And another scambroker?

Broker Discussion
1

I opened an account with a broker called " “number one forex” because for Austrian/European residents is in Europe the leverage
1:30 restriction, and this n1 broker offered for me leverage up to 1:500 ( i only need 1:300).

Site looks pretty good, Mt4 works,demo account with bonus works also but when i wanted to deposit small money via skrill to test life account i got that skrill message , what means deposit to this company is not possible
Later on i asked the broker why this doesn’t work, and he told me that i should send the money to a special outlook email adress, and then they will fund my MT4 account with that amount.

I answered this sounds funny, how can i withdraw profits, he answered that:

Screenshot_20190624-102324
Screenshot_20190624-1023241080×1920 241 KB

What kind of broker is that? Doesn’t sound very seriously…

2

Have you checked their “regulation”?
The certificate on their website says they are registered (not regulated) in Vanuatu, and even that expired in May!

3

Double whammy! Time to flee!

4

Thanks for that advice, but i think first of all i have to pay skrill a beer for doing not the deposit…

5

Lucky you @Kashmaster, however bear in mind that Skrill just happens to have saved you a bit of cash back there. It won’t always be the case. I personally would recommend doing enough due diligence before committing any of your funds to any Broker out there.

Be safe.

6

They don’t have maximum withdrawal limits because they don’t process withdrawals at all. This is hilarious :smiley:

7

Funny guys, really. But for us Middle-Europeans it is difficult to find a broker with higher leverage: 1:30 since those regulations last year is the problem. I know the counter arguments-if a system works with 1:300 leverage it will also work with 1:30 leverage… nevertheless with a smaller leverage ten times more money is locked and can be lost accidentally,so i look for another one. Maybe here is a European trader who can reccomend a broker with leverage up to 1:300 and tight spreads EUR/USD not more than 6-7pips max.(normal conditions)

8

I’d search for a 3000 leverage broker. It will take you less time to loseit all than 300

9

Good joke- no, 3000 is too much, with 300 i had best results during testing

10

It’s a blatant, obvious scam. You can tell even by the name – Number One Forex? They really named themselves that?! It’s like one of those “Totally Not A Scam FX” so-called brokers. And the part where they ask you to send them money privately and not through any official channels? Massive red flag!

I am glad that Skrill did their job and protected you and likely many other people like you from predatory scammers. Recently Skrill, Google, MasterCard and Visa tightened their requirements for the companies they work with exactly because of scenarios like this. Clearly it was very much necessary.

Stay away from offshore companies you know nothing about, don’t sign up with them and give them money just because they offer you favourable trading conditions on paper. Always research your company first and make sure they have a proper license from reputable regulators – said regulators make this information public.