refreshing was the lack of numerous scammy testimonials. We have seen these on a number of other CFD and Forex brokerage sites. They invariably take away a great deal of credibility from the broker.
We also noticed that there was no online chat option. This is something that most sites tend to have and can be helpful for those clients who want help immediatly.
However, their contact form appears easy to find which is a positive sign of transparency. There is also a number that one can call directly to the brokerage support team. This number was London based number and we called it to make sure.
We got through to the support centre so we can verify that it is indeed a legitimate number which links up with the agents at 365crypto. The company information is also clearly displayed in all of the footers which further ads to that transparency.
We wanted to create an account and begin our vetting process. Navigating to the “How to Begin trading” page, the steps that they presented were pretty straightforward.
When directed to the registration page, all they required was our information in the way of telephone number, email and name. There was also the option to sign up anonymously which is what we did initially.
How do Deposits / Withdrawals Look?
One of the major plus points to 365Crypto is their funding system. Traders have the option of depositing via debit / credit card, cryptocurrency or via wire transfer. All of this might seem quite normal, which it is, however where they stand out against the competition is with their wire transfer policy.
We tested all three of their payment types firstly via Visa card which went through instantly and the funds appeared on the platform available to trade. The withdrawal was simple but took 2 days to clear back into the account. Next up was the Bitcoin payment which was slightly fiddly.
We had to first contact their customer service team who gave us our Bitcoin address and the funds were obviously (no need for word) manually added to my trading account as (change to so) I had a rather nervous wait before the funds appeared. The withdrawal was once again somewhat clunky as I had to email my Bitcoin address to customer support and once again wait nervously until I saw the transaction on the Blockchain.
Lastly the wire transfer; were most companies you have the usual 3 to 5 day wait for your funds to hit the brokers account, With (small w) 365Crypto the funds are added to the traders account on receipt of the proof of deposit from the bank.
The real bonus touch however is on withdrawals where there is an instant wire transfer. Once the withdrawal button was hit (without prompting from myself) I found the funds back into my bank account within 2 hours. I called to ask 365Crypto what happened and it transpires they pay the transaction fee for same day withdrawals.
Overview Trading Platform
The platform itself is not the sexiest in the industry, the charts are somewhat basic, (contrary to what their website tells you) although their customer support team insist this is one of the major changes that is happening in their next update.
The platform itself is a very simple platform to use which is something we do like at FXaxe. Manoeuvring around the interface is self-explanatory and when we opened several trades simultaneously it was easy to follow. On their website it says the leverage is up to 1:1000 which is not the case.
The default leverage is 1:100 although if you speak to your account manager they can tailor it to anywhere between 1-1000. I then opened a handful of new trades at an industry high 1:1000 leverage. The entry and exit price I received were the price quoted and what I clicked on I got. The stop loss/ take profit is available pre-trade and can be altered easily during the trade.
The platform has some extra additions to it, such as built in signals; the signals themselves are one touch and appear to be run using studies. The fact that it opened instantly before you can enter your stop loss was slightly concerning and it seemed to have a default entry of half a lot which seriously depleted my trading balance.
Finally, they have copy trading (they call it social trading) which gives you the opportunity to follow another trader. You can see the traders win percentage so you are not following completely blindly.
However, similar to the signals you are automatically entered into the trade at a price you cannot control and the trades you are entered into are only one at a time. So you cant follow the trader for prolonged periods.
Somewhat of a trend recently with brokers is that instead of going down the App route, 365Crypto has decided against this and has instead made their web-based platform fully optimised for your mobile.
As a result of this the charts are difficult to read and it can appear somewhat squashed. However placing a trade is still simple and its more than adequate for monitoring ongoing trades and exiting if need be on the move.
Asset Coverage and Spreads
365Crypto has a large number of the regular pairs as well as even larger number of exotic pairs. Where 365Crypto really makes a name for itself is the spreads its offering.
When you take a product such as BTCUSD and look around at other brokers and the spreads that are being offered, on average you are seeing 50-100 pips. 365Crypto is offering BTCUSD at 1pip. If you are someone who is price sensitive, then there is very little point in looking elsewhere.
Speaking with my account manager over there he assured me that if I required any added pairs they would do their best to add it at no cost.
Something that we were surprised by was the lack of education material and guides. This is something that a number of CFD providers have given in the past and we were quite surprised that they were not present.
We asked the support team about this and they explained that this is not something that they really get many requests for. This appears to indeed be true as there were a great deal of other cryptocurrency platforms that had no educational material or training guides.
They explained that if any of their clients were uncertain as to how to trade on the platform then they were more than happy to help them out on the phone.
While this may not be for all traders, we found it to be quite helpful. The team seemed to have a relatively strong grasp of the cryptocurrency market. They were also able to direct us to external resources.
In the end, it comes down to your own knowledge of cryptocurrency markets and how comfortable you are without extensive “How to” guides.
Overview of the Company
365Crypto is owned and operated by Markit Ltd who are a privately-owned London based firm. The management and customer service team are based in London whilst they have an office in Belgrade where the Sales team are.
The sales team (having been on the end of some rather unpleasant calls from other brokers in the past) are informative and non-aggressive and will give you a run through of the platform if you so require. The call I got was shortly after I had signed up.
I told them I was new to trading and I wasn’t sure it was for me as I had heard it was risky. I was informed I should never trade with what I couldn’t afford to lose and before I invested any money I should get a full explanation of the platform (which he performed using team viewer). They opened a demo account for me which I was told I could use until I was ready. It felt more of a introduction than a sales call.
The customer service team who I contacted a few times with regards to the various deposits I made appear to be knowledgeable and efficient.
We wanted to get a sense of what was being said about the brokerage online so we decided to trawl through a number of forums.
Given that the brokerage is still quite new, there is not that much that has been said. We noticed that there were a number of negative reviews that related to cryptorobot365.
We asked the sales team at 365crypto and they said there was no relation at all. Indeed, it seems as if cryptorobot is nothing but a typical binary option robot scam. They use a number of questionable brokers that operate in cahoots with the robot providers.
As a side point, you should never make use of any automated system or “software” that is promising you unrealistic returns with a mere click of a button.
In the end our reviewers were relatively impressed with 365crypto. We like the fact that the brokerage was quite open about their operations. They were helpful yet did not bombard us with repetitive sales calls that other brokers tend to embark on.
The platform was relatively simple to use and had a large selection of cryptocurrency pairs. The demo account was also a great way for new traders to assess how the platform functioned without having to fund any amount.
Although the platform was relatively easy to use in both a web and mobile form, the lack of extensive charting functionality may be a disadvantage for the more advanced traders out there.
Although they did not have the extensive training material some have come to associate with large Forex and CFD brands, they made up for this in other areas such as customer service. They were always available to take our calls and answer our questions.
Unfortunately for clients in the USA, Canada and Australia, 365crypto cannot service them given specific offshore broker regulations in these regions. They do, however, take clients from other regions such as Europe, Asia, Africa and South America.
365crypto also has a really clean online reputation and it seems as though they have operated in fully transparent and legitimate manner. This is often not the case for a number of offshore CFD and cryptocurrency brands.
In conclusion, if you are looking for an honest crypto CFD broker that has some of the most attractive spreads as well as a highly attentive customer support team, then 365crypto may be the broker for you.