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What is 1Broker?
1Broker is a Forex and CFD broker that helps Bitcoin users participate directly in real-world markets using Bitcoins. However, the platform is not exactly the same as other cryptocurrency exchanges. Their trading platform is based on more than 40 selected stock, commodity, forex and index markets.
The exchange has an ultra-minimalist interface, a transparent formula and customizable leverages, bulletproof software, and also helps in social trading. Bitcoin’s exchange rates are highly volatile due to manipulations. Your loss or profit is not affected by the value of Bitcoin when trading against global markets.
1Broker makes things very easy because it permits you to copy trades of successful traders and also gives you the opportunity to have a glance over your shoulders. This is also very important for successful traders as it can be a source of generating more income by simply showing people your style of trading.
The website initially had only support for English but has recently added Spanish and German Languages. The company started operating back in 2012, led by Nick Cote and located in the Marshall Islands
1Broker makes use of a technique known as Leverage in multiplying losses and gains. On 1Broker, when you open an order, your leverage can easily be adjusted. A leverage of 1% is normally for long-term investments and it indicates maximum safety. However, high leverages dramatically increase both losses and profits and reduces counterparty risks because just a fraction of your position size will be deposited on 1Broker.
The risk level of 1Broker can easily be seen, just below the profile picture of the trader’s account.
Lower risks indicate lower loss/profit of each trade while higher risks are attributed to higher loss/profit.
- Risk 1- 2% – Very low risk
- Risk2 – 4% – Low risk
- Risk 3 – 8% -Medium
- Risk 4 – 16% – High risk
- Risk 5 – 16% – Very high risk.
The website is not regulated by any governmental agencies or other bodies, which differs from today’s trading platforms that are regulated by a specific body i.e. Government.
1Broker Cryptocurrency trading involves clicking on the market’s tab located at the upper right position of your personal account page; you will be able to choose from commodities, Indices, stocks and crypto trading. The only 1Broker crypto in use is Bitcoin. It works with no other type of cryptocurrency.
1Broker CFD Trading
CFDs trading can be explained a form of agreement between a trader and a CFDs broker based on the likely price direction of a financial asset, without exposing a trader to the risk of actually owning such an asset. What this means is that the trader only makes trades by speculating on the possible direction a trading asset is likely to go, and not investing into owning such an asset.
The trade outcomes are usually what determines a trader’s profit when it comes to CFDs trading, so the trader is not affected by the current value of such asset in the long run in most cases. What matters to a CFDs trader is whether the price went in the direction of the bet (Won) or the price went the other way round (loss). To make a CFDs trade, you need to first register with a CFDs broker who offers the type of trading instrument you want to trade on.
Unlike other cryptocurrency CFDs brokers, 1broker offers CFDs trading for Stocks, Forex, ETFs as well as cryptocurrency (only Bitcoin). So you have a lot of instrument to pick from. For bitcoin CFDs trading, 1broker is known to offer a leverage of up to 5:1, which means you are allowed to make trades that is worth about 5 times what your account balance is.
When you make a Bitcoin CFDs trade on 1broker, you are only buying a contract and not actual BTC tokens. What this means, is that you don’t make more BTC as the price of Bitcoin asset rise, nor lose actually BTC in case of a downward trend in Bitcoin price. Your winning or losing a trade is dependent on whether you make the right call with the direction you believe the price of Bitcoin will go before making your trades.
Having a leveraged account is just one of the many advantages of a CFDs broker account, although exposing you to more risks in the market, you have the opportunity to capitalize on large market moves and make as much profit as you can from right predictions without having to risk a lot of money.
1Broker does not charge any fee for trading and depositing of funds. All 1Broker fees are quite transparent. They have no hidden charges. All your transactions and fees can be viewed easily on your transaction log. Fees are usually expressed in spreads between short and long positions; this varies by type of instrument.
- Trading Fees- None
- Real-Time Market Feed-0.00BTC
- Copy Trader Fees- 2% of the profit
- Bitcoin Deposit- 0.00BTC
- Bitcoin Withdrawal-0.001BTC
- Overnight Financing- Ranges from 0.0077% to 0.02% depending on position held and type of market.
- Note that on Saturday and Sundays, you are not charged for overnight fees except for Bitcoin that charges every day.
1Broker Accounts and Verification
To trade on 1Broker, all you need is to register by tapping the create account button on their website. Opening a 1Broker account requires a valid email address, a username, and a password. The only verification needed is the one you do by clicking on a specific link sent to your email address.
After your registration is completed, the default page is the social tab, where you can view the successful and popular traders of the month.
1Broker is an innovative platform that offers social trading, sharing of trading ideas as well as copying of trades. It involves bringing together lots of investment markets and integrating them into the world of Bitcoin.
Lots of markets are supported in which users can invest in. These markets include index markets, stock, crypto markets and forex markets.
The platform is also user-friendly with lots of instruments and tools, thereby making an investment in these markets very fast and simple. These tools include Overnight financing calculator, Trailing stop loss, Dividend calculator, CFD profit/loss calculator and the Stop loss limit calculator.
Is 1BROKER safe?
Since it started in 2012, there have been no cases of a security violation. 1Broker safety is well guaranteed. It carefully secures clients’ Bitcoin by storing over 95% of their deposits in secure offline hardware wallets. To add a security layer, Backups for wallets are distributed to several locations and safeguarded in encrypted digital and analog form.
To activate your 2FA-Two step authorization security, just log into your account, click “settings” located at your dashboard’s right-side corner. When it has been enabled, the users are given a code to authorize security or withdrawal changes. This means that a user’s account can only be breached if the hacker has possession of the user’s phone and password, which is difficult.
Also, only the company’s majority stakeholder has direct access to funds. It is also hosted on servers that are highly dedicated found in the European data center, protected by constant security guards coupled with an advanced access control procedure.
There is regular criticism from users that 1Broker’customer support is poor and does not offer live chat features. This is very true and really needs to be checked and improved on. However, you can easily contact 1Broker via email and response will be received within 24 hours. Also for quick responses, you can contact them on Twitter and Facebook.
How to use 1Broker?
To start, simply register an account and make a Bitcoin deposit. Visit the social tab to find traders which you would love to mentors and select one. From your total Bitcoin allocate 3-5% to each trade (at least 25 trades daily) and then click save. You then have to wait patiently for traders to perform trades in their preferred way; to open and close trades and check back for profits.
Trading on 1Broker is very easy. The website’s user interface is so simplified that even a novice trader will easily comprehend it. These are the steps involved in 1Broker trading:
- Click on the Market tab
- Select what type of instrument you prefer trading in.
- Select the type of market you want to trade
- Type in the amount you want to trade, set the leverage, then set stop-loss and if you want to ‘take profit’. Then you select create order, then your trade is placed.
Margin trading is also is also possible here. You are not limited to any amount while trading on this platform. If you are new to this, it is advisable that you understand the market properly and you have the ability to read charts; without taking this vital step, you might end up losing all your money.
In a Nutshell
There are several users who have stated that 1Broker is a scam, while some have supported its use.
A year ago, someone posted this:
“Do not use 1Broker.com, It’s a SCAM”
Scammed me out of $20 in less than 3 seconds due to the default setting max leverage and opaque fine print in their terms about being able to force-close a user’s position without his consent. “Patrick” support replied in support messages, claiming first that they don’t set any default leverage setting, and then admitting they set it to the maximum. Just another Bitcoin scam with a nice website to suck all your money from your wallet. STAY AWAY!” and a lot of other users agreed with him.
- It has no trading limit.
- Copy trades.
- It uses Bitcoin for world market trade.
- It requires no minimum deposit.
- Leverages are customizable.
- It is unregulated.
- It only accepts Bitcoin.
- It lacks customer service channels.
- It has no crypto markets.
Please feel at liberty to visit our site often for more information on how to be a crypto expert.