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N1CM Review - is it scam or safe?

N1CM Review - Is n1cm.com scam or good forex broker?

RATING: 2.3 / 3 REVIEWS ForexBrokerz N1CM
N1CM is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type Minimum deposit Maximum leverage Spread
Cent $5  1:1000 Floating
Standard $10 1:1000 From 1.2 pips
ECN Pro $10 1:1000 ECN feed + $5 commission


 
N1CM stands for Number One Capital Markets. This broker’s name is very close to a major US financial services provide, but we couldn’t find any connection between them. Other than the account types mentioned above, Islamic accounts are also available. Negative balance protection is also in place, which leads us to believe this broker is a Market Maker.
 

The Company. Security of Funds


 

Company Country Regulation
Number One Capital Markets Limited Vanuatu VFSC

 

The company behind N1CM, is registered in Vanuatu. While it is registered with the local VFSC, we would still advise caution when dealing with off-shore brokers.

 

The reason for that is that regulation is not as strict in such jurisdictions. Vanuatu became one of the more popular off-shore destinations in recent years. This is due to the VFSC’s incredibly low capital requirement – only $2,000. This is a dishonest broker’s dream.

 

As a comparison, Australia used to also attract shady companies a lot of time ago. The local regulator, the Australian Securities and Investments Commission (ASIC) later enforced strict rules, which to deal with the situation. One of them is the AUD 1 million capital requirement, which most scammers do not have. Additionally client’s funds must be kept in segregated accounts, meaning there is a mechanism, which guarantees the broker can’t simply take your money and offer “paper trading”.

 

Trading Conditions


 
Minimum Initial Deposit
While the minimum requirements for all account types at N1CM are very low, the FAQ section claims the minimum transfer deposit (or withdrawal) is $100. We are not certain which section of the website is true. A logical conclusion will be that you one has to deposit a minimum of $100 and can distribute it into multiple accounts. On the other hand there can be a typo in description of account types.


That being said, it’s nice cent accounts are also available. The $5 minimum for such a trading account is low, but not totally unheard of – one can open the same account with FXTM.
 

Average spreads & Commissions
Spreads at N1CM are variable. While usually the spreads on cent-accounts are slightly higher than the ones offered other accounts, the company does not provide much information on them, Our testing with the platform revealed spreads starting from 1.2 pips on EUR/USD. While these are fairly competitive conditions, we had some issues, with the quotes updating slowly. That being said, you can always check out the real-time spread comparison platform we have set up here.
 
Leverage

N1CM provides a maximum leverage of 1:1000. While this may seem insane to some of you, there is a catch – this only applies for accounts under $3000. With bigger accounts, the leverage ratio decreases progressively.

 

Still, 1:1000 is a very high level and may lead to massive losses if used by inexperienced traders. If you were to fully utilize such gearing (i.e. use your entire trading account as margin for a single trade) a mere 0.10% market move against you will wipe out your entire investment. Familiarize yourself with the basics of risk management before trading with such leverage.
 

Trading Platforms


 
N1CM has chosen MetaTrader4 (MT4) as their trading platform. This is the most popular solution, which is preferred by many brokers. It is also admired by lots of traders, mainly for the outstanding charting capabilities and the add-ons which are available. At the MQL marketplace, a broker independent online store, you can test, loan and purchase newly developed technical indicators and automated trading robots (better known as Expert Advisors).

 

The MT4 iteration, provided by N1CM has some issues. Here is a screenshot, although they may not be apparent:

 

 

The charts go back only to June 2017, which renders them useless for long-term analysis. Furthermore, as we mentioned above, the quotes are updating a bit slowly. Both of these problems can be fixed in the future.

 

Methods of Payment


 
N1CM provides a lot of payment options. Other than the standard Bank Transfer and Credit/Debit Card a lot of e-wallets are available. The list includes: Skrill, Neteller, FasaPay, Perfect Money, China UnionPay, Webmoney, Qiwi, Epaymetns, OkPay and Yandex. Nobody should be left behind with so many methods.

 

Conclusion


 
N1CM is an off-shore forex broker. This immediately lowers the company’s credibility. The website lacks clarity on some of the trading conditions. While testing with the platform revealed relatively competitive spreads, some problems also became apparent. They can be fixed in the future and we will update this review, if that happens. Here is a summary of this broker’s offer:

Pros Cons
MetaTrader4 available Off-shore regulation
Relatively competitive spreads Issues with trading platform
Lots of payment methods Conflicting information on some trading conditions
  Lack of full presentation of the trading conditions

 

Latest news about N1CM
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Traders` reviews for N1CM

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

 

 

Reply

Hello,
There is no request for withdrawal of money before 08.19.2019. Please kindly share your account number or contact information.
N1CM Support

Merhabalar,
Kurumumuz ile alakalı yaptığınız yoruma istinaden inceleme sağlandığında isminize kayıtlı aktif bir yatırımcı olmadığını ve 08.19.2019 tarihinden önce tarafımıza iletilen bir para çekim talebi bulunmamaktadır. Konuyla ilgili hesap numaranızı veya iletişim bilgilerinizi paylaşmanızı rica ederiz.
N1CM Destek

N1CM 08/29/2019

N1Capital Uzak Durun

Ben bu firmaya kayıt falan bırakmadım. Nerden buldular bilgimi belli değil. Daha önce calıstıgınız firmada beraber çalışıyorduk diye giriş yaptılar. Demekki bilgileri de başka firmadan çalıyorlar.
Paramı çekmek istiyorum ama ne arayan var ne soran. Uzak durun !

Translated by Google:

n1capital Stay Away

I didn't leave a record for this company. I don't know where they found my information. Previously we were working together in the company they work in. So they're stealing information from another company.

I would like to withdraw my money but what I was looking for was what I was asking. Stay away !

Murat 08/19/2019

Scammer!!!

N1CM is truly scammer ....

they didn't take my money back and the funniest thing is they have Stop hunter every week and they will change Shape of candles by their decision !!!

David 05/21/2018

no slippage

no slippage broker excellent but low regulation

Devanand kumar 11/04/2017
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