Using the Best Forex Broker to Ensure Safety While Trading
Forex trading can be a great way to make a living if you know how to go about it, and selecting the right broker is the first step to ensuring a safe and secure operation. Number One Capital Markets (N1CM) is one of the biggest Forex brokers out there and is well worth a look if you’re serious about trading. Before you get started though, it’s important to know just how safe N1CM is when it comes to Forex trading.
Understanding the Minimum Deposit Needed to Open an Account
The minimum deposit needed to open an account with N1CM is $100. This is a good amount for a broker of their size as it makes them suitable for newcomers who don’t want to risk too much money at first. However, should you wish to trade larger volumes, the deposit can be increased. This means that N1CM is suitable for all kinds of traders, regardless of experience.
Forex Spreads and Leverage
N1CM offers a variety of competitive spreads on a large range of currency pairs. They have a minimum spread of 0.3 pips and a maximum of 1.8, which are among the best in the industry. N1CM also offers their clients leverage of up to 400:1. This means that traders can open positions with a relatively small deposit and still potentially make healthy profits if they’re able to make successful trades.
Comparing Security Standards at N1CM
When it comes to security, N1CM has taken all the necessary steps to protect their clients. They use various methods of encryption to ensure that all your data is safe and secure. All funds in trading accounts are managed by the bank, and all payments are subject to anti-fraud measures. In addition, they have a number of measures in place such as negative balance protection that prevents traders from losing more than their initial deposit.
The Final Verdict
Overall, it’s clear that N1CM is a reliable and secure broker for Forex traders. With competitive spreads, low minimum deposits, and a range of security measures, it’s a great option for those who wish to get started in Forex trading. Most importantly, the fact that US clients are accepted means that N1CM is open to all who wish to get involved in the lucrative world of Forex trading.
What is Number One Capital Markets?
Number One Capital Markets (N1CM) is a broker offering high-risk investments and a TU Overall Score of 3.58 out of 10. It offers a platform for trading Contracts-For-Difference (CFDs) and Forex-based investments, as well as a wide range of other services. With many investors attracted to their offers, the question is, “Is N1CM safe to trade with?” In reviewing this, it is important to look at the history, customer reviews and the regulatory status.
History of Number One Capital Markets
Number One Capital Markets has been in the market since the year 2013, meaning it is a relatively new market entrant. The broker’s principal business address is in Cyprus and it is operated by ‘Mills Capital Group’. The company has developed a ‘Pro platform’ for trading CFDs and Forex derivatives, which can be accessed using a desktop or mobile app.
Is N1CM Safe? – Review of Customer Reviews
The customer reviews of N1CM gives mixed signals. On one hand, many customers have posted positive reviews of their experience with N1CM. They have praised the performance of the trading platform, the professional customer service, the low costs and the free trading tools. On the other hand, there are also negative reviews from investors who have experienced slow execution, zero payouts, long delays in account withdrawals and poor customer service.
Regulatory Status of N1CM
The regulatory status of Number One Capital Markets is not very clear. The broker does not appear to be authorised by any regulated financial institution in Europe or the US. It is also not licensed by CySEC or the FCA, the two most respected regulatory bodies in the forex industry. As such, investing in N1CM carries an inherent risk of losing your funds.
Conclusion – Is N1CM Safe?
Number One Capital Markets may offer features that make it attractive to some investors, but their lack of a regulated license raises doubts in the minds of many potential customers. Looking at the customer reviews and regulatory status, it is not advisable to invest in Number One Capital Markets.
Investors who are interested in trading CFDs and Forex should look to reputable and regulated brokers. A solid regulatory status and proven customer service record show that a broker is run on a legitimate business model. As such, if you are looking for a trusted broker with zero risk, then you might want to consider regulated brokers.