1Broker is a legally registered forex broker located in the Marshall Islands, but not regulated by any government agency.
1Broker accepts clients from all over the world.
Forex broker offers the following underlying assets for trading.
|20+ Currency Pairs||Based on major and minor world currencies.|
|1 Crypto Pair||Based on Bitcoin.|
|13 Indice CFDs||Based on baskets of different blue-chip stocks.|
|3 Metal CFDs||Based on Gold, Silver and Copper.|
|2 Energy CFDs||Based on Crude Oil (WTI) and Natural Gas.|
|35+ Stock CFDs||Based on shares of US, UK and EU companies.|
Established in 2015, 1Broker is a relatively new player in the online trading space, owned by a company known as 1pool Ltd., operating out of its Marshall Islands headquarter. It differs substantially from most other forex brokers in that it only accepts deposits in bitcoin (BTC), and not any national (fiat) currencies. In this way, it is similar to many offshore crypto-to-crypto exchanges, with the main difference being that it allows its users to trade bitcoin for CFDs based on non-crypto markets.
Having forex brokers accept only bitcoin deposits is still very unusual, but we believe it is something we will likely see more of in the coming years. An obvious benefit from the perspective of the broker is that accepting only cryptocurrency deposits means regulations will be much laxer, and in some cases non-existing.
1Broker is one example of an unregulated broker, although the company behind it is legally registered in the Marshall Islands. Although it may seem risky to trade with an unregulated broker, it also means that it has much more flexibility when it comes to leverage requirements, as well as AML (anti-money laundering) and KYC (know-your-customer) rules. After all, most crypto exchanges are also still unregulated, while clients are generally satisfied with service they receive.
The minimum amount necessary to begin trading with 1Broker is 0.001 BTC. However, it is worth noting that this amount has changed in the past, and may change again depending on the BTC to USD exchange rate.
Cost-conscious traders will likely find that spreads on popular currency pairs are somewhat higher with this broker than many other forex brokers online. On the positive side, however, we believe 1Broker deserves credit for being unusually transparent about its cost and fee structure. Everything is conveniently listed on the “Fees” section of the website, and the broker guarantees that no other fees than those listed will be charged under any circumstances.
1Broker also differs from other brokers in terms of the trading platforms it offers its traders. Whereas most brokers go with the standard MT4 or MT5 platforms, 1Broker has its own very simplistic trading platform where everything except the basic necessities have been cut out.
The web-based trading interface is also incredibly light, which means that it will run fast and smoothly on smartphones as well as tablets and desktop computers. However, traders shouldn’t expect advanced features and lots of technical analysis tools to play around with as other brokers tend to offer.
The focus of 1Broker’s own trading platform is on so-called copy-trading, which is a trading style that involves replicating every order made by another trader who has a good track record. This is similar to what other brokers like eToro offers, but with 1Broker the entire experience takes place with bitcoin as the base currency. This means that profits, losses, and account balances are all calculated in bitcoins instead of the national currency a trader may be used to.
As a smaller broker, 1Broker’s customer service may not be as far-reaching as what other more established brokers can offer. There are no phone number listed on the website that traders can call in case of urgent issues, only two email addresses that the broker claims it will respond to within 24 hours on weekdays. In addition, 1Broker has an official group on the popular messaging app Telegram, but it makes it clear that it does not provide support via Telegram.