Investors Alert 360CapitalFM – Regarding fraudulent practices, issues with the registration of securities/derivatives, reporting requirements, and market intermediaries.
Online trading can be a lucrative and exciting way to invest your money, but it also comes with risks. One of the biggest risks is falling victim to a scam broker that will take your money and disappear. In this blog post, we will review 360CapitalFM, a broker that has been exposed by the Australian Securities and Investments Commission (ASIC) as a possible scam. We will also give you some tips on how to safeguard yourself against fraudulent brokers and what to do if you suspect you have been scammed.
Products and Services:
360CapitalFM claims to offer a variety of online trading products and services, such as forex, stocks, commodities, indices, cryptocurrencies, and CFDs. The broker also claims to provide a user-friendly trading platform, educational resources, market analysis, and professional customer support. However, these claims are not backed by any evidence or verification. In fact, 360CapitalFM does not disclose any information about its ownership, location, regulation, or fees on its website. This is a red flag that indicates the broker is not transparent or trustworthy.
Financial institution & regulatory license:
One of the most important things to check before choosing a broker is whether it is regulated by a reputable financial authority. Regulation ensures that the broker follows certain rules and standards to protect its clients’ funds and interests. However, 360CapitalFM does not have any regulatory license or authorization from any jurisdiction. Moreover, the broker has been blacklisted by ASIC, the Australian financial watchdog, for operating without a license and targeting Australian investors with misleading and deceptive advertisements. ASIC warns that 360CapitalFM is likely to be involved in a scam and advises investors to avoid dealing with it.
Trader’s Reviews and Customer Service:
Another way to assess the credibility of a broker is to look at the reviews and feedback from other traders who have used its services. Unfortunately, 360CapitalFM does not have any positive reviews or testimonials from its clients. On the contrary, the broker has received numerous complaints and negative reviews from traders who have lost money or had problems with withdrawing their funds. Some traders have also reported that the broker’s customer service is unresponsive, rude, or aggressive. These are signs that 360CapitalFM does not care about its clients’ satisfaction or welfare.
How do online trading scams operate:
Online trading scams are schemes that use fake or unregulated brokers to lure unsuspecting investors into depositing money with them. The scammers usually promise high returns, low fees, or exclusive opportunities that sound too good to be true. They may also use fake websites, testimonials, or social media accounts to create a false sense of legitimacy or popularity. Once the investors deposit their money, the scammers either manipulate the trading platform to make them lose money or simply refuse to process their withdrawal requests. The scammers may also ask for more money or personal information from the investors under various pretexts, such as fees, taxes, or verification. Eventually, the scammers disappear with the investors’ money and leave them with no recourse.
How to Safeguard Against Fraudulent Brokers:
To avoid falling victim to online trading scams, you should always do your research before choosing a broker. Here are some tips on how to safeguard yourself against fraudulent brokers:
– Check the broker’s regulatory status and license number on the official website of the relevant financial authority.
– Verify the broker’s contact details and physical address on its website and avoid brokers that use PO boxes or anonymous domains.
– Avoid brokers that offer unrealistic or guaranteed returns, bonuses, or incentives that require you to deposit more money or trade more volume.
– Beware of brokers that pressure you to make quick decisions or invest more than you can afford.
– Use secure payment methods and avoid brokers that ask for cash payments or wire transfers.
– Keep records of all your transactions and communications with the broker and report any suspicious or fraudulent activity to the relevant authorities.
360CapitalFM is a broker that you should stay away from if you value your money and security. The broker has been flagged by ASIC as a potential scam and has no regulatory license or credibility. The broker also has a poor reputation among traders who have experienced losses or difficulties with it. Online trading can be rewarding if you choose a reliable and regulated broker that offers quality services and products. Therefore, we advise you to do your due diligence before investing your money with any broker.