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1Broker Review – is it scam or safe?

1broker review - Is 1broker.com scam or safe forex broker?

RATING: 2 / 2 REVIEWS 1Broker
1Broker 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
Standard No minimum deposit 0.01BTC 1:200 on some fiat forex pairs 0.0002 pips

 

1Broker is an offshore broker offering trading in bitcoin, fiat forex pairs and CFDs on indices, stocks and commodities. It was established in 2012 and is based on the Marshall islands. The difference is that it accepts deposits in Bitcoin only and calculates its fees and other costs in the cryptocurrency.

 

The company does not require a minimum deposit and the margin required to start trading is 0.01 BTC.

 

Even though the bitcoin exclusivity is still somewhat unusual and rare, there are other brokers like Whaleclub, who also accept deposits in Bitcoin only. This would hardly become a widespread practice, but having in mind the increasing popularity of the cryptocurrencies, would most likely become increasingly frequent.

 

The company. Security of funds.

 

Company Country Regulation
1pool Ltd.  Marshall Islands None

 

 

Like we already noted, 1Broker is somewhat unusual in its accepting Bitcoin only. Being based in the offshore zone the Marshall islands and being unregulated, brings a significant risk for its clients. But, then again, cryptocurrencies in general are still more popular among people with curious minds and willing to take risks and not your average retail trader.

 

Trading platforms

 

1Broker does not offer any of the “ordinary” forex trading platforms like MetaTrader 4 or cTrader. Instead it has its own trading platform with a rather simplified interface and not so many features and options. There is, however, the social feature, which allows traders follow other traders, share their trading ideas and win a reward if someone follows their strategy.

 

Click on image for larger view

 

Click on image for larger view

 

Methods of payment

 

1Broker accepts payments in Bitcoin only, through the blockchain system and recommends a two-step authentication method. According to the company, since its launch in 2012, there has been no security breach and it keeps the client funds in hardware storage and in paper wallets.

 

Conclusion

 

1Broker is a Bitcoin-focused broker that offers trading in the regular assets offered by the majority of “ordinary” brokers. But since the cryptocurrencies and the blockchain technology are in a somewhat “gray” financial area and are pretty much completely unregulated, we must note that trading in them with an unregulated offshore broker is rather risky. On the other hand, there are regulated forex brokers that offer trading in Bitcoin and other cryptocurrencies and accept deposits in them and they would be less risky.

 

Pros: Cons:
Tight spreads Unregulated
No minimum deposit requirement No demo account
  No MT4
  Accepting bitcoin only

 

 

 

Latest news about 1Broker
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Traders` reviews for 1Broker

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Warning - avoid this shady off-shore exchange

WARNING!!!!!!
Be very very careful with 1broker.com. They are definitely shady. For example, earlier this week when USD/TYR came market came live, they filled orders and then blacked out services for that pair for 30minites. The price fluctuated wildly, enough to capitalize on liquidations going both ways. You could not set a stop loss or exit your trade. Every other USD/TRY pair tracker was not blacked out during that period. This cost me a lot of money.

I would not touch this shady off-shore business....

Steven 08/15/2018

1Broker: My experience

Most of us walking into the open forex markets with BTC lack experience, it is what it is. When I started using 1broker terms like CFD, STP or ECN meant nothing. I had BTC and nobody was going to stop me from trading it which is fine but slightly aggressive to say the least.

1 yr later giving up on the crypto pump machine and trading forex, using MT4, ctrader, various web platforms, I make informed statements regarding a few basic items about 1broker.

- they never came across as a scam
- their spreads were crap
- slippage dominated too many of my trades before I took note

In a nutshell if you are intra-day trading with BTC 1broker has not broken any collective hearts. But if you are scalping without a rock solid trade setup, analysis to support it and an exit strategy, do not waste your BTC. Crypto is proving to be a long term investment so investing in yourself will be exponentially more profitable than swinging for that grand slam against pitchers you've never batted against.

Jonathan Yoakum 07/09/2017
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