Forex Broker Review of 1Broker
1Broker stands out in the market as a Bitcoin only CFD and Forex trading platform which has been developed solely to provide a service for the Bitcoin trading market. This broker is leading the way in Bitcoin trading services and as it is the only currency accepted through this platform, it is very simple to access and to execute a trade. There are some disadvantages however, primarily in the fact that the trading platform is not as sophisticated as many of the other more popular options and, as there is quite a limited market, 1Broker does not yet have such a strong track record as other more established brokers. This broker is also unlicensed which could pose a problem for any trader who wants to be certain that they are choosing an operator that is reliable and trustworthy.
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Making Trades With 1Broker
Opening an account with 1Broker is very simple and requires very few details to be provided, in line with all Bitcoin transactions. Only a username, password and email needs to be provided, allowing investors to trade anonymously. After opening an account, crediting funds is a very simple process – simply scanning the QR code from the Bitcoin wallet or sending the Bitcoin to the specified address allows funds to appear in a live trading account within around 20 minutes.
1Broker’s trading platform is a proprietary one, which is not as advanced or tried and tested as the popular MetaTrader 4 but is still accessible and easy to use, offering access across devices from both PCs and mobile gadgets like smartphones and tablets. This functional platform allows traders access to a variety of markets including indices, commodities, stocks, CFDs and Forex. There are many currency pairs available for trading including the most common US Dollar cross pairs and numerous Euro pairs too. By simply clicking on the chosen instrument, a details box opens with a basic line chart that shows the asset’s performance over a customisable time period as well as some vital statistics about the instrument such as the spread, order limit and leverage available. 1Broker offers its client a choice of market and limit orders, stop losses, stop entries and take profit trades. Leverages are generally up to around 15, but margin calls are not available with automatic stop losses generally being set. The trading panel is web based and has a size of under 350 KB so it is not too memory intensive. The software runs smoothly without lagging across virtually every device and, although the features are limited, this means that it is user friendly even for beginners. The 1Broker trading platform is simple enough to access via mobile devices however it has not been specially designed with mobile device optimisation in mind.
1Broker’s Special Features
1Broker allows for social trading, allowing its clients to share their own trading ideas as well as to copy the trades of other users. It is even possible to earn a reward if other clients follow a trading idea shared on the forum and this leads to an excellent opportunity for earning a passive income through the sharing of trading knowledge.
As 1Broker only uses Bitcoin, all profits and losses are unaffected by volatile exchange rates. The client profits directly in Bitcoin, avoiding any unforeseeable trading results. With our unique system of customizable leverages, you can easily adjust the risk yourself. From a highly speculative forex trade, to a conservative investment in a stock, anything is possible.
1Broker takes pride in using bulletproof software that has been developed over the last 5 years in order to handle users’ deposits in the safest and most secure manner possible. Thanks to this, clients can rest assured that their cryptocurrency is in safe hands.
Although the 1Broker trading interface is quite simplistic it does offer a few useful tools to facilitate trading. These tools include:
- Dividend calculator
- Overnight financing calculator
- Stop loss limit calculator
- CFD profit/loss calculator
- Trailing Stop Loss
It is possible to contact the 1Broker customer support team via email and a response from the courteous and knowledgeable staff can be expected within 24 hours.
Security of 1Broker Bitcoin Payments
1Broker spares no expensive when it comes to securing their services and their entire infrastructure has been developed with damage mitigation at the forefront. Customer funds remain completely safe even in the unlikely event of the trading engine, database and web servers being compromised. There has never been a security breach of 1Broker’s servers since the company was launched in 2012 and over 95% of clients’ deposits are stored in paper and hardware wallets. Only a single person, the company’s majority stakeholder, has access to funds and wallet back ups are distributed around a number of locations, being stored in digital and analogue formats in encrypted form. 1Broker uses open source (bulletproof) tools that are tried and tested and regularly extensive code reviews are carried out together with software tests for security issues. All dedicated servers are located within a European data centre protected by security guards with 24/7 video recordings and complex procedures for access control. The service is protected from hard disk failures thanks to a RAID and only the most up to date algorithms and software is used. All accounts use Two Step Token or SMS authentication for the user’s security and all clients can see a detailed access log for their own account. Emails are sent out notifying clients about any suspicious activity on their account and TLS encryption applies to all service connections.
While there are definite benefits to choosing 1Broker if you want to trade using Bitcoin, there are some disadvantages to choosing this broker. The lack of contact methods for the customer support team can be problematic if there is an urgent problem or query that needs addressing and the basic nature of the trading platform may prove to be a little off-putting for those who want a more complex, feature-heavy trading experience.