The cryptocurrency exchange 1stcoin asserts to be trustworthy. But can we put our faith in them? In this comprehensive 1stcoin review, you’ll find all the answers.
Authorization and Rules for 1stCoin
A broker’s license and physical location can tell you a lot about their reliability. It was revealed to me that 1stcoin operates as a UK-based branch of the Indian conglomerate TCS Group Holdings Ltd.
1stcoin or its parent firm must be licensed by the Financial Conduct Authority (FCA), the United Kingdom’s financial regulator, to operate as a cryptocurrency broker. So, I looked for TCS Group Holdings and 1stcoin on the Financial Conduct Authority’s online database, but I came up with nothing.
This means that 1stcoin is an unauthorized and unregulated broker. Don’t do business with them; they’re breaking the law.
Be aware of brokers who are not supervised by a regulatory body. Neither the Financial Conduct Authority nor the Cyprus Securities and Exchange Commission (FCA or CySEC) regulations are adhered to by these brokers. Due to the lack of oversight, unlicensed brokers might use questionable methods to steal your money or personal information without facing any consequences.
To ensure that licensed brokers are acting in their client’s best interests at all times, regulatory authorities keep a tight eye on them. Broker clients have recourse to insurance through their governing bodies in the event of any adverse actions taken by the broker. If a broker declares insolvency, CySEC, for instance, will pay €20,000. Brokers are required by regulators to maintain their operational money distinct from traders’ funds.
It is quite dangerous to trade with unregulated brokers because they do not offer these protections. Avoid dealing with unregulated brokers if you value the security of your money and personal information.
Trading Terms for 1stCoin
You can learn a lot about a broker’s trustworthiness by looking at the terms and conditions under which trades are executed. Before signing up with any broker, you must read over their trading conditions. This prevents you from opening an account with the wrong broker. Find out if it’s safe to trade on 1stcoin.
Market Place
1stcoin is a cryptocurrency exchange with a user-friendly website. These exchanges have several flaws and can be easily manipulated to change prices. Several governing bodies have issued warnings about the dangers of utilizing such sites.
MetaTrader is without peers among trading platforms. Metatrader 4 and 5 are two of the most widely used trading systems in the foreign exchange market. You can make more informed trades with the support of MT4’s online quotations, charts, and historical data. These features are not available on any other trading platform.
So, it’s important to always seek out brokers that support MT4 and MT5.
Lowest Acceptable Initial Investment
The 1stcoin Bronze Account is the entry-level option for those interested in using the service. I have dedicated a whole section to discussing their trading accounts.
To begin trading with 1stcoin, a deposit of $250 is required. The stakes here are high.
Brokers that demand a big initial investment should be avoided. It’s a red flag that your broker is a con artist. Because the majority of regulated brokers have relatively low initial deposit requirements.
Untrustworthy brokers want a large initial investment from their clients, so they can quickly make off with a sizeable chunk of money.
Influence and Exposure
This broker’s 1:5 leverage is clear evidence that they are not supervised by the Financial Conduct Authority.
Very high leverage ratios, like the one offered by 1stcoin, are frequently a red flag for fraudulent brokers. The Financial Conduct Authority (FCA) of the United Kingdom prohibits brokers from providing consumers with leverage greater than 1:30. This limitation has been imposed to protect customers’ funds from being misappropriated due to excessive leverage. Extremely high levels of leverage can result in catastrophic losses.
Untrustworthy forex brokers prey on their clients’ greed by maintaining high leverage levels.
When compared to other exchanges, 1stcoin’s spread of $184 for the BTC/USDT pair is too large. A big spread means that none of your money will go to you and all of it will go to the broker.
Investment Accounts
1stcoin’s several trading accounts are as follows:
Bronze
This account requires a $250 opening balance. Trading alerts, live sessions, and bonuses of up to 50% of your deposit are included, along with a monthly withdrawal fee.
Silver
There is a $1,000 minimum to open this account. Bonuses of up to 70% of your first deposit are added to the perks already available in the Bronze account.
Gold
The minimum opening deposit for this account is $5,000. In addition to the perks we have described, they also promise to supply you with a personal coach and bonuses of up to 100%.
Premium
With this account, you can earn up to 120% in bonuses in addition to the perks of a Gold account for a minimum investment of $10,000.
Platinum
This account requires a minimum deposit of $50,000 and provides bonuses of up to 200% in addition to those of a Premium account.
Diamond
This account complies with Sharia law and promises the highest possible returns. Additionally, they offer 50% coverage for your funds.
VIP
Except for money insurance up to 80%, the VIP account has the same features as the Diamond account.
CEO
The CEO account provides all the perks of the VIP account and more, including insurance on deposits up to the full amount.
Methods of Payment, Fees, and Transaction Fees for 1stcoin
Since 1stcoin is a cryptocurrency exchange, I wasn’t anticipating a wide variety of deposit and withdrawal options. However, they fail to detail the types of accepted payments that customers can make. However, they have displayed MasterCard, Visa, and QIWI logos.
Their stated withdrawal processing time is 1–3 business days.
Fees
Every 1stcoin trading account has a monthly withdrawal fee. Additionally, a fee of €50 will be assessed for any bank transfer withdrawals.
If your account is inactive for more than 90 days without making any transactions, you will be charged a €50 inactivity fee. The 1stcoin inactivity fee is levied monthly. The broker’s vagueness about the upkeep of its website raises suspicions. No, it is buried in the small print of their policies.
Bonuses
You’ve probably seen that they provide a plethora of incentives for opening an account with them. In addition to these welcome offers, 1stcoin frequently holds promotional contests for new members.
Never put your faith in a bonus.
It is general knowledge in the foreign exchange market that bonuses are no reason to choose a broker. Keep in mind that the broker, not you, is the rightful owner of any bonus monies you may receive. In addition, the broker can prevent the consumer from retrieving its funds by imposing undisclosed limits on withdrawal requests when the customer accepts a forex bonus.
Scammers in the foreign exchange market frequently utilize bonuses to entice potential victims. Avoid brokers that give out too many bonuses.
How Legit Is 1stcoin? Yes!
The scammy nature of 1stcoin is now without a doubt. Various types of con artists operate in the foreign exchange market. Scammers in this industry commonly use exaggerated promises and freebies to lure in unsuspecting novice traders. The user signs up for the service and agrees to the shady terms and conditions. People sign up with these brokers while knowing that they have unfavorable terms hidden in the fine print.
The monies are then removed from the trading accounts of the users via either hidden fees or fabricated reasons. By requiring a large initial investment, they can take a sizable sum from each customer.
Do your homework before signing up with a new broker’s website to protect yourself from fraud. The broker’s reputation, regulation, license, and address can all be researched online. Some brokers go so far as to pay for positive-sounding but completely fictitious reviews to boost their online reputation.
Final Thoughts on 1stcoin
1stcoin lacks a valid license, operates on a dubious trading platform, and is vague about the means through which users might fund their accounts. Their fee details are buried in the small print of their terms and conditions.
All of these red flags should serve as warnings that 1stcoin is a scam and you should stay far away.
Please pass around the word about this 1stcoin review. We need as many people as possible to be aware of this fraud.
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