If you’re familiar with the cryptocurrency world then you’ve probably heard about 1broker. This site has been up since 2012, and offers global coverage, providing one of the leading cryptocurrency trading platforms around.
This site supports Spanish, Deutsch, and English languages. Unfortunately, this site is not regulated by any type of regulating body like other leading trading platforms.
Setting Up an Account
In order to create an account, simply hit the create account button found on the site’s homepage. Requirements for a new account include a valid email address, password, and username. Next, click on the confirm button and wait for a confirmation email to land in your inbox.
Once you receive your email, click on the link in order to activate your account. Upon confirmation, you’ll be taken to your account page. The first things you’ll notice are the successful traders and popular traders tabs, which we’ll discuss further later in our review.
In order to trade, you’ll start off by clicking on the market tab located in the right hand corner on your account page. Look through this section, clicking on the market you want to trade in. You can choose from cryptocurrencies, forex, stocks, or commodities.
But here, we’re going to solely focus on cryptocurrency trading.
- This exchange is an innovative platform that works to bring together a variety of investment markets, integrating them into the world of bitcoin rewards and investing.
- You’ll find a wide range of supported markets such as crypto, forex, and commodities, that you can invest in.
- The platform also does a good job of making it easier on the beginner by implementing easy to use tools and features that can make the entire investment process fast and simple.
- This bitcoin-based reward and trading system gets rid of common problems other exchanges have with fiat currency, and because of this, they have been able to implement improved security, working to stabilize the platform’s value structure.
User-Friendliness and Security
This site really shines in terms of security and ease of use. The user interface instantly loads on a wide range of devices and was designed with speed in mind. Due to the minimalistic design, the platform remains easy to use and fast.
Security is also top-notch, with several high levels of security in place designed to protect your coin. The majority of bitcoin in circulation is stored in hardware and wallets for improved security. The site also keeps wallet data backed up in encrypted form, providing better than average security compared to competitors.
The social trading platform is probably one of 1broker’s most popular features. And it’s often what makes this site the go-to choice for beginners who are new to crypto-based investments.
A member will have the option of sharing their strategies and trades, or they can look at shares made by other users, check out comments, and provide feedback. There’s also an option to create a user profile that other members can view.
The feature that allows members to copy the investments made by seasoned traders gives the beginner every reason to join. With this option, the newbie will have total access to advanced strategies used by seasoned investors in the cryptocurrency market.
This social trading section really works to make beginners feel more comfortable with using cryptocurrency and the trading system as a whole, especially since they can view trading history and learn more about the process of developing their style of trading strategy. The ability to look at how other members trade is a huge plus in our book and makes this site one of the most beginner-friendly options around.
What Makes 1broker Different than the Average Crypto Exchange
This exchange is much different than your average crypto exchange because it allows you to trade stocks, forex, and commodities using bitcoin only.
The site doesn’t have a limit on how much you can trade, just as long as you have enough bitcoin in your balance to cover it. While they don’t accept fiat currencies, they do support fiat trading, which is why you need to have an external bitcoin wallet, so you can directly transfer your funds to the platform and start trading. Currently, there’s no coin trade only options or BTC to USD. While this service is no longer available on the site, they have created a new site called 1Fox, which is a dedicated platform for bitcoin to USD.
Trading bitcoin can be a risky experience, and when it comes to exchanges, top of the line customer support is a must. 1broker currently only provides email support, which is pretty standard for most cryptocurrency exchanges. But many traders and investors feel that a platform designed to connect global markets to cryptocurrency should have more than just basic email support. Instead, we’d like to see a live chat feature or even a phone number members can call when they’re having issues executing trades or if they have trouble with a transaction.
Fees aren’t very straightforward on this site, like they are on an average cryptocurrency exchange. Instead, the fees are expressed in the spread between long and short positions. This means the fees will vary depending on what you’re trading and your position. Keep in mind that the site tends to pile up fees via their overnight interest rates.
- Members can enjoy world market trading using their bitcoin
- Beginners can copy trades made by pros
- There’s currently no trading limit.
- This site doesn’t deal with fiat currency
- Lacks adequate customer service
- Only accepts bitcoin
Conclusion and Rating
This platform is definitely different from the top cryptocurrency exchange, such as Binance, because they bridge the gap between real-world trade and cryptocurrency. While 1broker may not be the best choice for advanced investors and traders who deal solely in cryptocurrency, it can be a great place to expand your portfolio and learn more about trade strategy from the pros. We gave this site a rating of four out of five stars.