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1BillionForex Review – is it scam or safe?

1BillionForex Review  – is 1billionforex.com scam or safe forex broker?

RATING: 2 / 0 REVIEWS 1BillionForex
1BillionForex is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

 Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Account 1:1000 $5 0.01 lot 1:1000 From 3 pips
Micro $5 0.01 lot 1:500 From 2 pips
Standard $50 0.1 lot 1:200 Floating, from 1 pip
MT-ECN $1000 0.1 lot 1:100 Floating, from 0 pip*

*Commissions of $5 per lot for turnover of less than 900 per month and $3.5 per lot for more than 900 lots per month.


1BillionForex has four main types of live trading accounts and a free demo account. Additionally, the Standard account has a variation, called Standard MT5 account. It has the same trading conditions, except its asset portfolio does not include silver and gold, unlike the Standard account. There is also a ZuluTrade account for NordFX clients, also with the same conditions as the Standard account.

 

The broker also offers a Premium account for clients with deposits of more than $50 000. It comes with a complimentary debit card that can be used for quick fund withdrawal.

 

There is also an Integral 0 Spread Account for professional traders who want to work within ECN Integral through the NFX Trades platform or via FIX-protocol. The requirements and conditions are as follows: deposit: $20 000, minimum trade size: 0.1 lot, leverage 1:100 and floating spreads from 0 pips.

 

The asset portfolio of 1BillionForex includes forex paris, CFDs on oil, indices and metals, spot metals, oil and Bitcoin. The broker also offers trading in binary options.

 

 

The Company. Security of Funds

 

Company Country Regulation
1BillionForex Belize No

 

1BillionForex is based in the offshore zone Belize, but does not appear to be regulated by Belize's International Financial Services Commission (IFSC). The company is an introducing broker of another offshore broker – NordFx, which is registered in Mauritius, but is regulated by the Cyprus Securities and Exchange Commission (CySEC).

 

We have come across a client complaint about troubles with fund withdrawals, but the problem does not seem to be prevalent. Nevertheless, it is always a good idea to avoid offshore brokers and choose a broker that is properly regulated and supervised. Two national regulators – UK's FCA and the Australian Securities and Investment Commission (ASIC) have the reputation of providing very robust and strict oversight, so we recommend that you choose brokers supervised by those two watchdogs.

 

Trading Platforms

 

1BillionForex offers the two most popular multiasset trading platforms – MetaTrader 4 (MT4) and its successor MetaTrader 5 (MT5).

 

The former has been around since 2005 and is preferred by brokers and traders alike. MT5 has been released in 2010, but since then has been in the shadow of MT4, as it did not offer hedging. In the spring of 2016 hedging was finally introduced in MT5 and the developer MetaQuotes Software has been phasing out its support MT4 in a bid to increase the popularity of its successor.

 

Both platforms have a wide range of functions and technical analysis and charting tools, support various types of orders, automated trading, Expert Advisors, etc.

 

 

Promotions

 

1BillionForex offers two types of promotions. One is a 100% Bonus for deposits over $100 and the other is free VPS. The latter can be obtained if a client trades at least 5 lots per month and keeps a monthly balance of at least $1000.

 

 

Methods of payment

 

1BillionForex accepts payments through bank transfers, credit and debit cards and the electronic payment systems Neteller, Skrill, WebMoney and CashU. What strikes us is that the broker notes that initial minimum deposit for all accounts is $100, contrary to the claims that the minimum deposit for some account types is $5 or $50.

 

 

Conclusion

 

1BillionForex appears to offer rather attractive trading conditions, multiple types of accounts and the two most popular trading platfroms, plus social trading, ECN and pro accounts. But we must not forget that it is an offshore broker, partner of another offshore broker. The inconsistency between the minimum deposit requirements also is disconcerting.

 

Pros Cons
MT4&MT5 Offshore
High leverage Unregulated
Many types of accounts Inconsistent information

 

 

Latest news about 1BillionForex
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Traders` reviews for 1BillionForex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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