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Trade360

Latest release: 7.1.5 ( 23rd February 2022 ) 🔍 Last analysed 10th October 2021 . Can't send or receive bitcoins
0 ★★★★★
0 ratings
16th September 2015

Jump to verdict 

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Please help us spread the word discussing the risks of centralized custodians with Trade360  via their Twitter!

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

(Analysis from Android review)

App Description

Trade with a Licensed Broker

Trade360’s trading app banks on the “Wisdom of the Crowd” to trade on stocks, commodities, indices and currency pairs.

Google Play Critical Reviews

Aneta Chmara
★☆☆☆☆ September 1, 2020
Absolutely do not download this application! They call dozens of times a day from various numbers, including private ones. Demand to provide banking information. I have taken the case to court because my request to erase my phone number has not reached them and they are still calling!

Wesley Boyce
★☆☆☆☆ October 10, 2020
Experience was manageable at first however, this company/app is a waste of time. Look out for hidden fee, charges and ‘admin’ fees. There are better applications out there than this one.

The Site

We were not able to register into the site as our location is not allowed in the country list.

However, we were able to find some information about ‘Trading on Bitcoin’.

Contact

We contacted Trade360 via twitter to ask where their documentation for depositing Bitcoin was.

The online chat provided this response:

Once your account is funded, you can start trading by buying or selling CFDs (Contract for Difference). We offer such contracts covering a variety of assets: Stocks, Indices, Commodities and BITCOIN for instance. Profits and/or losses will be calculated from the price differences between the opening and closing of the contract.

It is important to stress that we offer trading services; we do not offer actual assets, and by investing in CFDs (including Bitcoin) with us you will not be buying or selling those actual assets, but you will be trading on their value.

Verdict

Our verdict for this app is that it cannot send or receive bitcoins.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

No send/receive!

Can it send and receive bitcoins?

If the answer is "no", we mark it as "Can't send or receive bitcoins".

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.