- Owned by ITRADE GLOBAL (CY) LIMITED;
- Located in Limassol, Cyprus;
- Authorized and licensed by Cyprus Securities and Exchange Commission (License No.298/16);
- Products: CFDs and Forex Trading;
- Credit card payments will be processed using a 3rd party company named: SafeCharge Limited (an Electronic Money Institution authorized and regulated by the Central Bank of Cyprus).
BO360 - Broker Review – scam or reliable broker?
BO360 is a Forex and CFDs broker that allows trading assets on web-based, powerful platform under overall standard trading conditions. The broker is CySEC-regulated and MiFid compliant, which are both very important for the security of BO360. This is a solid like for BO360, one that makes it highly unlikely to be a scam.
As for account types, BO360 has a standard and a shares account, both needing a $250 minimum deposit to get started.
The broker’s website is available in English, German and Arabic.
CySEC’s regulation and MiFid compliance
BO360 is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), which stands as a testimony for the company’s credibility.
CySEC applies a set of rules and requirements to all licensed brokers, including holding a minimum of €730 000 in order to prove their good financial standing, regularly reporting transactions and keeping clients’ funds separated from the company’s assets.
A CySEC regulated broker is a member of the Investor Compensation Fund and is constrained to accept claims of covered clients, for compensation purposes of up to a maximum of 20,000 EUR per each individual. This happens if the company cannot meet its financial obligations.
Furthermore, all brokers with a license from a national financial authority in the EU has to comply with the Markets in Financial Instruments Directive (MiFID). This has the main goals to harmonize the investment services, to enhance financial transparency and provide greater consumer protection.
More Security can never hurt
Another strong point of this broker is the segregated accounts availability. This means all client funds are held in a segregate account and are never mingled together with customer deposits.
Additionally, clients’ funds are never used for anything else than trading CFDs and Forex on the trading platform.
An extra detail worth mentioning: BO360 claim to use stringent encryption software for all personal and financial information, including SSL encryption through HTTPS secure web protocols. This is standard security measure and it ensures the safety of investments.
Who can wish for more protection and safety than this? It’s the highest possible and BO360 definitely delivers.
Trading conditions & account options – are they good enough?
BO360 offers two types of accounts: standard account and shares account (they both require an initial investment of $250). The first one benefits from very attractive pips, as low as 0.6 and standard leverage, of up to 200:1. Traders have the opportunity to invest in 40+ currency pairs, including exotic ones.
As for the second one, it allows trading CFDS products on Forex, commodities and indices under more specific market options.
Both accounts come with access to educational materials & daily market analysis, which seem decent enough for almost everyone in the market even though the versatility isn’t quite there.
The payment methods available to BO360’ clients are the standard Credit/Debit cards (VISA, MASTERCARD) but also Wire Transfer or via the SEPA method.
The minimum withdrawal amount is $100 and that withdrawals may take between 5 to 7 business days, as stated on their website.
Dislikes – what we thought that could be in but it is not
Missing bonuses & promotions
One of BO360’s disadvantages is the lack of trading bonuses and promotions. There were no visible information regarding the existence of these advantages, so we can only assume they are not present.
No demo Account available
BO360 does not offer demo accounts. This is a minus, because it would be very useful to test the overall functionality of the broker before going live trading. However, for the skilled traders this shouldn’t come up as something really important to benefit from, because they can of course start right away with the live version.
Only 2 account types
Not exactly an extremely annoying weakness, but we would have liked to see more options regarding account types. Most brokers offer around 4 Account Types, while BO360 only has 2.
Overall, BO360 is a solid recommendation for a Forex & CFDs trading broker. Its main strength relies in its CySEC’s regulation and MiFid compliance, but also the segregated accounts presence and its versatile platform offering stand tall.
Apart from some downsides, such as the missing bonuses & promotions or the lack of a demo account and poor choice of Trading Accounts, BO360’s offer is more than decent and cannot by any means be thought of as a fraud or scam.