The online broker 1Broker has been in existence for five years now. It is the only broker to work on the basis of Bitcoin. The customers can profit on this basis from extremely favorable conditions – apart from the spreads there are no fees in the trade. Another important feature of 1Broker is the freely selectable leverage, which can be used up to a maximum of 1:200 in trading. For trading via CFD, there are currently around 40 underlying securities available from the four classic categories.
In our review we first want to find out whether traders can fully trust this provider or whether fraud and rip-off must be feared. Finally the experience showed again and again that in this industry also some less respectable representatives drive their nuisance. However, 1Broker is a trustworthy online broker who also has a regular license at his headquarters, the Marshall Islands.
Our experiences at a glance
In the context of our test of 1Broker, we have first made the experience that this is an extremely innovative provider who is treading interesting paths in the now established scene. In addition to the already mentioned fact that deposits and withdrawals are processed exclusively on the basis of Bitcoins, this also includes an absolutely minimalist interface for the trade. With a freely selectable lever, traders can rely on absolutely stable trading via web-based software. Trading in the 40 underlying stocks, stock indices, commodities and currency pairs can thus be carried out smoothly and effectively. There are several order types available, which enable professional trading.
The traders at 1Broker do not have to worry about hidden fees either. No additional fees are charged for deposits and withdrawals, but also for trading itself. Instead, settlement takes place solely via the spread, which is very closely oriented to market conditions. Another advantage that traders can use with 1Broker is the uncomplicated participation in social trading. Here, too, they can orientate themselves on a transparent cost model in which exactly two percent per transaction is calculated within the framework of social trading. The support we got to know in our test is also minimalistic but quite effective. Direct contact is only possible via email, but on weekdays you can expect a quick answer, at the latest within 24 hours.
1Broker in check: Fraud or serious?
Before we discuss the possibilities and conditions in trading as part of our test, we would first like to address the question of how serious this online broker can be assessed at all. After all, the mode for processing deposits and withdrawals as well as the location on the Marshall Islands represent a certain peculiarity. To anticipate it, customers do not have to reckon with fraud or even rip-off with this provider according to our findings. This can be seen in the past five years, during which 1Broker has proven to be a reliable and absolutely reliable partner for trading CFDs. Both the transactions in connection with leveraged trading and the handling of the customers’ capital have since then gone without a hitch. The security of the deposits is also ensured by the Bitcoin crypto currency, which is now an internationally accepted means of payment. Over 95 percent of 1Broker’s deposits are deposited in the form of hardware wallets and paper wallets. These deposits can only be accessed by the majority shareholder. The wallet backups are also distributed across different regions. So anyone who is convinced in principle of the innovative currency system around the Bitcoin will find that 1Broker offers very good conditions in terms of reliability and security.
Offer currently comprises 40 Underlyings
With regard to the offer for trading, however, 1Broker can initially be described as a completely normal online broker. The core of the offer is a compact selection of underlying securities. Altogether at present 40 individual values are available for the trade. These are divided into the classic categories stocks, stock indices, commodities and currencies. Some interesting instruments can also be used with regard to the technical execution of trading.
Trading is conducted exclusively via CFDs. A total of 40 underlying instruments are available for this purpose. Initially, traders can choose from eleven indices. In our experience, 1Broker’s selection of securities in this category represents an absolutely interesting spectrum of different regions. In addition to the leading global indices such as EuroStoxx, Dow Jones, Nikkei and the DAX, there are also less well-known stocks such as the ASX from Australia and the ATX from Austria. Individual shares can also be traded. 1Broker’s customers also have a compact but nevertheless well-assorted selection at their disposal, representing various sectors and regions. The spectrum of available stocks ranges from Internet stocks such as Alibaba or Alphabet, to automobile stocks such as BMW, Tesla or Ford, to financial stocks such as Banc of America and Deutsche Bank.
And the stocks of the food groups Pepsi and Coca Cola can also be traded. The trading offer at 1Broker is rounded off by underlyings from the commodities and forex sectors. Beside the three commodity values gold, silver and oil different currency combinations are available, which consist among other things of US Dollar, euro, Japanese yen and British pound as well as the Norwegian and the Swedish crown, as well as further dollar currencies. And the performance of the Russian rouble, the Swiss franc and the Mexican peso can also be speculated on. In total, the offer consists of 16 combinations.
CFD Trading with levers up to 1:200
Trading is exclusively based on CFDs. Traders can set the desired leverage, with a maximum leverage depending on the value. The maximum leverage in equities is 1:15, indices can be traded with a maximum leverage of 1:20. 1Broker offers significantly higher leverage in commodity trading (1:50), as well as in currency combinations up to 1:200. However, a leverage of only one to one can also be chosen, which enables relatively low-risk trading and in principle also permits long-term investments in the capital market. No fees are charged in trading, as trading is settled solely on the basis of spreads. Here, too, traders can orient themselves to transparent conditions, which can, however, fluctuate depending on value and market situation. In the case of equities, the average spreads are between one and two points, and currencies can even be traded from a spread of 0.0001 (euro/US dollar).
Multiple order types are available
In addition, a wide selection of important order types can be used in trading. No fees are charged for the use of these instruments. For example, the classic market order can be used first, where the best available price is calculated. In contrast, with the “Limit Order” and “Stop Entry” variants, which are also available, the order is executed at a price determined by the trader. Comparable order types are also available for selling positions.
A bonus is not offered by 1Broker
As part of our reviews we check the Online CFD Broker if and what kind of bonuses are in the program. Basically, the bonus has recently developed into an important instrument when it comes to winning new customers. The creativity and generosity of online brokers often seemed to know no bounds. At first glance, this meant that customers could benefit extensively from various bonus services. The spectrum ranged from co-payments, which were granted depending on the amount of one’s own deposits, through free participation in webinars and training material to software packages for retailers. In many cases, however, the actual value of these bonus offers was not clearly discernible. Especially financial bonuses proved to be so intransparent in the long run that traders could only profit to a limited extent. In any case, the respective bonus should always be looked at carefully.
And above all, it should not be seen as a disadvantage per se if an online broker does not offer a bonus. Also the online broker 1Broker in our test has currently no bonus in the program. This circumstance makes for the trader however the view freely on the actual offer. In addition, they can freely decide how much trading capital they want to deposit into their account without looking at a specific bonus. How deposits and withdrawals are processed concretely, we show in the following section.
In- and withdrawals in Bitcoin and without fees
The online broker 1Broker has decided with regard to the regulation of deposits and withdrawals for a method rarely used so far. The trade account is led and accounted for exclusively in the Internet currency Bitcoin. According to own statements the offer of 1Broker is conceived even explicitly for users of the crypto currency. But of course everyone else can use 1Broker’s offer. For this it is however first necessary to provide its own Bitcoin account and to equip it accordingly with capital. From this account, credit can then be transferred to the trading account of 1Broker. After our experiences the money is available in less than one hour for the trade.
The same way, which is used for deposits, applies also to disbursements. For this a special page in the area of the personal online account is controlled and the payout can be ordered directly. In the same short time, the corresponding amount is then posted back to the original Bitcoin account. All bookings made in connection with the 1Broker offer can be tracked in a special log. Fees are charged neither for deposits nor for withdrawals. A certain risk can be seen from the trader’s point of view, however, in the price fluctuations of the Bitcoin compared to the home currency, which have been quite strong in recent months and years.
All in order with security and regulation
To be able to concentrate fully on trading as a trader, one should be able to rely on sufficient standards of security and regulation. From our point of view, a high level of safety at 1Broker is given by a number of technical requirements. For example, we rely on proven software that solidly fends off any hostile access by criminals. Neither the trading software nor the customers’ accounts can be accessed due to the security precautions used. According to 1Broker, there has been no successful external attack since the launch in 2012. In addition, the deposits are protected by the use of hardware and paper wallets and also secured by regular backups.
Concessions, on the other hand, must be made by traders with a view to regulation. Although 1Broker has a licence at its head office on the Marshall Islands, it is not possible for 1Broker to make such concessions. Local regulation, however, cannot be compared to the standards that traders are accustomed to from European-based providers. Nevertheless, the provider can be classified as absolutely trustworthy and serious. 1Broker also does not offer a classical deposit insurance, as it is mandatory for providers regulated in Europe. Instead, the security standards apply in connection with the Bitcoin.
Support is simple but effective
As we have already reported at various points in our test, this is an online broker who wants to offer its customers absolutely favorable conditions for trading. Against this background, a somewhat spartan support offer must also be preferred. This means above all that a direct contact by telephone or also by on-line Chat is not intended. Instead, contacting the support department via email is the only way to ask for support. Four separate email addresses are available for this purpose, to which customers can turn depending on the form of their request. However, in our experience with 1Broker support, the promise to reply within 24 hours at the latest is kept. Only on weekends longer waiting times can be expected. The support is also available in English and German. However, if you have any questions about the offer, you can also consult the FAQ section, which is currently only available in English.
The online presence follows a clear structure
Our experience with 1Broker has also shown that the offer of this online broker is very user-friendly. This starts with the website, which is characterised by a very clear structure. However, the trading software is also designed for simple and uncomplicated operation. Especially due to the minimalistic structure of the interface for the trade, very short loading times without delays can be expected, which is very beneficial for an undisturbed and effective trade.
Similar to the general user-friendliness can also be reported for the conditions that we found during our 1Broker test at the mobile trade. However, the app, which is required for mobile trading, is only available for the Google-based Android system. It can be downloaded free of charge from Google Play and enables uncomplicated trading via the smartphone at any time. In principle all functions can be used, which are available also in normal trade over the PC and/or the laptop.
Fazit – effective and economical trade with 1Broker
With 1Broker we tested an on-line broker, which goes in different regard innovative ways and offers thereby some interesting perspectives to the traders. A clear advantage is the absolutely favourable cost structure. Neither for deposits nor for disbursements fees are computed and also in the trade no additional costs must be computed. Only the spreads have to be considered. However, absolutely favorable levels are offered.
Trading is possible on the basis of CFDs with 40 stocks from the categories equities, equity indices, commodities and currency pairs. A maximum leverage is given for each security, which can be individually set in trading. Trading in a ratio of 1:1 is also possible, which makes this online broker interesting for strategically oriented traders. A novelty in the broker scene is the fact that the trading account can only be managed in the Internet currency Bitcoin. In the course of our test, we also got to know an absolutely serious provider. Fraud or Abzocke are not to be feared against this background.