Some would say that N1CM is quite preposterous, calling themselves Number One Capital Markets. Especially knowing that the company only has an offshore license.
Our detailed N1CM review will deal with all the issues regarding the firm, including negative online comments. Let’s begin and see why their reputation is not so stellar.
| Regulated by: | VFSC |
| Is This Company Safe? | Potentially unsafe |
| Known Websites: | n1cm.com |
| Have Warnings from: | N/A |
| Registered in: | Vanuatu |
| Operating since: | 2017 |
| Trading Platforms: | MT4, MT5 |
| Maximum Leverage: | 1:1000 |
| Minimum Deposit: | $1 |
| Deposit Bonus: | 35% |
| Trading Assets: | Forex, commodities, indices, shares, cryptocurrencies |
| Free Demo Account: | Yes |
| How to Withdraw from This Company? | You can request a withdrawal from N1CM representatives or contact us in case you face any issues regarding this matter
|
Legal Information – N1CM License and Legitimacy
N1CM is a brand of Number One Capital Markets Limited registered in Vanuatu. While the company advertises to be in business since 2017, it entered the VFSC register only in 2019. Therefore, they used to operate illegally.
Currently, they hold an offshore regulation, which doesn’t mean much. Offshore authorities are considered Tier 3 license providers because their supervision is loose. In addition, they don’t offer compensation funds, so there’s no money to reimburse you in case of any issues.
In addition, Tier 1 authorities, such as FCA and CFTC, require broker firms to have a local company and a local license to operate legally. And yet, N1CM doesn’t have any other branches.
Who Are the Customers of N1CM?
The brokerage operates globally since its offshore license has no restrictions. According to traffic analysis, the majority of their customers come from:
- US,
- Philippines,
- Turkiye.
As mentioned, US CFTC requires Forex and CFD brokers to have a local branch under a local license so that they would be authorized to operate in the country. Furthermore, the leverage in the US is limited to 1:50 due to high risks. At the same time, N1CM offers up to 1:1000, putting customer funds in danger.
The N1CM website domain was registered in 2016 but only obtained a license in 2019. This is a red flag in itself.
Traders’ Experience With N1CM Broker
At the time of writing, we found 321 comments on Trustpilot, with the company rating excellent. There are only 3% of negative reviews, mainly referring to clients’ accounts being in minus. This should not happen as the company advertises to offer negative balance protection.
A similar situation is on Quora, where users praise the N1CM support department for prompt service. However, some users have experienced withdrawal issues due to malicious bonus policies, which is a bit concerning.
Trading Features – Platforms, Accounts, and More
Besides the license, trading features are the most significant indicator of a broker’s legitimacy. This is why we reviewed everything N1CM offers. We’ve also evaluated trading costs, so you wouldn’t have to.
N1CM Trading Software – MT4 and MT5
The company offers the best trading software you can find. There are both MetaTrader terminals, MT4 and MT5. Each brings a large number of trading tools, including features for in-depth analysis, EAs, social trading, and more.
N1CM login is straightforward, and you can test the Demo account before continuing with the initial deposit. Hence, we have nothing negative to say when it comes to trading tools.
Mobile Trading Apps
In addition to being a superb platform on desktop, MetaTrader has dedicated mobile apps for Android and iOS. You can download them directly from the broker site or MetaQuotes Ltd and enjoy the perks of trading on the go.
Available Trading Assets
You can trade in five major markets, those being:
- Currency pairs – EUR/USD, GBP/AUD, NOK/SEK
- Commodities – gold, silver, natural gas
- Indices – AU200, NASDAQ, FTSE100
- Shares – Amazon, Microsoft, Tesla
- Cryptocurrencies – BTC, BCH, USDT.
Account Types Choice
The company offers 3 Live accounts, each with quite an affordable minimum deposit:
- Cent – $1
- Standard – $10
- ECN – $10
The Cent account is only available on MetaTrader 4, while the other two accounts can be accessed via MT5 as well. Furthermore, the spread lowers with each account, while the bonus is unavailable with the Cent one.
Leverage, Commissions, and Trading Fees
As we already mentioned, the leverage goes up to 1:1000 for all account types. This is against all the regulatory rules in the Tier 1 zone since it exposes your capital to risk.
The spread starts from 0.9 pips for the Cent account, while the other two have a spread of 0.8 and 0.5 pips, respectively. In addition, customers have to pay a commission of $4-6 per side per lot, depending on the trading asset and the account type.
Finally, there’s no Islamic account, meaning that swaps are deducted every time you have your trades open overnight. Note that on Wednesday, the swaps are doubling.
N1CM Support and Assistance
The reviews are saying quite good things about the company’s support. You can reach out via WhatsApp, Telegram, Skype, or a live chat. It’s quite convenient, and you can expect prompt assistance whenever you have a problem.
You will find two languages, English and German, on the live chat. This is a bit limiting, considering that company clients come from all over the world. Usually, regulated brokers have support in at least five languages and often more.
Withdrawal Procedure – How to Withdraw Your Profit?
The brokerage accepts the following payment methods for withdrawals:
- Cryptocurrencies,
- PerfectMoney,
- FasaPay,
- PaymentAsia,
- SticPay.
This is quite limiting, as you cannot use traditional means of payment, such as credit cards and bank transfers. The minimum amount varies from $2-10, depending on your chosen payment method and crypto coin.
All withdrawals should be processed within 1-2 hours, depending on the day and the fact whether your account is fully verified or not. However, there might be potential issues since most payment methods are digital coins, and the transaction is encrypted via blockchain.
Final Thoughts About N1CM Broker
To summarize, N1CM is an offshore brokerage with a VFSC license. While having an offshore regulation is better than having none, it doesn’t guarantee that your investment process will be smooth and that you will be able to get a withdrawal.
Furthermore, the company mainly focuses on cryptocurrency as a preferred payment method, which might lead to potential problems. If you find yourself unable to withdraw your profit, reach out to our CipherTrace crypto analysts. They can help you track and trace your digital coins and find a way to recover your money. Book a free, non-obligatory consultation today!
FAQ Section
What Is N1CM?
N1CM is an offshore Forex and CFD trading brokerage. If you have any trouble with your N1CM account, we might be able to assist you.
Is N1CM Available in the United States or the UK?
The company is available in both countries but doesn't have a local license.
Does N1CM Offer a Demo Account?
Yes, N1CM offers a risk-free Demo account through their MetaTrader platform.